Imperial Oil(IMO)2025-05-05 16:49Financial Performance - Net income for Q1 2025 was CAD 1,288 million, an increase from CAD 1,195 million in Q1 2024, representing a 7.8% year-over-year growth[44] - Cash flows from operating activities increased to CAD 1,527 million in Q1 2025, up from CAD 1,076 million in Q1 2024, reflecting higher upstream realizations[53] - Dividends paid increased to CAD 307 million in Q1 2025 from CAD 278 million in Q1 2024, with per share dividends rising to CAD 0.60 from CAD 0.50[55] Production and Operations - Kearl's production decreased to 181,000 barrels per day in Q1 2025 from 196,000 barrels per day in Q1 2024, primarily due to extreme cold weather and unplanned downtime[47] - Production at Cold Lake increased to 154,000 barrels per day in Q1 2025 from 142,000 barrels per day in Q1 2024, driven by Grand Rapids solvent-assisted SAGD[48] - Refinery throughput decreased to 397,000 barrels per day in Q1 2025 from 407,000 barrels per day in Q1 2024, with refinery capacity utilization dropping to 91% from 94%[50] Market Conditions - Average bitumen realizations increased by CAD 8.75 per barrel, driven by a narrowing WTI/WCS spread, while synthetic crude oil realizations rose by CAD 5.28 per barrel[45] - The average foreign exchange rate was CAD 0.70 per USD in Q1 2025, compared to CAD 0.74 per USD in Q1 2024[46] - The company continues to monitor the volatile global trade environment, with uncertainty regarding the impact of tariffs and trade sanctions on operations[43] Strategic Focus - The company is focused on executing its project plans, including the Strathcona renewable diesel project and autonomous operations at Kearl, amidst various market risks[58]