Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 27

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1
Chunk 27
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 undeveloped reserves are associated with Syncrude, Kearl and Cold Lake. This compared to 218 million oil-equivalent barrels of proved undeveloped reserves reported at the end of 2023. The increase of 9 million oil-equivalent barrels of proved undeveloped reserves is mainly attributed to full funding of Cold Lake infill drilling, partially offset by Cold Lake infill start-ups. 

As at December 31, 2024 there were no proved undeveloped reserves that have remained undeveloped for five years or more. 

One of the company’s requirements to report resources as proved reserves is that management has made significant funding commitments towards the development of the reserves. The company has a disciplined investment strategy and many major fields require a long lead-time in order to be developed. The company made investments of about $260 million during the year to progress the development of proved undeveloped reserves at Cold Lake, Kearl and Syncrude. These investments represented about 24 percent of the $1,078 million in total reported Upstream capital and exploration expenditures. 

8

Oil and gas production, production prices and production costs

Reference is made to the portion of the "Financial section" entitled "Management’s discussion and analysis of financial condition and results of operations" of this report for a narrative discussion on the material changes.

Average daily production of oil 

The company’s average daily oil production by final products sold during the three years ended December 31, 2024 was as follows. All reported production volumes were from Canada. 

thousands of barrels per day (a)2024 2023 2022 Bitumen:Kearl:- gross (b)200 191 172 - net (c)186 177 157 Cold Lake:- gross (b)148 135 144 - net (c)113 106 106 Total bitumen:- gross (b)348 326 316 - net (c)299 283 263 Synthetic crude oil (d):- gross (b)75 76 77 - net (c)62 67 63 Liquids (e):- gross (b)5 5 9 - net (c)5 5 9 Total:- gross (b)428 407 402 - net (c)366 355 335 (a)Volume per day metrics are calculated by dividing the volume for the period by the number of calendar days in the period. (