Imperial Oil Limited (IMO) reported first-quarter 2024 adjusted earnings per share of $1.65, higher than the year-ago quarter’s level of $1.58. This was largely due to higher contributions from the company's Upstream segment, driven by higher Bitumen prices and improved margins.Revenues of $9.1 billion missed the Zacks Consensus Estimate of $11.6 billion. This underperformance was mainly caused by the weaker performance of IMO’s Chemical segment. But the top line increased from the year-ago quarter’s figure ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 0-12014 IMPERIAL OIL LIMITED (Exact name of registrant as specified in its charter) Canada 98-0017682 (State or other jurisdiction (I.R ...

Imperial Oil (IMO) came out with quarterly earnings of $1.65 per share, beating the Zacks Consensus Estimate of $1.55 per share. This compares to earnings of $1.58 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 6.45%. A quarter ago, it was expected that this oil and gas and petroleum products company would post earnings of $1.55 per share when it actually produced earnings of $1.81, delivering a surprise of 16.77%.Over the la ...

Calgary, April 26, 2024 Exhibit 99.1 Q1 News Release Imperial announces first quarter 2024 financial and operating results | | | First quarter | | | --- | --- | --- | --- | | millions of Canadian dollars, unless noted | 2024 | 2023 | ∆I | | Net income (loss) (U.S. GAAP) | 1,195 | 1,248 | (53) | | Net income (loss) per common share, assuming dilution (dollars) | 2.23 | 2.13 | +0.10 | | Capital and exploration expenditures | 496 | 429 | +67 | Imperial reported estimated net income in the first quarter of $1,1 ...

Wall Street expects a year-over-year decline in earnings on higher revenues when Imperial Oil (IMO) reports results for the quarter ended March 2024. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.The stock might move higher if these key numbers top expectations in the upcoming earnings report, which is expected to be released on April 26. On t ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 0-12014 IMPERIAL OIL LIMITED (Exact name of registrant as specified in its charter) (State or other jurisdiction of incorporation or organization) 5 ...

PART I. FINANCIAL INFORMATION [Item 1. Financial statements](index=3&type=section&id=Item%201.%20Financial%20statements) This section presents Imperial Oil Limited's unaudited consolidated financial statements as of September 30, 2023, prepared under U.S. GAAP, including income, balance sheet, equity, and cash flow statements [Consolidated statement of income](index=3&type=section&id=Consolidated%20statement%20of%20income) Net income and total revenues declined in Q3 and the first nine months of 2023 compared to 2022, driven by lower overall revenues Consolidated Statement of Income (CAD millions) | Indicator | Q3 2023 (million CAD) | Q3 2022 (million CAD) | Nine Months 2023 (million CAD) | Nine Months 2022 (million CAD) | | :--- | :--- | :--- | :--- | :--- | | Total revenues and other income | 13,920 | 15,224 | 37,860 | 45,217 | | Net income (loss) | 1,601 | 2,031 | 3,524 | 5,613 | | Diluted EPS (CAD) | 2.76 | 3.24 | 6.04 | 8.58 | [Consolidated balance sheet](index=5&type=section&id=Consolidated%20balance%20sheet) As of September 30, 2023, total assets slightly increased to **$43.59 billion**, while total liabilities decreased and shareholders' equity rose due to reinvested earnings Consolidated Balance Sheet (CAD millions) | Account | Sep 30, 2023 (million CAD) | Dec 31, 2022 (million CAD) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | 2,716 | 3,749 | | Total current assets | 10,760 | 10,736 | | Total assets | 43,586 | 43,524 | | **Liabilities & Equity** | | | | Total current liabilities | 7,773 | 8,898 | | Total liabilities | 19,778 | 21,111 | | Total shareholders' equity | 23,808 | 22,413 | [Consolidated statement of cash flows](index=7&type=section&id=Consolidated%20statement%20of%20cash%20flows) Operating cash flow significantly decreased to **$2.42 billion** for the nine months ended September 30, 2023, leading to a **$1.03 billion** net decrease in cash Consolidated Statement of Cash Flows (CAD millions) | Cash Flow Activity | Nine Months 2023 (million CAD) | Nine Months 2022 (million CAD) | | :--- | :--- | :--- | | From Operating Activities | 2,423 | 7,685 | | From (Used in) Investing Activities | (1,283) | (145) | | From (Used in) Financing Activities | (2,173) | (6,117) | | **Net Change in Cash** | **(1,033)** | **1,423** | [Notes to consolidated financial statements](index=8&type=section&id=Notes%20to%20consolidated%20financial%20statements) Detailed disclosures cover accounting policies, segment performance, financial instruments, and share capital, including segment earnings and share repurchase programs Net Income by Segment (CAD millions) | Segment | Q3 2023 Net Income (million CAD) | Q3 2022 Net Income (million CAD) | Nine Months 2023 Net Income (million CAD) | Nine Months 2022 Net Income (million CAD) | | :--- | :--- | :--- | :--- | :--- | | Upstream | 1,028 | 986 | 1,742 | 3,114 | | Downstream | 586 | 1,012 | 1,706 | 2,434 | | Chemical | 23 | 54 | 147 | 163 | - The company uses commodity-based derivative contracts to manage price risk and for trading purposes, but does not designate them for hedge accounting[49](index=49&type=chunk) - The company completed its normal course issuer bid on October 19, 2023, after purchasing the maximum allowable shares. A new substantial issuer bid to purchase up to **$1.5 billion** of its common shares was announced on October 27, 2023[56](index=56&type=chunk)[58](index=58&type=chunk) [Item 2. Management's discussion and analysis of financial condition and results of operations](index=20&type=section&id=Item%202.%20Management%27s%20discussion%20and%20analysis%20of%20financial%20condition%20and%20results%20of%20operations) Management analyzes Q3 and nine-month 2023 financial performance, covering business environment impacts, operating results, production volumes, liquidity, and capital return activities [Recent business environment](index=21&type=section&id=Recent%20business%20environment) Q3 2023 saw crude oil price increases due to OPEC+ cuts, a narrower WTI/WCS spread, and refining margins below 2022 levels - Crude oil prices rose in Q3 2023 due to OPEC+ output reductions causing demand to exceed supply. The WTI/WCS spread narrowed but remained weaker than in 2022[68](index=68&type=chunk) [Operating results](index=21&type=section&id=Operating%20results) Q3 2023 net income was **$1.6 billion**, down from **$2.0 billion** in Q3 2022, with Upstream volumes up and Downstream earnings down due to market conditions and turnarounds Net Income and EPS (CAD millions) | Metric | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Net Income (U.S. GAAP, million CAD) | 1,601 | 2,031 | | Diluted EPS (CAD) | 2.76 | 3.24 | Production Volumes (thousands of barrels per day) | Production (thousands of barrels per day) | Q3 2023 | Q3 2022 | | :--- | :--- | :--- | | Kearl (Imperial's share) | 209 | 193 | | Cold Lake | 128 | 150 | | Syncrude | 75 | 62 | - Higher production at Kearl was driven by increased plant capacity utilization and mine equipment productivity, while higher Syncrude production was due to turnaround timing. Cold Lake production was lower due to steam cycle timing and planned turnarounds[75](index=75&type=chunk)[76](index=76&type=chunk)[77](index=77&type=chunk) - Downstream earnings were negatively impacted by weaker market conditions and planned turnaround activities at the Sarnia refinery[78](index=78&type=chunk)[80](index=80&type=chunk) [Liquidity and capital resources](index=23&type=section&id=Liquidity%20and%20capital%20resources) Operating cash flow for the first nine months of 2023 significantly decreased to **$2.4 billion**, with **$2.7 billion** in cash and equivalents at quarter-end after substantial capital returns Cash Flow Activities (CAD millions) | Cash Flow Activity (Nine Months) | 2023 (million CAD) | 2022 (million CAD) | | :--- | :--- | :--- | | Operating activities | 2,423 | 7,685 | | Investing activities | (1,283) | (145) | | Financing activities | (2,173) | (6,117) | | **Cash at period end** | **2,716** | **3,576** | - The company accelerated its share repurchase program in Q3 and completed it on October 19, 2023. A new substantial issuer bid for up to **$1.5 billion** was announced on October 27, 2023[106](index=106&type=chunk)[107](index=107&type=chunk) [Item 3. Quantitative and qualitative disclosures about market risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20qualitative%20disclosures%20about%20market%20risk) No material changes occurred in market risk disclosures for the nine months ended September 30, 2023, compared to the 2022 Form 10-K - Market risk disclosures for the nine months ended September 30, 2023, have not materially changed from those in the 2022 Form 10-K[115](index=115&type=chunk) [Item 4. Controls and procedures](index=29&type=section&id=Item%204.%20Controls%20and%20procedures) Disclosure controls and procedures were effective as of September 30, 2023, with no material changes to internal control over financial reporting during Q3 - The company's disclosure controls and procedures were deemed effective as of September 30, 2023, with no material changes to internal controls in the last fiscal quarter[116](index=116&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal proceedings](index=30&type=section&id=Item%201.%20Legal%20proceedings) Imperial Oil Limited applies a **$1 million (USD)** threshold for disclosing environmental legal proceedings - The company uses a **$1 million (USD)** threshold for disclosing environmental proceedings[119](index=119&type=chunk) [Item 2. Unregistered sales of equity securities and use of proceeds](index=30&type=section&id=Item%202.%20Unregistered%20sales%20of%20equity%20securities%20and%20use%20of%20proceeds) Imperial significantly accelerated Q3 2023 share repurchases, completing its normal course issuer bid and announcing a new **$1.5 billion** substantial issuer bid Share Repurchase Activity (Q3 2023) | Month (2023) | Total Shares Purchased | Average Price Paid (CAD) | | :--- | :--- | :--- | | July | 2,283,731 | 66.72 | | August | 5,923,101 | 74.12 | | September | 9,278,768 | 80.91 | - The normal course issuer bid, which allowed for the purchase of up to **29.2 million** shares, was completed on October 19, 2023. A new substantial issuer bid to purchase up to **$1.5 billion** in shares was announced on October 27, 2023[120](index=120&type=chunk)[121](index=121&type=chunk) [Item 5. Other information](index=30&type=section&id=Item%205.%20Other%20information) No directors or officers adopted or terminated Rule 10b5-1 or non-Rule 10b5-1 trading arrangements during Q3 2023 - No directors or officers adopted or terminated Rule 10b5-1 trading arrangements during Q3 2023[123](index=123&type=chunk) [Item 6. Exhibits](index=31&type=section&id=Item%206.%20Exhibits) Exhibits filed with the Form 10-Q include officer certifications required by Sarbanes-Oxley and Interactive Data Files (Inline XBRL) - Exhibits filed include officer certifications pursuant to Rule 13a-14(a) and 18 U.S.C. Section 1350, as well as Interactive Data Files[124](index=124&type=chunk)[125](index=125&type=chunk) SIGNATURES

Financial Data and Key Metrics Changes - The company reported net income of $1.601 billion for Q3 2023, down approximately $400 million from Q3 2022, primarily due to lower refining margins in the Downstream business [8][44] - Cash flow from operating activities was nearly $2.4 billion, an improvement of almost $1.5 billion compared to the previous quarter [17][45] - Capital expenditures totaled $387 million in Q3 2023, slightly down from $392 million in Q3 2022, aligning with the full-year guidance of $1.7 billion [18] Business Line Data and Key Metrics Changes - Upstream production averaged 423,000 oil equivalent barrels per day, up 60,000 barrels per day from Q2 2023, and down 7,000 barrels per day from Q3 2022 [20] - The Downstream segment reported net income of $586 million, up $336 million from Q2 2023, reflecting stronger refinery margins and the absence of planned turnaround activities [44] - The Chemicals business generated net income of $23 million, down $48 million from Q2 2023, due to weaker margins and impacts from a gas cracker turnaround [44][56] Market Data and Key Metrics Changes - Benchmark oil prices such as Brent, WTI, and WCS improved compared to the previous quarter, contributing to stronger realizations [6][47] - Diesel margins strengthened quarter-over-quarter, while motor gasoline cracks softened towards the end of the quarter [29] Company Strategy and Development Direction - The company is focused on delivering reliable, affordable, and lower-emission energy, with ongoing investments in renewable diesel and carbon capture technologies [30][32] - The completion of the Autonomous Haul Program at Curl is expected to enhance productivity and reduce operating costs, reflecting a commitment to safety and innovation [23][50] - The company is actively engaging with indigenous communities to ensure sustainable partnerships and support for educational initiatives [31][112] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall macro environment, despite some tempering of demand, and remains optimistic about the fourth quarter [12] - The company anticipates a strong finish to the year, maintaining guidance across all assets [58] - There is a positive outlook for egress as TMX is expected to start up around the end of Q1 2024, which could tighten differentials [90][91] Other Important Information - The company completed its accelerated normal course issuer bid, returning a total of $2.3 billion to shareholders, with plans for an additional $1.5 billion substantial issuer bid in Q4 2023 [42][46] - The renewable diesel project at Strathcona is progressing well, with a startup targeted for 2025 [28] Q&A Session Summary Question: What was the inventory impact in the downstream? - Management noted an inventory impact of $168 million, characterized as noise due to price fluctuations affecting inventory valuations [35][36] Question: How is the autonomous haul program affecting staffing? - Management confirmed that while there has been some headcount reduction, many drivers have been redeployed to other roles, and the overall impact is not significant [63][64] Question: What is the status of the TMX project? - Management indicated that TMX is over 95% complete and expected to start up by the end of Q1 2024, which is viewed positively for egress [67][90] Question: What are the benefits from the operating partner taking over Syncrude? - Management highlighted ongoing improvements in reliability and reduced costs, with progress being made but acknowledging challenges ahead [92] Question: What is the outlook for the Pathways project? - Management detailed significant progress in engineering and indigenous engagement, with hopes to place an order for the main pipe in 2024 [111][112]

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___ to ___ Commission file number 0-12014 IMPERIAL OIL LIMITED (Exact name of registrant as specified in its charter) Canada 98-0017682 (State or other jurisdiction (I.R. ...

Imperial Oil Limited (NYSE:IMO) Q2 2023 Earnings Conference Call July 28, 2023 11:00 AM ET Company Participants Dave Hughes - Vice President of Investor Relations Brad Corson - Chairman, President, and Chief Executive Officer Dan Lyons - Senior Vice President of Finance and Administration Sherri Evers - Senior Vice President of Sustainability, Commercial Development & Product Solutions Simon Younger - Senior Vice President of Upstream Conference Call Participants Manav Gupta - UBS Greg Pardy - RBC Capital M ...