Strong Financial Performance: Imperial Oil reported record first quarter earnings of $1,288 million, reflecting a 13% year-over-year increase in earnings per share and a 6% increase from the previous quarter. The company generated $1,760 million in cash from operations, highlighting strong cash flow generation despite market volatility.
Shareholder Returns: The company declared a second quarter dividend of $0.72 per share, consistent with the previous quarter, and reaffirmed its commitment to returning surplus cash to shareholders. Imperial plans to renew its normal course issuer bid (NCIB), indicating confidence in cash flow and a desire to return capital to investors.
Operational Challenges: Production in the Upstream segment averaged 418,000 gross oil equivalent barrels per day, slightly lower compared to the previous year and down 42,000 barrels per day from the prior quarter, primarily due to extreme cold weather and unplanned downtime. The Kearl facility faced specific challenges with cold weather, but operational procedures demonstrated improvement over previous years.