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, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 Canada 98-0017682 (State or other jurisdiction (I.R.S. Employer of incorporation or organization) Identification No.) 505 Quarry Park Boulevard S.E. Calgary, Alberta, Canada T2C 5N1 (Address of princi ...

Imperial Oil Limited (NYSE:IMO) Q1 2023 Earnings Conference Call April 28, 2023 11:00 AM ET Company Participants Dave Hughes - Vice President, Investor Relations Brad Corson - Chairman, President and CEO Dan Lyons - Senior Vice President, Finance and Administration Simon Younger - Senior Vice President, Upstream Jon Wetmore - Vice President, Downstream Conference Call Participants Dennis Fong - CIBC World Markets Menno Hulshof - TD Securities Neil Mehta - Goldman Sachs Operator Good day, and welcome to the ...

Reserves and Production - As of December 31, 2022, Imperial Oil reported total net proved reserves of 2,193 million barrels of oil equivalent, with 1,824 million barrels classified as developed and 240 million barrels as undeveloped [26][34]. - The company's average daily oil production in 2022 was 402 thousand barrels gross, a slight decrease from 408 thousand barrels in 2021 [39][47]. - Average daily natural gas production in 2022 was 85 million cubic feet gross, down from 120 million cubic feet in 2021 [43]. - Approximately 11% of the company's proved reserves were classified as proved undeveloped, reflecting a decrease of 146 million oil-equivalent barrels from the previous year [34]. - The company invested about CAD 167 million in 2022 to develop proved undeveloped reserves, representing approximately 15% of total upstream capital expenditures of CAD 1,128 million [36]. - Total average daily production on an oil-equivalent basis was 349 thousand barrels net in 2022, down from 383 thousand barrels in 2021 [47]. - The company's share of Kearl's net bitumen production was approximately 157,000 barrels per day in 2022, with total gross production at about 242,000 barrels per day, down 21,000 barrels per day compared to 2021 [73]. - Cold Lake's net bitumen production was about 106,000 barrels per day in 2022, with gross production increasing by 4,000 barrels per day compared to 2021 due to improved reliability and production optimizations [76]. Financial Performance - The average unit sales price for bitumen in 2022 was CAD 84.67 per barrel, significantly up from CAD 57.91 in 2021 [50]. - Average unit production costs for bitumen increased to CAD 39.05 per barrel in 2022, compared to CAD 29.06 in 2021, primarily due to higher energy costs [53][54]. - The average unit sales price for synthetic crude oil rose to CAD 125.46 per barrel in 2022, up from CAD 81.61 in 2021 [50]. - The company's total refinery throughput in 2022 was 418,000 barrels per day, an increase from 379,000 barrels per day in 2021, reflecting a utilization rate of 98% [99][101]. - In 2022, net petroleum product sales reached 475,000 barrels per day, up from 456,000 barrels per day in 2021, driven by increased demand [108]. - Total petrochemical sales volumes in 2022 were 842,000 tonnes, an increase from 831,000 tonnes in 2021, primarily due to higher sales of propylene and polyethylene [111]. Environmental and Regulatory Compliance - The company's environmental capital and operating expenditures totaled approximately $1.4 billion in 2022, with expectations to increase to about $1.8 billion in 2023 [123]. - The company aims to achieve net-zero emissions from its operated assets, but the transition to lower-emission sources carries risks related to technology and market development [159]. - Compliance with environmental legislation may require significant expenditures, and failure to comply could result in operational cessation and financial penalties [155]. - The Government of Canada aims to reduce greenhouse gas emissions economy-wide by 40 to 45 percent below 2005 levels by 2030, with a carbon pricing plan starting at $50 per tonne CO2 equivalent emissions in 2022, increasing to $170 per tonne by 2030 [160]. - Alberta's Technology Innovation and Emissions Reduction Regulation (TIER) applies to facilities with CO2 emissions over 100,000 tonnes per year, with a pricing increase from 10% of emissions in 2020 to 12% in 2022, and anticipated increases of 2% per year starting in 2023 [161]. - British Columbia's Low Carbon Fuel Standard requires a 30% carbon intensity reduction by 2030 compared to the 2010 baseline, with compliance achievable through blending renewable fuels or purchasing credits [163]. Operational Risks and Challenges - The company's operations and earnings are significantly affected by commodity price volatility, particularly crude oil and natural gas prices, which can impact both Upstream and Downstream operations [137]. - Economic downturns or recessions directly adversely impact the company's results, with various factors such as trade tariffs and public health issues posing additional risks [138]. - Demand for the company's products may be influenced by technological improvements in energy efficiency and changes in consumer preferences towards alternative energy sources [139]. - Increased supply from new oil and gas sources can lead to reduced commodity prices if not matched by demand growth, impacting the company's margins [141]. - The market price for western Canadian heavy crude oil is typically lower than lighter grades, which can adversely affect the company's business due to higher transportation and refining costs [142]. - The company faces risks from potential increases in carbon pricing, which could adversely impact operations and financial results unless mitigated through technological innovation [161]. - The company is exposed to commodity price volatility and inflationary pressures due to potential restrictions on hydrocarbon products without a corresponding reduction in demand [167]. - The company relies on third-party service providers for transportation and utilities, and disruptions could negatively impact production capacity and financial performance [170]. - The company’s operations are subject to significant hazards, including environmental risks, and effective management systems are crucial to minimize these risks [178]. - Cybersecurity threats pose risks to the company’s operations, and the effectiveness of its defensive measures is critical to protect proprietary data and maintain business continuity [179]. Shareholder Information and Capital Management - The company completed a substantial issuer bid, purchasing 20,689,655 common shares at a price of $72.50 per share, totaling $1.5 billion, representing 3.4% of its issued and outstanding shares as of October 31, 2022 [199]. - The company has a maximum of 31,833,809 common shares authorized for purchase under its normal course issuer bid program, which runs from June 29, 2022, to June 28, 2023 [198]. - As of February 8, 2023, there were 9,342 holders of record of the company's common shares [192]. - The company is subject to a Canadian non-resident withholding tax of 15% on cash dividends paid to shareholders in countries with which Canada has an income tax convention [193]. - The company will evaluate the renewal of its normal course issuer bid share purchase program in June 2023 [200]. Exploration and Development - The company has a disciplined investment strategy, with significant funding commitments required to report resources as proved reserves [36]. - In 2022, the company drilled a total of 24 productive development wells, an increase from 13 in 2021 and a decrease from 29 in 2020 [59]. - The Grand Rapids Phase 1 project was approved in April 2022, with a forecasted average production of 15,000 barrels per day before royalties, and development activities are planned to be completed by year-end 2023 [66]. - The company holds a 25 percent interest in two exploration licenses in the Beaufort Sea, with existing licenses not impacted by the Federal Government's prohibition on new offshore oil and gas licenses [70]. - The company has approximately 161,000 net acres of oil sands leases near Cold Lake and about 34,000 net acres at Kearl, with additional interests in other bitumen oil sands leases totaling about 173,000 net acres [88].

Imperial Oil Limited (NYSE:IMO) Q4 2022 Earnings Conference Call January 31, 2023 11:00 AM ET Company Participants Dave Hughes - Vice President, Investor Relations Brad Corson - Chairman, President, and CEO Dan Lyons - Senior Vice President, Finance and Administration Jon Wetmore - Vice President, Downstream Conference Call Participants Greg Pardy - RBC Capital Markets Doug Leggate - Bank of America Dennis Fong - CIBC World Markets Menno Hulshof - TD Securities Neil Mehta - Goldman Sachs Operator Good day, ...

PART I. FINANCIAL INFORMATION [Financial Statements](index=3&type=section&id=Item%201.%20Financial%20statements) The company reported significant growth in net income and cash flow from operations for Q3 and the first nine months of 2022, alongside increased assets and reduced long-term debt [Consolidated Statement of Income](index=4&type=section&id=Consolidated%20statement%20of%20income) Net income for Q3 2022 increased by 123.7% to $2,031 million, and for the first nine months, it surged to $5,613 million, driven by strong revenue growth and commodity prices Consolidated Income Statement Highlights (CAD millions) | Metric | Q3 2022 (CAD millions) | Q3 2021 (CAD millions) | 9 Months 2022 (CAD millions) | 9 Months 2021 (CAD millions) | | :--- | :--- | :--- | :--- | :--- | | **Revenues** | 15,071 | 10,214 | 45,013 | 25,213 | | **Total revenues and other income** | 15,224 | 10,233 | 45,217 | 25,278 | | **Income before income taxes** | 2,505 | 1,189 | 7,205 | 2,172 | | **Net income (loss)** | 2,031 | 908 | 5,613 | 1,666 | | **Diluted EPS (CAD)** | 3.24 | 1.29 | 8.58 | 2.31 | [Consolidated Balance Sheet](index=6&type=section&id=Consolidated%20balance%20sheet) Total assets increased to $42,986 million as of September 30, 2022, driven by higher cash, while total liabilities rose, and long-term debt decreased Consolidated Balance Sheet Highlights (CAD millions) | Metric | Sept 30, 2022 (CAD millions) | Dec 31, 2021 (CAD millions) | | :--- | :--- | :--- | | **Total current assets** | 11,005 | 7,813 | | **Property, plant and equipment, net** | 30,013 | 31,240 | | **Total assets** | 42,986 | 40,782 | | **Total current liabilities** | 8,934 | 5,554 | | **Long-term debt** | 4,038 | 5,054 | | **Total liabilities** | 20,678 | 19,047 | | **Total shareholders' equity** | 22,308 | 21,735 | [Consolidated Statement of Cash Flows](index=9&type=section&id=Consolidated%20statement%20of%20cash%20flows) Cash flow from operating activities more than doubled to $7,685 million for the first nine months of 2022, primarily funding significant share repurchases and long-term debt reduction Cash Flow Summary (CAD millions) | Activity | 9 Months 2022 (CAD millions) | 9 Months 2021 (CAD millions) | | :--- | :--- | :--- | | **Operating activities** | 7,685 | 3,844 | | **Investing activities** | (145) | (613) | | **Financing activities** | (6,117) | (2,127) | | **Increase in cash** | 1,423 | 1,104 | | **Cash at end of period** | 3,576 | 1,875 | - Key financing activities in the first nine months of 2022 included **$4,461 million** in common share purchases and a **$1,000 million** long-term debt reduction[16](index=16&type=chunk) [Notes to the Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20the%20consolidated%20financial%20statements) Notes detail segment performance, including a near quadrupling of Upstream net income, the $0.9 billion sale of XTO Energy Canada interests, and significant shareholder capital returns Segment Net Income (CAD millions) | Segment | Q3 2022 (CAD millions) | Q3 2021 (CAD millions) | 9 Months 2022 (CAD millions) | 9 Months 2021 (CAD millions) | | :--- | :--- | :--- | :--- | :--- | | **Upstream** | 986 | 524 | 3,114 | 850 | | **Downstream** | 1,012 | 293 | 2,434 | 645 | | **Chemical** | 54 | 121 | 163 | 297 | - In Q2 2022, the company signed an agreement to sell its interests in XTO Energy Canada for approximately **$1.9 billion** (**$0.9 billion** Imperial's share), closing on August 31, 2022, and resulting in a gain of about **$0.2 billion**[53](index=53&type=chunk) - The company completed a **$2.5 billion** substantial issuer bid on June 15, 2022, repurchasing **32.5 million shares**, and announced its intention for another substantial issuer bid of up to **$1.5 billion** after the quarter end[45](index=45&type=chunk)[47](index=47&type=chunk) - During Q3 2022, the company repaid **$1 billion** of long-term debt owed to an affiliate of ExxonMobil, reducing total long-term debt to **$4,038 million**[32](index=32&type=chunk) [Management's Discussion and Analysis (MD&A)](index=24&type=section&id=Item%202.%20Management%27s%20discussion%20and%20analysis%20of%20financial%20condition%20and%20results%20of%20operations) Management attributes strong Q3 and nine-month 2022 results to favorable commodity prices and refining margins, driving earnings growth across segments and enabling significant shareholder returns and debt reduction [Current Business Environment](index=25&type=section&id=Current%20business%20environment) The 2022 business environment saw supply tightness and high commodity prices due to demand recovery and geopolitical events, though Q3 experienced some softening in prices and margins due to tempered demand - Industry underinvestment during the pandemic led to supply tightness as demand recovered in late 2021 and early 2022[59](index=59&type=chunk) - Russia's invasion of Ukraine and subsequent sanctions further tightened oil and gas markets, pushing prices to multi-year highs in the first half of 2022[59](index=59&type=chunk) - In Q3 2022, high prices and economic uncertainty led to tempered demand, causing crude oil prices and refining margins to soften from first-half levels[59](index=59&type=chunk) [Operating Results (Q3 2022 vs Q3 2021)](index=25&type=section&id=Operating%20results%20Q3%202022%20vs%20Q3%202021) Q3 2022 net income reached $2,031 million, boosted by higher Upstream commodity prices and 100% Downstream refinery utilization, despite lower Chemical earnings Q3 Upstream Marker Prices (CAD per barrel) | Marker | Q3 2022 (CAD) | Q3 2021 (CAD) | | :--- | :--- | :--- | | Bitumen (per barrel) | 81.58 | 60.44 | | Synthetic crude oil (per barrel) | 124.80 | 85.94 | Q3 Production (thousand barrels per day) | Asset | Q3 2022 (kb/d) | Q3 2021 (kb/d) | | :--- | :--- | :--- | | Kearl (Imperial's share) | 193 | 194 | | Cold Lake | 150 | 135 | | Syncrude | 62 | 78 | Q3 Downstream Performance | Metric | Q3 2022 | Q3 2021 | | :--- | :--- | :--- | | Refinery throughput (kb/d) | 426 | 404 | | Refinery capacity utilization | 100% | 94% | - Chemicals segment net income fell due to lower margins, primarily reflecting weaker industry polyethylene margins[71](index=71&type=chunk) [Operating Results (Nine Months 2022 vs Nine Months 2021)](index=28&type=section&id=Operating%20results%20Nine%20months%202022%20vs%20Nine%20months%202021) Nine-month 2022 net income significantly increased to $5,613 million, driven by higher Upstream price realizations and improved Downstream margins and refinery utilization Nine-Month Upstream Marker Prices (CAD per barrel) | Marker | 9M 2022 (CAD) | 9M 2021 (CAD) | | :--- | :--- | :--- | | Bitumen (per barrel) | 94.01 | 55.30 | | Synthetic crude oil (per barrel) | 129.52 | 77.62 | Nine-Month Production (thousand barrels per day) | Asset | 9M 2022 (kb/d) | 9M 2021 (kb/d) | | :--- | :--- | :--- | | Kearl (Imperial's share) | 162 | 185 | | Cold Lake | 145 | 139 | | Syncrude | 74 | 68 | Nine-Month Downstream Performance | Metric | 9M 2022 | 9M 2021 | | :--- | :--- | :--- | | Refinery throughput (kb/d) | 413 | 367 | | Refinery capacity utilization | 96% | 86% | | Petroleum product sales (kb/d) | 471 | 442 | [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20capital%20resources) Strong liquidity was demonstrated by doubled cash flow from operations to $7,685 million, primarily used for significant shareholder returns and a $1 billion long-term debt reduction Nine-Month Financing Activities (CAD millions) | Activity | 9M 2022 (CAD millions) | 9M 2021 (CAD millions) | | :--- | :--- | :--- | | Dividends paid | 640 | 518 | | Share repurchases | 4,461 | 1,484 | | Number of shares purchased (millions) | 66.6 | 38.5 | - Cash flow from operating activities for the first nine months of 2022 was **$7,685 million**, up from **$3,844 million** in the same period of 2021, reflecting higher realizations and margins[91](index=91&type=chunk) - In Q3 2022, the company reduced its long-term debt by **$1 billion** by repaying a facility with an ExxonMobil affiliate[76](index=76&type=chunk)[93](index=93&type=chunk) - The company completed a **$2.5 billion** substantial issuer bid in June 2022 and announced its intention to launch another **$1.5 billion** substantial issuer bid after the quarter[94](index=94&type=chunk)[96](index=96&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=29&type=section&id=Item%203.%20Quantitative%20and%20qualitative%20disclosures%20about%20market%20risk) No material changes to market risk disclosures were reported for the nine months ended September 30, 2022, compared to prior filings - Information about market risks for the nine months ended September 30, 2022, does not differ materially from previous disclosures[105](index=105&type=chunk) [Controls and Procedures](index=29&type=section&id=Item%204.%20Controls%20and%20procedures) Disclosure controls and procedures were deemed effective as of September 30, 2022, with no material changes to internal control over financial reporting during the quarter - The company's principal officers evaluated disclosure controls and procedures as of September 30, 2022, and concluded they are effective[106](index=106&type=chunk) - No changes in internal control over financial reporting occurred during the last fiscal quarter that materially affected, or are reasonably likely to materially affect, these controls[106](index=106&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=30&type=section&id=Item%201.%20Legal%20proceedings) The company established a $1 million disclosure threshold for environmental legal proceedings - Imperial has elected to use a **$1 million** threshold for disclosing environmental proceedings[108](index=108&type=chunk) [Issuer Purchases of Equity Securities](index=30&type=section&id=Item%202.%20Unregistered%20sales%20of%20equity%20securities%20and%20use%20of%20proceeds) In Q3 2022, the company repurchased 25.2 million shares for $1.5 billion, completed its NCIB, and announced a new $1.5 billion substantial issuer bid Q3 2022 Share Purchases | Month | Total Shares Purchased | Average Price Paid (CAD) | | :--- | :--- | :--- | | July 2022 | 5,082,675 | $56.85 | | August 2022 | 10,068,144 | $60.53 | | September 2022 | 10,009,792 | $61.22 | - The normal course issuer bid program, which allowed for the purchase of up to **31,833,809 shares**, was completed on October 21, 2022, after the quarter end[109](index=109&type=chunk) - On October 28, 2022, the company announced its intention to launch a substantial issuer bid to purchase up to **$1.5 billion** of its common shares[109](index=109&type=chunk) [Exhibits](index=31&type=section&id=Item%206.%20Exhibits) This section lists filed exhibits, including certifications from principal officers and Interactive Data Files (Inline XBRL) - Filed exhibits include certifications from the principal executive officer and principal financial officer as required by SEC rules[113](index=113&type=chunk) - Interactive Data Files (Inline XBRL) were also submitted as part of the filing[113](index=113&type=chunk)

Financial Data and Key Metrics Changes - The company reported earnings of just over $2 billion for the quarter, with cash from operating activities reaching almost $3.1 billion, reflecting strong operating performance and favorable commodity fundamentals [11][19] - Net income increased to $2.031 billion, up $1.123 billion from 2021, primarily driven by higher margins in the Downstream and improved realizations in the Upstream [19][20] - Free cash flow for the quarter was $3.453 billion, bringing year-to-date free cash flow to about $7.5 billion, significantly higher than the previous year [24] Business Line Data and Key Metrics Changes - Upstream production averaged 430,000 barrels per day, down 5,000 barrels from Q3 2021 but up 17,000 barrels from Q2 2022, reflecting strong performance at Kearl and Cold Lake [33] - The Downstream reported net income of $1.012 billion, relatively flat compared to the second quarter, benefiting from high utilization rates [21] - Chemicals business delivered net income of $54 million, flat with the second quarter but down from the previous year, indicating mid-cycle performance [22][53] Market Data and Key Metrics Changes - Refinery utilization was at 100%, the highest in over 40 years, reflecting strong operational performance and minimal planned turnaround activity [13][48] - Petroleum product sales averaged 484,000 barrels per day, up 4,000 barrels from Q2 but down 1,000 barrels from Q3 2021, with strong demand for gasoline and diesel [51] Company Strategy and Development Direction - The company aims to maximize shareholder returns, having returned $5.1 billion to shareholders in 2022, including a record dividend increase of over 29% [16][17] - Plans to initiate a substantial issuer bid to return an additional $1.5 billion to shareholders in Q4 2022, demonstrating commitment to shareholder value [31][61] - The company is advancing its renewable diesel project and has signed a hydrogen supply agreement, positioning itself for future market opportunities [50][106] Management's Comments on Operating Environment and Future Outlook - Management noted a positive macro environment with high commodity prices driven by supply challenges and geopolitical events [8] - The company expects continued strong performance into Q4, with all major planned maintenance activities completed [10] - Management anticipates cash tax payments of around $2.5 billion in Q1 2023, reflecting strong market conditions [27][85] Other Important Information - The company successfully closed the sale of its interest in XTO Energy Canada, using proceeds to reduce debt by $1 billion, enhancing financial resilience [14][25] - The company is committed to sustainability, with ongoing projects related to carbon capture and renewable energy [55][62] Q&A Session Summary Question: Shareholder returns and appetite for further SIB - Management emphasized a strong commitment to shareholder returns through dividends and share buybacks, with plans for a second substantial issuer bid in 2022 [70][72] Question: Refinery utilization and capacity - Management confirmed that high utilization rates are expected to continue into Q4, with a return to typical maintenance levels anticipated for 2023 [78] Question: Cash returns and capital expenditures - Management indicated that capital expenditures are expected to average about $1.5 billion over the next few years, with a focus on maintaining cost discipline [84][110] Question: Renewable diesel project and Air Products agreement - The agreement with Air Products is a key enabler for the renewable diesel project, with final investment decision anticipated soon [104][106] Question: WCS differential impact on profitability - Management discussed the widening of the WCS differential and its implications for profitability, noting that integrated operations help mitigate impacts [114][116] Question: Kearl production sustainability - Management confirmed record production levels at Kearl, with optimism about achieving future production targets while managing operating costs [120][121]

For the quarterly period ended June 30, 2022 OR 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 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.S. Employer of incorporation or organization) Identification No.) 505 Quarry Park ...

Imperial Oil Limited (NYSE:IMO) Q2 2022 Earnings Conference Call July 29, 2022 11:00 AM ET Company Participants David Hughes - Vice President, Investor Relations Brad Corson - Chairman, President and CEO Dan Lyons - Senior Vice President, Finance and Administration Simon Younger - Senior Vice President of the Upstream Sherri Evers - Vice President of Commercial and Corporate Development Jon Wetmore - Vice President of Downstream Conference Call Participants Dennis Fong - CIBC Manav Gupta - Credit Suisse Nei ...

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 March 31, 2022 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 jurisdi ...

Imperial Oil Limited (NYSE:IMO) Q1 2022 Earnings Conference Call April 29, 2022 11:00 AM ET Company Participants Dave Hughes - Vice President of Investor Relations Brad Corson - Chairman, President & Chief Executive Officer Dan Lyons - Senior Vice President, Finance & Administration Conference Call Participants Manav Gupta - Credit Suisse Neil Mehta - Goldman Sachs Greg Pardy - RBC Capital David Fernandez - Bank of America Travis Wood - National Bank Financial Operator Ladies and gentlemen, thank you for st ...