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Upstream production is expected to be between 425,000 and 440,000 barrels of crude oil equivalent per day, supported by strong operating performance in the Company’s core oil sands assets and continued production growth at Kearl . Kearl remains on track to deliver 280,000 total gross barrels per day production ahead of its initial 2025 schedule through capital efficient debottlenecking, digital initiatives and process optimizations. At Cold Lake, the company remains focused on maximizing baseline performance through continuous reliability improvements and production optimization, as well as the deployment of new solvent technologies to improve fuel efficiency and reduce the intensity of greenhouse gases.

Downstream, throughput should be between 395,000 and 405,000 barrels per day with capacity utilization between 92% and 94%. Continuous improvement of the company’s portfolio of brands and product offerings, combined with access to cost-effective crude oil and logistics networks, ensures the company is well positioned as demand continues to recover until ‘in 2022.

“Imperial’s plans reflect our continued focus on maximizing the value of our existing assets through discipline and capital efficiency, maintaining reliable operations with continued reductions in structural costs and advancing initiatives. keys to sustainability, ”said Brad Corson, President, President and CEO. “Our plans have also set the stage for continued volume growth in our core oil sands business in 2023 and beyond, as we execute high value, low cost debottlenecking and other projects. growth selected. ”

A detailed mid-term outlook will be presented at Imperial’s Investor Day scheduled for March 10, 2022 in Toronto.

Orientation all year round

Canadian dollars, unless otherwise indicated

Total investment and exploration expenses $ M


Upstream production boe / d

425,000 – 440,000

Kearl (gross) bbl / d

265,000 – 270,000

Cold Lake bbl / d

135,000 – 140,000

Syncrude bbl / d

75,000 – 80,000

Refinery flow kbd

395,000 – 405,000

% of refinery use

92% – 94%

Production is imperial share before royalties, with the exception of Kearl which is 100% gross

Forward-looking statements

Statements of future events or conditions in this report, including projections, objectives, expectations, estimates and business plans, are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, aim, seek, project, predict, target, estimate, expect, strategy, outlook, forecast, plan, future, continue, probable, can, should, will and similar references to future periods. Forward-looking statements contained in this report include, but are not limited to, references to Imperial’s corporate strategy which remains focused on maximizing existing assets, returns to shareholders and key development initiatives. sustainable; planned capital and exploration spending of $ 1.4 billion for 2022, including the acceleration of the Kearl pit tailings project, the completion of the Sarnia product pipeline, the Kearl autonomous fleet and Cold Lake solvent technologies; a final investment decision for the Strathcona Renewable Diesel project; continuous capital discipline, efficient project execution, reliable operations and structural cost reductions; total forecast of upstream production and assets for 2022, and continued volume growth in 2023 and beyond; Kearl remains on track to deliver 280,000 crude barrels per day ahead of its initial 2025 schedule; Cold Lake’s emphasis on maximizing base yield and deploying new technologies, including greenhouse gas intensity reduction; and flow and downstream usage directions, and being well positioned as demand picks up.

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 regarding demand growth and the energy source, supply and mix; commodity prices, exchange rates and general market conditions; production rates, growth and the mix of various assets; use of the refinery; project plans, schedule, costs, technical assessments, and the company’s capabilities and ability to effectively execute these plans and operate its assets, including the Kearl Pit Tailings Project and the Kearl Pipeline. Sarnia products, and any change in the scope, conditions or costs of such projects; factors influencing a final investment decision for the Strathcona Renewable Diesel Project; receipt of regulatory approvals; adoption and impact of new facilities or technologies such as the deployment of new solvent technologies at Cold Lake, including on optimization and growth projects and key sustainability initiatives; the progression of COVID-19 and its impacts on Imperial’s ability to operate its assets; applicable laws and government policies, including restrictions in response to COVID-19; cash generation, sources of finance and capital structure; capital and environmental spending; and the Company’s ability to effectively execute its business continuity plans and pandemic response activities could differ significantly depending on a number of factors.

These factors include global, regional or local changes in the supply and demand of petroleum, natural gas, and petroleum and petrochemical products and the resulting impacts on prices, differentials and margins, including the action by foreign governments regarding supply levels and prices and the impact of COVID-19 on demand; political or regulatory events, including changes in law or government policy such as tax laws, production reduction and actions in response to COVID-19; environmental regulations, including climate change and greenhouse gas regulations and changes to such regulations; unforeseen technical or operational difficulties; operational hazards and risks; project management and schedules and timely completion of projects; the availability and performance of third-party service providers, including in light of COVID-19 restrictions; the results of research programs and new technologies, and the ability to bring new technologies to commercial scale at a competitive price; effective management and preparedness for disaster response, including business continuity plans in response to COVID-19; environmental risks inherent in oil and gas exploration and production activities; receipt of regulatory and third party approvals in a timely manner; transport to access markets; cybersecurity incidents, including the increased use of remote working arrangements and the activation of business continuity plans due to COVID-19; availability and allocation of capital; exchange rate; general economic conditions; and other factors discussed in section 1A risk factors and section 7 of the MD&A and analysis of the financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form 10 -K and subsequent interim reports on Form 10-Q.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some of which are similar to those of other oil and gas companies and others that are unique to Imperial Oil Limited. Imperial Oil’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 Oil assumes no obligation to update any forward-looking statements contained in this document, except as required by applicable law.

In this press release, all dollar amounts are expressed in Canadian dollars, unless otherwise indicated. This news release should be read in conjunction with Imperial’s most recent Form 10-K.

The term “project” as used in this news release may refer to a variety of different activities and may not have the same meaning as in government payment transparency reports.

Source: Imperial

After more than a century, Imperial continues to be an industry leader in the application of technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, major producer of crude oil, major petrochemical producer, and a leader in the commercialization of fuels from coast to coast, our company remains committed to high standards in all areas of our activity.

For more information:
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(587) 476-4743

Media relations
(587) 476-7010

Carol M. Barragan