Imperial Oil Limited · TSX:IMO
Imperial Oil — Shareholder Meeting (May 2022)
28 slides from Imperial Oil's shareholder meeting presentation, May 3, 2022
Slide 1: Form 8-K Current Report
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 8-K CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 Date of Report (Date of earliest event reported): May 3, 2022 IMPERIAL OIL LIMITED (Exact name of registrant as specified in its char
Slide 2: Item 7.01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure On May 3, 2022, Brad Corson, Imperial Oil Limited’s (the “company”) chairman, president and chief executive officer, gave a presentation at the company’s annual general meeting held virtually (the “presentation”) that included an update on the company’s current ope
Slide 3: Signatures
SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized. IMPERIAL OIL LIMITED Date: May 3, 2022 By: /s/ Ian Laing ____________________________________ Name: Ian L
Slide 4: 2022 Annual Meeting of Shareholders
Exhibit 99.1 2022 Annual Meeting of Shareholders May 3, 2022
Slide 5: Cautionary statement
Cautionary statement Statements of future events or conditions in this presentation, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, g
Slide 6: Meeting proceedings
Meeting proceedings Brad Corson Chairman, President and CEO Ian Laing Corporate Secretary
Slide 7: Election of directors
David Bradley Matthew Krystyna Miranda Jack David Cornhill Corson Crocker Hoeg Hubbs Mintz Sutherland Election of directors
Slide 8: Appointment of the auditor
Appointment of the auditor PricewaterhouseCoopers LLP
Slide 9: Shareholder proposal
Shareholder proposal
Slide 10: Chairman’s remarks
Chairman’s remarks Brad Corson Chairman, President and CEO
Slide 11: Reflections on the past year
Reflections on the past year Strong results and substantial progress on strategic priorities Strong commodity prices, recovering demands Well-positioned to benefit from recovery coming out of pandemic Outstanding operational performance Highest Upstream production on record Strong Downstre
Slide 12: Safety performance
Safety performance Managing the challenges of COVID Continue to demonstrate industry leading safety performance Robust COVID protocols enabled uninterrupted operations and product supply Careful management of workforce health and safety Leveraged technology to minimize on-site personnel Co
Slide 13: Imperial sustainability priorities
Imperial sustainability priorities Advancing responsible energy solutions for a better tomorrow Indigenous Climate Land and water reconciliation People Develop pathways in Further improve Strengthen collaboration and Cultivate a workplace where support of a net-zero future environmental performance
Slide 14: Innovating for a lower carbon future
Innovating for a lower carbon future Advancing carbon solutions OIL SANDS PATHWAYS RENEWABLE DIESEL GHGi REDUCTION TO NET ZERO PROJECT PROGRESS • Founding member of Oil Sands • Helping our customers reduce • Expanded commercial Pathways to Net Zero alliance their GHG emissions application of LASER •
Slide 15: 2021 Upstream performance
2021 Upstream performance Demonstrated strong operational performance and sustained improvements 2021 vs. 2019 Raised production by 8% in 2021 vs. 2019 Upstream net income ($M) 1,395 +3% the highest level in over 30 years Sustained unit cost1 improvements, Production (koebd) 428 +8% down 3%
Slide 16: Kearl journey
Kearl journey Stable, reliable operations enabling acceleration of optimization phase kbd $US/bbl 300 40 Targeting 280 kbd in 2024, earlier than prior outlook 200 Continuing to drive down unit cash cost1 <$20 USD/bbl 20 Evaluating future production potential 280–300 kbd 100 Enhanced recovery
Slide 17: Cold Lake strategy
Cold Lake strategy Maximize asset value and cash flow through transformational GHG strategy Transition to lower emission technology kbd Base Base infills Lower emissions production 200 100 Strategy to sustain volumes through resilient investments and GHG transformation 0 2021 2024 2027 2030 Acce
Slide 18: 2021 Downstream & Chemical performance
2021 Downstream & Chemical performance Resilient business model, focused on increasing profitability vs. 2021 2019 Canadian economic activity increasing Net income ($M)1 1,256 +17% Gasoline, diesel demand recovering to pre-COVID Production & manufacturing levels, jet demand continues to lag 1,65
Slide 19: Innovation delivers shareholder value
Innovation delivers shareholder value Further enhancing Imperial’s offer with innovative solutions and technologies Customer-intimate product Strathcona renewable diesel Cyclic solvent process Autonomous hauling development 20 kbd of renewable diesel from locally High-density polyethylene (PE) f
Slide 20: Capital expenditure forecast
Capital expenditure forecast Low sustaining capital requirement with select growth opportunities Annual capital expenditure1 forecast $B 2022 target of $1.4B, down $0.2B from previous plan 2 Sustaining capital2 averages ~$1B over period Predominantly Upstream Kearl in-pit tailings drives hig
Slide 21: Record-setting performance in 2021
Record-setting performance in 2021 Delivered continued cash flow growth Annual cash flow from operating activities $B 6 Strong integrated performance across all business lines 4 Record cash flow from operating activities Record Upstream production 2 Record Chemical earnings 0 Strong Downst
Slide 22: Record cash returned to shareholders in 2021
Record cash returned to shareholders in 2021 Robust free cash flow outlook Annual cash distributions Dividend per share (paid basis) $B $ 6 2 4 1 2 0 0 2016-20 Avg 2021 2016 2017 2018 2019 2020 2021 2022 Dividend Buyback Imperial | 2022 | 19
Slide 23: Our winning strategy
Our winning strategy Disciplined focus on existing assets Discipline and focus Efficiency, reliability, capital efficient investment Industry leading cost structure Driving value in mature, competitive downstream business Share price performance Progress towards ESG targets in evolving env
Slide 24: Supplemental Information
Supplemental Information Capital and exploration expenditures Capital and exploration expenditures (or capital expenditures) represent the combined total of additions at cost to property, plant and equipment, additions to finance leases, additional investments and acquisitions; exploration expenses
Slide 25: Supplemental Information
Supplemental Information Cash operating costs (Cash costs) Cash operating costs is a non-GAAP financial measure that consists of total expenses, less costs that are non-cash in nature, including, Purchases of crude oil and products, Federal excise taxes and fuel charge, Depreciation and depletion, N
Slide 26: Imperial
* Imperial
Slide 27: Scrutineers’ report
Scrutineers’ report Ian Laing Corporate Secretary
Slide 28: 2022 Annual Meeting of Shareholders
2022 Annual Meeting of Shareholders May 3, 2022