Record-Breaking First Quarter Earnings
Imperial Oil reported earnings of $1,288 million, marking the highest ever first-quarter earnings in the company's history, with an increase of earnings per share by 13% year-over-year.
Strong Financial Position and Cash Flow
The company generated free cash flow of $1,150 million and ended the quarter with nearly $1,800 million of cash on hand.
Upstream Production Milestones
Achieved total production of 418,000 gross oil equivalent barrels per day, supported by higher year-over-year production at Cold Lake and steady Syncrude production.
Downstream Margin Capture and Refinery Utilization
Downstream business delivered strong margin capture with refinery throughput averaging 397,000 barrels per day, equating to a utilization of 91%.
Investment in Renewable Diesel and Future Projects
Continued progress on the Strathcona renewable diesel project set to start up mid-2025 and advancements in other strategic growth projects.