Company: IMO
Filing Date: 2025-05-05
Form Type: 10-Q
Source: 0000049938-25-000028
Chunk: 3

Company: IMPERIAL OIL LTD
Filing Date: 2025-05-05
Form: 10-Q
Item: Part I, Item 2
Chunk 3
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 19.36  
  Bitumen (per barrel)                                  75.31      66.56  
  Synthetic crude oil (per barrel)                      98.79      93.51  
  Average foreign exchange rate (US$)                    0.70       0.74  

Production

                                                                   First Quarter            
  thousands of barrels per day                                              2025      2024  
 ────────────────────────────────────────────────────────────────────────────────────────────
  Kearl (Imperial's share)                                                   181       196  
  Cold Lake                                                                  154       142  
  Syncrude (a)                                                                73        73  
  Kearl total gross production (thousands of barrels per day)                256       277  

(a) In the first quarter of 2025, Syncrude gross production included about 2 thousand barrels per day of bitumen and other products (2024 - 0 thousand barrels per day) that were exported to the operator's facilities using an existing interconnect pipeline.

Lower production at Kearl was primarily driven by extreme cold weather and unplanned downtime, mitigated by enhanced winter operating procedures.

Higher production at Cold Lake was primarily driven by Grand Rapids solvent-assisted SAGD, partially offset by production and steam cycle timing.

Downstream

Net income (loss) factor analysis

millions of Canadian dollars

Refinery utilization and petroleum product sales

                                                  First Quarter            
  thousands of barrels per day, unless noted               2025      2024  
 ───────────────────────────────────────────────────────────────────────────
  Refinery throughput                                       397       407  
  Refinery capacity utilization (percent)                    91        94  
  Petroleum product sales                                   455       450  

Lower refinery throughput was primarily due to additional maintenance in the company's eastern manufacturing hub.

  IMPERIAL OIL LIMITED  

Chemicals

Net income (loss) factor analysis

millions of Canadian dollars

Corporate and other

                                      First Quarter            
  millions of Canadian dollars                 2025      2024  
 ───────────────────────────────────────────────────────────────
  Net income (loss) (U. S. GAAP)               (58)      (51)  

Liquidity and capital resources

                                                        First Quarter                                   
  millions of Canadian dollars                                   2025                  2024             
 ────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cash flows from