Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 29

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1
Chunk 29
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 the number of calendar days in the period. (b)Gross production is the company’s share of production (excluding purchases) before deduction of the mineral owners’ or governments’ share or both. (c)Net production is gross production less the mineral owners’ or governments’ share or both. 

Average unit sales price 

The company’s average unit sales price and average unit production costs by product type for the three years ended December 31, 2024 were as follows. 

Canadian dollars per barrel2024 2023 2022 Bitumen74.53 67.42 84.67 Synthetic crude oil101.91 105.57 125.46 Liquids (a)55.63 59.30 93.77 Canadian dollars per thousand cubic feetNatural gas0.69 2.58 5.69 (a)Liquids include crude oil, condensate and NGLs.

In 2024, Imperial's average Canadian dollar realization for bitumen increased, primarily driven by the narrowing of the Western Texas Intermediate (WTI)/Western Canada Select (WCS) spread and lower diluent costs, partially offset by lower WTI. The company's average Canadian dollar realizations for synthetic crude oil decreased, primarily driven by a weaker Synthetic/WTI spread and lower WTI.

In 2023, Imperial’s average Canadian dollar realization for bitumen decreased generally in line with Western Canada Select (WCS). The company's average Canadian dollar realizations for synthetic crude oil decreased generally in line with West Texas Intermediate (WTI), adjusted for changes in exchange rates and transportation costs and reflect a premium over WTI driven by supply and demand.

Average unit production costs 

Canadian dollars per barrel2024 2023 2022 Bitumen29.42 32.41 39.05 Synthetic crude oil61.84 62.57 68.00 Total oil-equivalent basis (a)35.48 38.51 44.02 (a)Includes liquids, bitumen, synthetic crude oil and natural gas.

In 2024, bitumen unit production costs decreased, primarily driven by lower energy costs, higher Cold Lake production due to Grand Rapids, and higher Kearl production due to improved mine fleet productivity and optimized turnaround.  

In 2024, synthetic crude oil unit production costs decreased, primarily driven by lower upgrading costs and lower energy costs. 

In 2023, bitumen unit production costs decreased, primarily