Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 196

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 196
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Exceptional operational performance and reliability drove strong financial results.•Achieved nearly $4.8 billion of net income and the second highest ever earnings per share of over $9.•Generated substantial cash with nearly $6.0 billion in cash flow from operating activities.•Increased quarterly dividend to $0.60 per share in the first quarter, increasing the annual dividend paid for the 30th consecutive year. The annual dividend paid per share represents a 22 percent increase year over year. •Total shareholder returns of $3.9 billion; including dividends of $1.2 billion and accelerated share repurchases of $2.7 billion as part of the company’s normal course issuer bid.Commitment to sustainability•Pathways Alliance continued to progress early technical work and issued the request for proposals to pipeline manufacturers for the proposed transportation pipeline.•Committed $19.2 million through community benefits agreements to Indigenous communities across Canada.•Surpassed $6 billion in spending with Indigenous businesses since 2008, and achieved the highest annual business spend in 2024.•Hosted its first-ever National Indigenous Gathering in Cold Lake, an event that brought together Indigenous leaders and allies from all areas of the company.•The Low Carbon Solutions organization continued to evaluate and progress emission-reduction opportunities in carbon capture and storage, hydrogen, and lower-emission fuels, as well as lithium to supply the global battery and electric vehicle markets.  Upstream operations performance•Delivered robust production growth at Kearl and Cold Lake. Achieved Upstream production of 433,000 gross oil-equivalent barrels per day representing the highest full year production in over 30 years. •Delivered significantly lower operating costs1 across major Upstream assets.•Achieved full-year production record at Kearl of 281,000 gross oil-equivalent barrels per day (200,000 barrels Imperial’s share).•Successfully completed first sub 20-day turnaround at Kearl in the second quarter of 2024.•Expanded market through TMX, secured first sale of Kearl cargo off TMX to Rongsheng China. •Increased Cold Lake full-year production by nearly 10 percent from 2023 to 148,000 gross oil-equivalent barrels per day.•Achieved a major milestone in the transformation of Cold Lake with industry's first solvent-assisted SAGD project at Grand Rapids, starting ahead of schedule in May 2024 and producing 22,000 barrels per day in the fourth quarter.•Completed tie-ins for modules for the Leming S