Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 73

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 73
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 productivity at Kearl.

Royalty – Lower royalties were primarily driven by weakened commodity prices.

Identified Items1 – Prior year results included favourable identified items1 related to the company's gain on the sale of interests in XTO Energy Canada.

Other – Includes favourable foreign exchange impacts of about $380 million, and lower operating expenses of about $380 million, primarily due to lower energy prices. 

1 Non-GAAP financial measure - see "Frequently used terms" section for definition and reconciliation.

56

Marker prices and average realizations 

Canadian dollars, unless otherwise noted2024 2023 2022 West Texas Intermediate (US$ per barrel)75.78 77.60 94.36 Western Canada Select (US$ per barrel)61.04 58.97 76.28 WTI/WCS Spread (US$ per barrel)14.74 18.63 18.08 Bitumen (per barrel)74.53 67.42 84.67 Synthetic crude oil (per barrel)101.91 105.57 125.46 Conventional crude oil (per barrel)55.63 59.30 97.45 Natural gas liquids (per barrel)— — 64.92 Natural gas (per thousand cubic feet)0.69 2.58 5.69 Average foreign exchange rate (US$)0.73 0.74 0.77 

Crude oil and natural gas liquids (NGL) - production and sales (a)

thousands of barrels per day202420232022 grossnetgrossnetgrossnetBitumen348 299 326 283 316 263 Synthetic crude oil (b)75 62 76 67 77 63 Conventional crude oil5 5 5 5 8 8 Total crude oil production428 366 407 355 401 334 NGLs available for sale— — — — 1 1 Total crude oil and NGL production428 366 407 355 402 335 Bitumen sales, including diluent (c)471 442 424 NGL sales— — 1 

Natural gas - production and production available for sale (a)  

millions of cubic feet per day202420232022 grossnetgrossnetgrossnetProduction (d) (e)30 30 33 32 85