Strong Fourth Quarter Performance: Imperial reported earnings of $1.225 billion for Q4 2024, down slightly from $1.365 billion in Q4 2023, primarily due to lower Downstream margins. However, the company achieved its highest quarterly production in the Upstream in 30 years, averaging 460,000 gross oil-equivalent barrels per day, driven by growth in Cold Lake and Kearl operations.
Record Annual Production: Full-year 2024 production reached 433,000 barrels per day, representing a 5% increase year-over-year (YOY). Kearl set its highest annual production record exceeding 280,000 barrels per day, while Cold Lake production rose significantly, averaging 157,000 barrels per day in Q4, up 18,000 barrels compared to Q4 2023.
Capital Allocation and Shareholder Returns: The company returned $3.9 billion to shareholders in 2024, including $1.2 billion in dividends, with a declared dividend of $0.72 per share for Q1 2025, marking a 20% increase—its largest nominal increase ever. This reflects a long-standing commitment to returning surplus cash to shareholders alongside maintaining low debt levels.