Imperial Oil (IMO) Investor Day 2025 summary

Financial Performance and Shareholder Returns

• Generated over CAD 20 billion in free cash flow over the past five years, with nearly all returned to shareholders via dividends and share repurchases, including a 227% dividend increase and 32% share repurchase since 2020.

• Achieved a 20% total shareholder return in 2024, with a record quarterly dividend increase to CAD 0.72 per share and 30 consecutive years of dividend growth.

• Maintains a robust balance sheet, low break-even below CAD 35 per barrel (including sustaining capital and dividend), and industry-leading cash flow resilience across price cycles.

• Repurchased 39% of outstanding shares since 2018 and returned $20.3B to shareholders since 2020.

• Sustaining capital to average CAD 1.4 billion annually, with temporary increases in 2025–2026 before moderating.

Upstream Strategy and Operational Excellence

• Upstream production reached a 30-year high in 2024 at 433,000 barrels per day, with Kearl and Cold Lake achieving record outputs and significant unit cost reductions.

• Kearl achieved record production of 281,000 barrels per day at CAD 19.67 per barrel, targeting 300,000 barrels per day and CAD 18 per barrel through digital and automation initiatives.

• Cold Lake delivered 148,000 barrels per day at CAD 14.75 per barrel, aiming for 165,000 barrels per day and CAD 13 per barrel by 2027 through technology and solvent-assisted SAGD expansion.

• Multi-decade production profile with 3.3 billion boe of proved and probable reserves; 25% volume growth expected from 2019–2029.

• Construction of the Enhanced Bitumen Recovery Technology (EBRT) pilot at Aspen is underway, targeting transformative technology for future in situ growth.

Downstream and Chemicals Business

• Maintains the number one Canadian retail market share with 2,600 branded sites and strong loyalty partnerships.

• Operates highly integrated refining and logistics assets, enabling flexibility in crude and product slates, and industry-leading cost performance.

• Achieved 92% refinery utilization in 2024, with continuous improvement and first quartile turnaround performance.

• Strathcona Renewable Diesel project to add 20,000 barrels per day capacity, leveraging proprietary technology and expanded logistics, with mid-2025 startup.

• Downstream capital spend to average CAD 400 million annually, focused on high-return logistics and feedstock projects.