Imperial Oil(IMO) - 2025 Q1 - Quarterly Results

Financial Performance - Net income for Q1 2025 was $1,288 million, an increase of $93 million from Q1 2024, with diluted earnings per share rising to $2.52 from $2.23[3] - Total revenues for Q1 2025 were CAD 12,517 million, an increase from CAD 12,283 million in Q1 2024, representing a growth of 1.9%[39] - Net income for Q1 2025 was CAD 1,288 million, compared to CAD 1,195 million in Q1 2024, reflecting an increase of 7.8%[39] - Earnings per share (diluted) for Q1 2025 were CAD 2.52, up from CAD 2.23 in Q1 2024, indicating a growth of 13.0%[39] - Total expenses for Q1 2025 were CAD 10,829 million, slightly up from CAD 10,711 million in Q1 2024, indicating a 1.1% increase[62] Cash Flow and Dividends - Cash flows from operating activities were $1,527 million, up from $1,076 million in Q1 2024, while cash flows excluding working capital increased to $1,760 million from $1,521 million[11] - The company returned $307 million to shareholders through dividends in Q1 2025, with a declared second quarter dividend of $0.72 per share[7] - Dividends declared on common stock increased to CAD 367 million in Q1 2025 from CAD 321 million in Q1 2024, representing a growth of 14.3%[39] - Free cash flow for Q1 2025 was CAD 1,150 million, significantly higher than CAD 595 million in Q1 2024, representing a 93% increase[58] Production and Operations - Upstream production averaged 418,000 gross oil-equivalent barrels per day, with Kearl production at 256,000 barrels per day, down from 277,000 barrels per day in Q1 2024 due to extreme cold weather[11] - Downstream throughput averaged 397,000 barrels per day, with refinery capacity utilization at 91%, down from 94% in Q1 2024 due to additional maintenance[22] - Gross crude oil production for Q1 2025 was 413,000 barrels per day, slightly down from 416,000 barrels per day in Q1 2024[46] Capital Expenditures and Projects - Capital and exploration expenditures totaled $398 million, a decrease from $496 million in Q1 2024[11] - Capital and exploration expenditures for Q1 2025 totaled CAD 398 million, down from CAD 496 million in Q1 2024, a decrease of 19.8%[44] - Construction of Canada's largest renewable diesel facility at the Strathcona refinery is on track for startup in mid-2025[4] - The Leming SAGD project is expected to start up in late 2025, with anticipated peak production of around 9,000 barrels per day[11] Asset and Debt Management - Total assets as of March 31, 2025, were CAD 43,889 million, an increase from CAD 42,513 million in the previous year[39] - Total debt decreased to CAD 4,006 million from CAD 4,127 million year-over-year, showing a reduction of 2.9%[39] Cost Management - Cash operating costs for Q1 2025 were CAD 1,947 million, compared to CAD 1,911 million in Q1 2024, reflecting a 1.9% increase[64] - Unit cash operating cost for the Upstream segment in Q1 2025 was CAD 31.31 per oil-equivalent barrel, up from CAD 31.04 in Q1 2024[66] - The Upstream segment's cash operating costs were CAD 1,178 million in Q1 2025, down from CAD 1,189 million in Q1 2024, showing a decrease of 0.9%[64] - The Downstream segment's cash operating costs increased to CAD 631 million in Q1 2025 from CAD 583 million in Q1 2024, a rise of 8.2%[64] Miscellaneous - Chemical net income for the quarter was $31 million, down from $57 million in Q1 2024[11] - There were no identified items impacting net income in Q1 2025 and Q1 2024, providing a clearer view of operational performance[60] - The company reported proceeds from asset sales of CAD 11 million in Q1 2025, up from CAD 4 million in Q1 2024[58] - The company plans to renew its normal course issuer bid in June 2025[6]