Imperial Oil Limited · TSX:IMO
Imperial Oil — Shareholder Meeting (April 2024)
26 slides from Imperial Oil's shareholder meeting presentation, Apr 30, 2024
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): April 30, 2024 IMPERIAL OIL LIMITED (Exact name of registrant as specified in its c
Slide 2: Item 7.01 Regulation FD Disclosure
Item 7.01 Regulation FD Disclosure On April 30, 2024, 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
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: April 30, 2024 By: /s/ Ian Laing __________________________________ Name: Ian
Slide 4: Annual Meeting of Shareholders
Exhibit 99.1 Annual Meeting of Shareholders April 30, 2024
Slide 5: Cautionary statement
Cautionary statement Statements of future events or conditions in this report, including projections, goals, expectations, estimates, business plans and descriptions of strategic and emission reduction goals are forward-looking statements. Similarly, discussion of roadmaps or future plans related to
Slide 6: Meeting Proceedings
Meeting Proceedings Brad Corson Chairman, president and chief executive officer Ian Laing Vice-president, general counsel and corporate secretary Imperial | 2024 3
Slide 7: Election of directors
Election of directors David Bradley Sharon John Gary Neil Miranda Cornhill Corson Driscoll Floren Goldberg Hansen Hubbs Imperial | 2024 4
Slide 8: Appointment of the auditor
Appointment of the auditor PricewaterhouseCoopers LLP Imperial | 2024 5
Slide 9: Shareholder proposal
Shareholder proposal Imperial | 2024 6
Slide 10: Chairman's remarks
Chairman’s remarks Brad Corson Chairman, president and chief executive officer Imperial | 2024 7
Slide 11: Consistently delivering results
Consistently delivering results Getting the most out of our assets Sustained strong operational performance Underpins robust 2023 financial results Priority on safety, environmental performance, reliable operations Remaining focused on: Maximizing value from existing assets 2023 results
Slide 12: Strong shareholder returns in 2023
Strong shareholder returns in 2023 Effectively returning cash to shareholders $1.1B Dividends $/share 29th consecutive year of growth 110 18% 100 Dividend nearly tripled since 1Q21 90 80 70 60 50 40 Total shareholder $3.8B 30 20 return 10 2021 2022 2023 2024 Share buybacks 8% shares repurchase
Slide 13: Imperial climate goals
Imperial climate goals Robust planning and emission reduction roadmaps identified 2030 2050 Pathways Supportive policy environment Low CI production Technological advancements CCS Investment Goal to reduce Company-wide goal to in innovation operated oil sands achieve net Lower CI fuels GHG emissions
Slide 14: Upstream performance
Upstream performance Delivering value and strengthening cash flow from operating activities 2023 net income $2.5B 2023 gross production of 413 koebd Highest-ever annual production at Kearl of 270 kbd Progressed pipeline of highly accretive investments Continued focus on industry leading un
Slide 15: Setting records at Kearl
Setting records at Kearl Capital efficient production growth, unit cost reductions Highest-ever annual production of 270 kbd1 in 2023 Highest-ever first-quarter production of 277 kbd1 during 1Q 2024 Growing production to 280 kbd1 in 2024 Significant progress achieved in reducing unit cash op
Slide 16: Driving efficiency at Cold Lake
Driving efficiency at Cold Lake Growing production and reducing GHGi through accretive investments Completed Grand Rapids Phase 1 construction Transition to lower emission profile Industry’s first deployment of SA-SAGD1 technology kbd Base LASER GRP 1 Leming SAGD Future SA-SAGD CSP Steam injec
Slide 17: Product Solutions performance
Product Solutions performance Resilient business model, focused on increasing profitability 2023 net income $2.5B1 2023 refining throughput 407 kbd, utilization 94% Maintained high refinery utilization and profitability in heavy turnaround year Petroleum product sales 471 kbd, Petrochemical
Slide 18: Strathcona Renewable Diesel project
Strathcona Renewable Diesel project Building Canada’s largest renewable diesel facility 20 kbd renewable diesel production at Imperial Strathcona Refinery ~3 MT annual CO2 reduction in transportation sector compared to conventional fuels1 Economically-advantaged project Close proximity to lo
Slide 19: Capital allocation priorities
Capital allocation priorities Proven track record of returning surplus cash to shareholders Dividend per share (paid basis) and shares outstanding $ Millions of shares 3.00 1,000 Reliable and growing dividend 29 years of consecutive increases 1.50 750 Nearly tripled dividend since 1Q21 0.00 50
Slide 20: Why Imperial
Why Imperial Confidence in the future High quality, long life, low decline upstream assets Continued growth through focus on optimization, debottlenecking Advantaged downstream assets Integrated across value chain, robust across business cycle Low cost, high return growth Progressing val
Slide 21: Q&A
Q&A Imperial | 2024 18
Slide 22: Scrutineers' report
Scrutineers’ report Ian Laing Vice-president, general counsel and corporate secretary Imperial | 2024 19
Slide 23: Thank you for attending Imperial's annual meeting of shareholders
Thank you for attending Imperial’s annual meeting of shareholders April 30, 2024
Slide 24: Supplemental information – non-GAAP measures
Supplemental information – non-GAAP measures Non-GAAP measures Listed below are definitions of several of Imperial’s key business and financial performance measures. The definitions are provided to facilitate understanding of the terms and how they are calculated. These measures are not prescribed b
Slide 25: Supplemental information – non-GAAP measures
Supplemental information – non-GAAP measures Cash operating costs (cash costs) Cash operating costs is a non-GAAP financial measure that consists of total expenses, less purchases of crude oil and products, federal excise taxes and fuel charge, financing, and costs that are non-cash in nature, inclu
Slide 26: Supplemental information – non-GAAP measures
Supplemental information – non-GAAP measures Unit cash operating cost (unit cash costs) Unit cash operating costs is a non-GAAP ratio. Unit cash operating costs (unit cash costs) is calculated by dividing cash operating costs by total gross oil-equivalent production, and is calculated for the Upstre