Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 33

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1
Chunk 33
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 crude bitumen, and then upgrade it to produce a high-quality, light (32 degrees API), sweet, synthetic crude oil. The company holds a 25 percent participating interest in the joint venture. The produced synthetic crude oil is typically shipped to the company’s refineries, Exxon Mobil Corporation refineries and to other third parties.

In 2024, the company’s share of Syncrude’s net production was about 62,000 barrels per day. The gross production was about 75,000 barrels per day, which is a decrease of about 1,000 barrels per day compared to 2023.

The Province of Alberta, in its capacity as lessor of Kearl, Cold Lake, and Syncrude oil sands leases, is entitled to a royalty on production. Royalties are subject to the oil sands royalty regulations which are based upon a sliding scale determined largely by the price of crude oil. 

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Oil and gas properties, wells, operations and acreage

Production wells 

The company’s production of liquids, bitumen and natural gas is derived from wells located exclusively in Canada. The total number of wells capable of production, in which the company had interests at December 31, 2024 and December 31, 2023, is disclosed in the following table. The statistics in the table are determined in part from information received from other operators. The total number of wells decreased in 2024 primarily due to the shut-in of multiple non-economical wells. 

Year ended December 31, 2024Year ended December 31, 2023Crude oilNatural gasCrude oilNatural gaswellsGross (a)Net (b)  Gross (a) Net (b) Gross (a) Net (b) Gross (a) Net (b)Total (c)3,9913,9872,3877634,0844,0802,411770(a)Gross wells are wells in which the company owns a working interest. (b)Net wells are the sum of the fractional working interest owned by the company in gross wells, rounded to the nearest whole number. (c)Multiple completion wells are permanently equipped to produce separately from two or more distinctly different geological formations. At year-end 2024, the company had an interest in 12 gross wells with multiple completions (2023 - 12 gross wells). 

Land holdings

At December 31, 2024 and December 31, 2023, the company held the following