Reserves and Production - As of December 31, 2021, Imperial Oil reported total net proved reserves of 2.717 billion barrels of oil-equivalent, with 14% (386 million barrels) classified as proved undeveloped reserves[27][37]. - The company achieved an average daily oil production of 408 thousand barrels in 2021, an increase from 372 thousand barrels in 2020, with total net production also rising to 364 thousand barrels from 359 thousand barrels[43][50]. - The company reported a total average daily production on an oil-equivalent basis of 428 thousand barrels in 2021, up from 398 thousand barrels in 2020[50]. - Proved undeveloped reserves increased by 248 million oil-equivalent barrels from 2020, primarily due to developments at Cold Lake and the Montney and Duvernay unconventional assets[37]. - In 2021, the company's share of Kearl's net bitumen production was approximately 178,000 barrels per day, with total gross production reaching about 263,000 barrels per day, marking an increase of 41,000 barrels per day compared to 2020[77][78]. - Cold Lake's net bitumen production in 2021 was about 114,000 barrels per day, with gross production increasing by 8,000 barrels per day compared to 2020, attributed to improved reliability and production optimizations[81]. - The company's share of Syncrude's net production of synthetic crude oil was about 62,000 barrels per day in 2021, with gross production at approximately 71,000 barrels per day[83]. - The company holds a 50% interest in XTO Energy Canada, with net production from Montney and Duvernay assets at about 140 million cubic feet of natural gas per day and approximately 9,000 barrels per day of crude, condensate, and natural gas liquids[72]. Financial Performance - Average unit sales price for bitumen in 2021 was CAD 57.91 per barrel, significantly up from CAD 25.69 in 2020, reflecting improved market conditions[53][54]. - The average unit production cost for bitumen increased to CAD 29.06 per barrel in 2021, driven primarily by higher energy costs[56]. - The company’s average unit sales price for natural gas rose to CAD 3.83 per thousand cubic feet in 2021, compared to CAD 1.90 in 2020[53]. - Total capital and exploration expenditures for the Upstream segment were reported at CAD 632 million, with approximately CAD 124 million (20%) allocated to the development of proved undeveloped reserves[39]. - The company’s crude oil production is subject to regulatory limitations, with curtailments previously imposed in Alberta being repealed by the end of 2021[134]. - The company’s financial results are affected by the strength of the Canadian dollar against the U.S. dollar, as most commodity prices are benchmarked in U.S. dollars[176]. Refining and Sales - The company's refining throughput in 2021 was 379,000 barrels per day, an increase from 340,000 barrels per day in 2020, reflecting improved operations post-COVID-19[103]. - The average utilization of refinery capacity in 2021 was 89%, up from 80% in 2020[103]. - Total net petroleum product sales in 2021 reached 456,000 barrels per day, compared to 421,000 barrels per day in 2020, indicating a recovery in demand[112]. - Petrochemical sales volumes increased to 831,000 tonnes in 2021, up from 749,000 tonnes in 2020, driven by higher sales of intermediates and aromatics[116]. Environmental and Regulatory Factors - The company invested approximately $1.1 billion in environmental capital and operating expenditures in 2021, with expectations of about $1.0 billion in 2022[131]. - The Government of Canada aims to reduce greenhouse gas emissions by 40 to 45 percent below 2005 levels by 2030, which may affect the company's operations[167]. - The Alberta Oil Sands Emissions Limit Act sets a cap of 100 megatonnes of CO2 emissions per year in the oil sands sector, with current emissions remaining below this limit[169]. - The implementation of carbon pricing under the Greenhouse Gas Pollution Pricing Act will increase from $50 per tonne in 2022 to $170 per tonne by 2030, potentially affecting financial results[167]. - The company is subject to environmental regulations that may increase compliance costs and impact operational performance[156]. - The company faces risks from government policies that may restrict oil and gas production or increase operational costs due to environmental regulations[152]. Technological and Market Developments - The company plans to implement innovative technology to recover waste heat from boiler exhaust, potentially reducing operating costs and emissions by up to 30,000 tonnes of CO2 equivalent per year[79]. - The company's future success in energy transition relies on the development and deployment of technologies like carbon capture and sequestration (CCS)[173]. - The ability to develop CCS and lower emission technologies at a commercial scale depends on supportive government policies and market conditions[175]. - The company is focused on achieving net-zero emissions from its upstream oil sands operations, which carries risks related to the pace of technological and market developments[166]. Shareholder Information - The company purchased a total of 2,846,704 shares in October 2021 at an average price of CAD 42.70 per share[211]. - In November 2021, the company purchased 7,089,309 shares at an average price of CAD 43.49 per share[211]. - The company continued its share purchase program, with a maximum of 35,583,671 common shares allowed to be purchased by June 28, 2022[211]. - As of February 15, 2022, there were 9,826 holders of record of the company's common shares[205]. - The company has a 15% Canadian non-resident withholding tax on dividends for shareholders in countries with which Canada has an income tax convention[206]. - The withholding tax is reduced to 5% for U.S. corporations owning at least 10% of the voting shares[206]. - The company is a qualified foreign corporation for reduced U.S. capital gains tax rates applicable to dividends[207]. - The company will evaluate the renewal of its normal course issuer bid share purchase program in June 2022[212]. Operational Challenges - The company has implemented emergency response and business continuity plans in response to COVID-19, but ongoing disruptions could impact operations and demand[192]. - Future production and cash flows are highly dependent on the company's success in exploiting current reserves and replacing produced reserves[196]. - Estimates of recoverable oil and gas reserves involve uncertainties, including geological factors and regulatory changes that could impose significant compliance costs[197]. - The demand for energy and petrochemicals is closely linked to economic conditions, with recessions adversely impacting the company's results[148]. - The company’s operations may be affected by technological advancements in energy efficiency and shifts in consumer preferences towards alternative energy sources[148].

Imperial Oil Limited (NYSE:IMO) Q4 2021 Earnings Conference Call February 1, 2022 11:00 AM ET Company Participants Dave Hughes - Manager, Investor Relations Brad Corson - Chairman, President and Chief Executive Officer Daniel Lyons - Senior Vice-President, Finance and Administration Conference Call Participants Dennis Fong - CIBC Capital Markets Manav Gupta - Credit Suisse Doug Leggate - Bank of America Greg Pardy - RBC Capital Markets Neil Mehta - Goldman Sachs Group Menno Hulshof - TD Securities Phil Gres ...

Table of Contents 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 September 30, 2021 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 jur ...

Imperial Oil Ltd (NYSE:IMO) Q3 2021 Earnings Conference Call October 29, 2021 11:00 AM ET Company Participants Dave Hughes - Manager, IR Bradley Corson - Chairman, President & CEO Daniel Lyons - SVP, Finance & Administration and Controller Conference Call Participants Neil Mehta - Goldman Sachs Group Dennis Fong - CIBC Capital Markets Greg Pardy - RBC Capital Markets Operator Good day, and thank you for standing by. Welcome to the Imperial Q3 2021 Earnings Call. [Operator Instructions]. I would now like to ...

Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [✓] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 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 o ...

Imperial Oil Limited (NYSE:IMO) Q2 2021 Earnings Conference Call July 30, 2021 11:00 AM ET Company Participants Dave Hughes – Vice President-Investor Relations Brad Corson – Chairman, President and Chief Executive Officer Dan Lyons – Senior Vice President-Finance and Administration Conference Call Participants Dennis Fong – CIBC World Markets Greg Pardy – RBC Capital Markets Neil Mehta – Goldman Sachs Operator Good day, and thank you for standing by. Welcome to the Imperial Q2 2021 Earnings Call. [Operator ...

Table of Contents Table of Contents FORM 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 [✓] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 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 oth ...

Imperial Oil Limited (NYSE:IMO) Q1 2021 Earnings Conference Call April 30, 2021 11:00 AM ET Company Participants Dave Hughes - Vice President of Investor Relations Bradley Corson - Chairman, President and Chief Executive Officer Daniel Lyons - Senior Vice President of Finance and Administration Conference Call Participants Greg Pardy - RBC Capital Markets Carly Davenport - Goldman Sachs Group, Inc. Menno Hulshof - TD Securities Christopher Tillett - Barclays Investment Bank Operator Ladies and gentlemen, th ...

Table of Contents 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, 2020 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 (State or other jurisdiction of incorpo ...

Imperial Oil Limited (NYSE:IMO) Q4 2020 Earnings Conference Call February 2, 2021 11:00 AM ET Company Participants Dave Hughes - VP-IR Brad Corson - Chairman, President and CEO Dan Lyons - SVP-Finance and Administration Conference Call Participants Asit Sen - Bank of America Greg Pardy - RBC Capital Markets Dennis Fong - CIBC World Markets Carly Davenport - Goldman Sachs Menno Hulshof - TD Securities Operator Ladies and gentlemen, thank you for standing by and welcome to the Imperial's Fourth Quarter 2020 E ...