Imperial provides 2025 corporate guidance outlook
Imperial (TSE: IMO, NYSE American: IMO) has released its 2025 corporate guidance, projecting capital expenditures of $1.9-2.1 billion. The company forecasts upstream production growth to 433,000-456,000 barrels per day, with Kearl production expected at 280,000-290,000 bbl/d, Cold Lake at 150,000-160,000 bbl/d, and Syncrude at 75,000-80,000 bbl/d.
Downstream operations anticipate refinery throughput of 405,000-415,000 barrels per day with utilization rates of 94-96%. The company plans turnarounds at all refineries in 2025, with lower expected impacts compared to 2024. The Strathcona Renewable Diesel project is scheduled to start around mid-year, enhancing product sales and network flexibility.
Imperial (TSE: IMO, NYSE American: IMO) ha pubblicato le sue previsioni aziendali per il 2025, prevedendo spese in conto capitale di 1,9-2,1 miliardi di dollari. L'azienda prevede una crescita della produzione upstream a 433.000-456.000 barili al giorno, con la produzione di Kearl stimata a 280.000-290.000 bbl/d, Cold Lake a 150.000-160.000 bbl/d e Syncrude a 75.000-80.000 bbl/d.
Le operazioni downstream prevedono un throughput della raffineria di 405.000-415.000 barili al giorno con tassi di utilizzo del 94-96%. L'azienda prevede fermate programmate in tutte le raffinerie nel 2025, con impatti attesi inferiori rispetto al 2024. Il progetto Strathcona Renewable Diesel è programmato per iniziare intorno alla metà dell'anno, migliorando le vendite di prodotti e la flessibilità della rete.
Imperial (TSE: IMO, NYSE American: IMO) ha publicado su guía corporativa para 2025, proyectando gastos de capital de 1.9-2.1 mil millones de dólares. La empresa prevé un crecimiento en la producción upstream de 433,000-456,000 barriles por día, con la producción de Kearl esperada en 280,000-290,000 bbl/d, Cold Lake en 150,000-160,000 bbl/d y Syncrude en 75,000-80,000 bbl/d.
Las operaciones downstream anticipan un procesamiento en las refinerías de 405,000-415,000 barriles por día con tasas de utilización del 94-96%. La compañía planea paradas en todas sus refinerías en 2025, con impactos esperados más bajos en comparación con 2024. El proyecto Strathcona Renewable Diesel está programado para comenzar alrededor de la mitad del año, mejorando las ventas de productos y la flexibilidad de la red.
임페리얼 (TSE: IMO, NYSE American: IMO)은 2025년 기업 지침을 발표하며 자본 지출을 19억~21억 달러로 예상하고 있습니다. 이 회사는 업스트림 생산량이 하루 433,000~456,000 배럴로 성장할 것으로 전망하며, Kearl의 생산량은 280,000~290,000 bbl/d, Cold Lake는 150,000~160,000 bbl/d, Syncrude는 75,000~80,000 bbl/d로 예상하고 있습니다.
다운스트림 작업은 정유소 가동률이 하루 405,000~415,000 배럴에 이를 것으로 예상하며, 가동률은 94~96%입니다. 회사는 2025년에 모든 정유소에서 정비 작업을 계획하고 있으며, 2024년과 비교할 때 예상되는 영향은 더 적을 것으로 보입니다. 스트라스코나 재생 디젤 프로젝트는 연중 중반에 시작될 예정이며, 제품 판매와 네트워크의 유연성을 향상시킬 것입니다.
Imperial (TSE: IMO, NYSE American: IMO) a publié ses prévisions d'entreprise pour 2025, avec des investissements en capital prévus entre 1,9 et 2,1 milliards de dollars. La société prévoit une croissance de la production en amont à 433 000-456 000 barils par jour, avec une production de Kearl attendue à 280 000-290 000 bbl/j, Cold Lake à 150 000-160 000 bbl/j et Syncrude à 75 000-80 000 bbl/j.
Les opérations en aval prévoient un traitement des raffineries de 405 000-415 000 barils par jour avec des taux d'utilisation de 94 à 96%. L'entreprise prévoit des arrêts de maintenance dans toutes ses raffineries en 2025, avec des impacts attendus plus faibles par rapport à 2024. Le projet Strathcona Renewable Diesel est prévu pour commencer autour de la mi-année, améliorant les ventes de produits et la flexibilité du réseau.
Imperial (TSE: IMO, NYSE American: IMO) hat seine Unternehmensprognosen für 2025 veröffentlicht und rechnet mit Investitionen in Höhe von 1,9-2,1 Milliarden US-Dollar. Das Unternehmen erwartet eine Produktion im Upstream von 433.000-456.000 Barrel pro Tag, wobei die Produktion in Kearl auf 280.000-290.000 bbl/d, in Cold Lake auf 150.000-160.000 bbl/d und in Syncrude auf 75.000-80.000 bbl/d geschätzt wird.
Die Downstream-Operationen rechnen mit einer Raffineriekapazität von 405.000-415.000 Barrel pro Tag bei einer Auslastung von 94-96%. Das Unternehmen plant für 2025 an allen Raffinerien Wartungsarbeiten, wobei die zu erwartenden Auswirkungen im Vergleich zu 2024 geringer sein werden. Das Strathcona Renewable Diesel Projekt soll Mitte des Jahres starten und die Produktverkäufe sowie die Flexibilität im Netzwerk verbessern.
- Projected upstream production growth to 433,000-456,000 boe/d
- High refinery utilization rate of 94-96%
- Lower turnaround impacts and costs expected compared to 2024
- New Strathcona Renewable Diesel project launching mid-2025
- First full-year contribution from Grand Rapids at Cold Lake
- Significant capital expenditure of $1.9-2.1 billion required
- Multiple planned turnarounds affecting production across facilities
Insights
“Our 2025 plan builds on our momentum and positions the company to achieve even stronger operating performance with higher volumes and lower unit cash costs1 at Kearl and Cold Lake,” said Brad Corson, chairman, president and chief executive officer. In the Downstream, a lighter turnaround schedule supports higher refinery throughput year-over-year, and start-up of the Strathcona Renewable Diesel project is expected to increase product sales.
“Our strategic investments and continued focus on profitable volume growth, lowering costs and driving efficiencies have enhanced Imperial’s ability to increase free cash flow1 over a range of business conditions,” Corson added.
Capital and exploration expenditures2 are forecasted to range between
In the Upstream, production is forecasted to grow to between 433,000 and 456,000 gross oil equivalent barrels per day. Higher volume reflects continued growth at Kearl, the first full-year contribution from
In the Downstream, throughput is forecasted to be between 405,000 and 415,000 barrels per day with capacity utilization between
Imperial remains committed to supplying secure, reliable and affordable energy to Canadians, including reducing emissions intensity. “I’m extremely confident in our ability to deliver value to our shareholders leveraging the ingenuity and hard work of the Imperial workforce and our high-quality assets,” said Corson.
1 Non-GAAP financial measure, non-GAAP financial ratio – see supplemental information for definition and reconciliation
2 See supplemental information for definition
2025 Full-Year Guidance |
|
| Canadian dollars, unless noted | |
| Total capital and exploration expenditures1 $M | 1,900 - 2,100 |
| Upstream production2 boe/d | 433,000 - 456,000 |
| Kearl (gross) bbl/d | 280,000 - 290,000 |
| 150,000 - 160,000 | |
| Syncrude bbl/d | 75,000 - 80,000 |
| Refinery throughput bbl/d | 405,000 - 415,000 |
| Refinery utilization % | |
| 2025 Planned Turnarounds | |
| Production, throughput and operating costs3 annualized basis, before royalties, Imperial share | |
| Upstream | |
| 2Q: Kearl, 9 kbd, |
|
| 2Q: |
|
| 3Q: Syncrude, 6 kbd, |
|
| Downstream & Chemical | |
| 2Q: |
|
| 2Q: |
|
| 3Q/4Q: |
|
1 See supplemental information for definition
2 Upstream production is Imperial share before royalties, except Kearl which is
3 Non-GAAP financial measure – see supplemental information for definition and reconciliation
Cautionary statement
Statements of future events or conditions in this release, including projections, forecasts, 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, goal, seek, project, predict, target, estimate, expect, strategy, outlook, forecast, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, references to Imperial’s 2025 corporate guidance outlook and 2025 plan; total Upstream and asset production guidance for 2025; Downstream throughput and utilization guidance; the cost, scope and impact of 2025 planned turnarounds; the company’s corporate strategy remaining focused on maximizing existing assets, select growth initiatives and delivering returns to shareholders; the company’s focus on profitable volume growth, lowering costs and driving efficiencies including anticipated unit cash cost reductions at Kearl and
Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning future energy demand, supply and mix; commodity prices, foreign exchange rates and general market conditions; production rates, growth and mix across various assets; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets, including the Cold Lake Grand Rapids and Leming redevelopment projects, the
These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices, and the occurrence of wars; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; project management and schedules and timely completion of projects; availability and performance of third-party service providers; unanticipated technical or operational difficulties; operational hazards and risks; third-party opposition to company and service provider operations, projects and infrastructure; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis; failure, delay or uncertainty regarding supportive policy and market development for the adoption of emerging lower emission energy technologies and other technologies that support emissions reductions; environmental risks inherent in oil and gas exploration and production activities; the receipt, in a timely manner, of regulatory and third-party approvals; transportation for accessing markets; political or regulatory events, including changes in law or government policy, applicable royalty rates, tariffs, and tax laws; management effectiveness and disaster response preparedness; cybersecurity incidents; availability and allocation of capital; currency exchange rates; general economic conditions, including inflation and the occurrence and duration of economic recessions or downturns; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of Imperial Oil Limited’s most recent annual report on Form 10-K.
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.
Forward-looking and other statements regarding Imperial's environmental, social and other sustainability efforts and aspirations are not an indication that these statements are material to investors or require disclosure in the company's filings with securities regulators. In addition, historical, current and forward-looking environmental, social and sustainability-related statements may be based on standards for measuring progress that are still developing, internal controls and processes that continue to evolve, and assumptions that are subject to change in the future, including future rule-making. Individual projects or opportunities may advance based on a number of factors, including availability of supportive policy, technology for cost-effective abatement, company planning process, and alignment with our partners and other stakeholders.
In this release all dollar amounts are expressed in Canadian dollars unless otherwise stated. This release should be read in conjunction with Imperial’s most recent Form 10-K.
The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
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 on a before-tax basis from the Consolidated statement of income; and the company’s share of similar costs for equity companies. Capital and exploration expenditures exclude the purchase of carbon emission credits.
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 by
Reconciliation of these non-GAAP financial measures to the most comparable GAAP measure, and other information required by these regulations, have been provided. Non-GAAP financial measures and specified financial measures are not standardized financial measures under GAAP and do not have a standardized definition. As such, these measures may not be directly comparable to measures presented by other companies and should not be considered a substitute for GAAP financial measures.
Reconciliation of historical non-GAAP measures is incorporated by reference and can be found in the company’s most recent annual report on Form 10-K under the heading “Frequently Used Terms”, or on the quarterly earnings press release under Attachment VI, available on EDGAR at www.sec.gov, SEDAR+ at www.sedarplus.ca, and the company’s website at www.imperialoil.ca.
Free cash flow
Free cash flow is a non-GAAP financial measure that is cash flows from operating activities less additions to property, plant and equipment and equity company investments plus proceeds from asset sales. The most directly comparable financial measure that is disclosed in the financial statements is "Cash flows from (used in) operating activities" within the company’s Consolidated statement of cash flows. This measure is used to evaluate cash available for financing activities (including but not limited to dividends and share purchases) after investment in the business.
Operating costs
Operating costs is a non-GAAP financial measure that are the costs during the period to produce, manufacture, and otherwise prepare the company’s products for sale – including energy costs, staffing and maintenance costs. It excludes the cost of raw materials, taxes and interest expense and are on a before-tax basis. The most directly comparable financial measure that is disclosed in the financial statements is total expenses within the company’s Consolidated statement of income. While the company is responsible for all revenue and expense elements of net income, operating costs represent the expenses most directly under the company’s control and therefore, are useful in evaluating the company’s performance.
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, including depreciation and depletion, and non-service pension and postretirement benefit. The components of cash operating costs include "Production and manufacturing", "Selling and general" and "Exploration" from the company’s Consolidated statement of income. The sum of these income statement lines serves as an indication of cash operating costs and does not reflect the total cash expenditures of the company. The most directly comparable financial measure that is disclosed in the financial statements is "Total expenses" within the company’s Consolidated statement of income. This measure is useful for investors to understand the company’s efforts to optimize cash through disciplined expense management.
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 Upstream segment, as well as the major Upstream assets. Cash operating costs is a non-GAAP financial measure and is disclosed and reconciled above. This measure is useful for investors to understand the expense management efforts of the company’s major assets as a component of the overall Upstream segment. Unit cash operating cost, as used by management, does not directly align with the definition of “Average unit production costs” as set out by the
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.
Source: Imperial
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Source: Imperial
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