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66	66	|2019|Imperial announces multi-year agreement with the NHL, naming Esso the Official Retail Fuel of the NHL in Canada. The company also launches a nation-wide commercial and campaign “How far will you go” focusing on the hockey journey.
67	67
68	68
	69	+[[image:IMO6.jpg]]
	70	+
	71	+
	72	+== Products and services ==
	73	+
	74	+* Asphalt
	75	+* Chemical products
	76	+* Esso and Mobil stations
	77	+* Esso Commercial Cardlocks
	78	+* Lubricants
	79	+* Marine
	80	+* Safety Data Sheets
	81	+* Wholesale fuels
	82	+
	83	+
69	69	= Operations Overview =
70	70
71	71	The company explore for, produce, refine and market energy products which are essential to Canadians.{{footnote}}https://www.imperialoil.ca/en-CA/Company/Operations/Operations-overview{{/footnote}}
...	...	@@ -168,77 +168,74 @@
168	168
169	169	Oil and gas reserves at year-end
170	170
171		-
172		-(% style="width:827px" %)
173		-|(% style="width:201px" %) |(% style="width:113px" %)**Liquids (a)**|(% style="width:108px" %)**Natural gas**|(% style="width:117px" %)**Synthetic oil**|(% style="width:107px" %)**Bitumen**|(% style="width:178px" %)(((
174		-**Total oil-equivalent basis**
175		-)))
176		-|(% style="width:201px" %) |(% style="width:113px" %)(((
	186	+(% style="width:906px" %)
	187	+|(% style="width:190px" %) |(% style="width:113px" %)**Liquids**|(% style="width:131px" %)**Natural gas**|(% style="width:145px" %)**Synthetic oil**|(% style="width:122px" %)**Bitumen**|(% style="width:202px" %)**Total oil-equivalent basis**
	188	+|(% style="width:190px" %)**Net proved reserves:**|(% style="width:113px" %)(((
177	177	millions of
178	178
179	179	barrels
180		-)))|(% style="width:108px" %)(((
	192	+)))|(% style="width:131px" %)(((
181	181	billions of
182	182
183	183	cubic feet
184		-)))|(% style="width:117px" %)(((
	196	+)))|(% style="width:145px" %)(((
185	185	millions of
186	186
187	187	barrels
188		-)))|(% style="width:107px" %)(((
	200	+)))|(% style="width:122px" %)(((
189	189	millions of
190	190
191	191	barrels
192		-)))|(% style="width:178px" %)(((
	204	+)))|(% style="width:202px" %)(((
193	193	millions of
194	194
195	195	barrels
196	196	)))
197		-|(% style="width:201px" %)**Net proved reserves:**|(% style="width:113px" %) |(% style="width:108px" %) |(% style="width:117px" %) |(% style="width:107px" %) |(% style="width:178px" %)
198		-|(% style="width:201px" %)**Developed**|(% style="width:113px" %)14|(% style="width:108px" %)205|(% style="width:117px" %)326|(% style="width:107px" %)1957|(% style="width:178px" %)2331
199		-|(% style="width:201px" %)**Undeveloped**|(% style="width:113px" %)2|(% style="width:108px" %)76|(% style="width:117px" %)112|(% style="width:107px" %)259|(% style="width:178px" %)386
200		-|(% style="width:201px" %)**Total net proved**|(% style="width:113px" %)16|(% style="width:108px" %)281|(% style="width:117px" %)438|(% style="width:107px" %)2216|(% style="width:178px" %)2717
	209	+|(% style="width:190px" %)**Developed**|(% style="width:113px" %)14|(% style="width:131px" %)205|(% style="width:145px" %)326|(% style="width:122px" %)1957|(% style="width:202px" %)2331
	210	+|(% style="width:190px" %)**Undeveloped**|(% style="width:113px" %)2|(% style="width:131px" %)76|(% style="width:145px" %)112|(% style="width:122px" %)259|(% style="width:202px" %)386
	211	+|(% style="width:190px" %)**Total net proved**|(% style="width:113px" %)16|(% style="width:131px" %)281|(% style="width:145px" %)438|(% style="width:122px" %)2216|(% style="width:202px" %)2717
201	201
202	202
203		-Financial Highlights
	214	+[[image:IMO5.jpg]]
204	204
205	205
	217	+= Financial Highlights =
	218	+
206	206	Net income in 2021 was $2,479 million, or $3.48 per share on a diluted basis, compared to a net loss of $1,857 million or $2.53 per share in 2020. Prior year results include unfavourable identified items of $1,171 million after tax, related to the company's decision to no longer develop a significant portion of its unconventional portfolio.
207	207
208		-.
	221	+* Fourth quarter net income of $813 million with cash flow from operating activities of $1,632 million and free cash flow¹ of $1,233 million
	222	+* Highest annual Upstream production in over 30 years, underpinned by record annual Kearl production and continued strong production performance at Cold Lake
	223	+* Continued fuel demand recovery with full-year Downstream refinery capacity utilization of 89 percent
	224	+* Highest full-year Chemical earnings in over 30 years
	225	+* Record shareholder returns of nearly $3 billion in 2021 through dividend payments and share repurchases under the company’s normal course issuer bid program
	226	+* Quarterly dividend increased by 26 percent from 27 cents to 34 cents per share
	227	+* Announced plans for 2030 oil sands greenhouse gas emission intensity reduction in support of its goal to achieve net zero emissions in its operated oil sands assets by 2050
209	209
210		-Fourth quarter net income of $813 million with cash flow from operating activities of $1,632 million and free cash flow¹ of $1,233 million
211	211
212		-Highest annual Upstream production in over 30 years, underpinned by record annual Kearl production and continued strong production performance at Cold Lake
	230	+Imperial reported estimated net income in the fourth quarter of $813 million and cash flow from operating activities of $1,632 million, down from net income of $908 million and cash flow from operating activities of $1,947 million in the third quarter of 2021. Fourth quarter results reflect continued strong operating performance and commodity prices, partly offset by extreme cold weather impacts on the company’s oil sands mining operations in December, and a number of unrelated one-time earnings charges of approximately $160 million. There are no material current or future cash impacts associated with these one-time charges. Full-year estimated net income was $2,479 million, the highest since 2014, with cash flow from operating activities of $5,476 million.{{footnote}}https://news.imperialoil.ca/news-releases/news-releases/2022/Imperial-announces-2021-financial-and-operating-results/default.aspx{{/footnote}}
213	213
214		-Continued fuel demand recovery with full-year Downstream refinery capacity utilization of 89 percent
215	215
216		-Highest full-year Chemical earnings in over 30 years
217		-
218		-Record shareholder returns of nearly $3 billion in 2021 through dividend payments and share repurchases under the company’s normal course issuer bid program
219		-
220		-Quarterly dividend increased by 26 percent from 27 cents to 34 cents per share
221		-
222		-Announced plans for 2030 oil sands greenhouse gas emission intensity reduction in support of its goal to achieve net zero emissions in its operated oil sands assets by 2050
223		-
224		-
225		-Imperial reported estimated net income in the fourth quarter of $813 million and cash flow from operating activities of $1,632 million, down from net income of $908 million and cash flow from operating activities of $1,947 million in the third quarter of 2021. Fourth quarter results reflect continued strong operating performance and commodity prices, partly offset by extreme cold weather impacts on the company’s oil sands mining operations in December, and a number of unrelated one-time earnings charges of approximately $160 million. There are no material current or future cash impacts associated with these one-time charges. Full-year estimated net income was $2,479 million, the highest since 2014, with cash flow from operating activities of $5,476 million.
226		-
227	227	“This past year demonstrated the strength of Imperial’s integrated business model and the value Imperial Oil has created through structural cost reductions, relentless focus on reliable operations and capital-efficient growth in its core businesses,” said Brad Corson, chairman, president and chief executive officer.
228	228
	235	+
229	229	Upstream production in the fourth quarter averaged 445,000 gross oil-equivalent barrels per day, bringing annual production to 428,000 gross oil-equivalent barrels per day, the highest annual production in over 30 years. At Kearl, quarterly total gross production averaged 270,000 barrels per day with operations impacted by extreme cold weather in the month of December. On a yearly basis, Kearl’s total gross production of 263,000 barrels per day established a new annual production record, exceeding the previous record by 41,000 barrels per day. At Cold Lake, quarterly production averaged 142,000 barrels per day with annual production of 140,000 barrels per day, driven by the continued focus on production optimization and reliability enhancements.
230	230
	238	+
231	231	In the Downstream, throughput in the fourth quarter continued to increase, averaging 416,000 barrels per day. Capacity utilization was 97 percent, a further three percent improvement over the third quarter of 2021. Petroleum product sales in the quarter averaged 496,000 barrels per day, reflecting continued recovery in demand for fuel products. Full-year throughput averaged 379,000 barrels per day with capacity utilization of 89 percent and petroleum product sales of 456,000 barrels per day.
232	232
	241	+
233	233	Chemical fourth quarter net income was $64 million with full-year net income of $361 million, the highest full-year net income in over 30 years. Chemical results continue to be driven by strength in polyethylene margins and strong operating performance.
234	234
	244	+
235	235	During the quarter, Imperial returned $949 million to shareholders through dividend payments and share repurchasing, with full-year shareholder returns of nearly $3 billion, the highest in company history. Further enhancing returns for shareholders, in November the company announced plans to accelerate share repurchasing under its normal course issuer bid program, and purchases of the remainder of the shares available under the program were completed by January 31, 2022. The company also declared a first quarter dividend increase of 26 percent to 34 cents per share.
236	236
	247	+
237	237	“Imperial generated about $5.5 billion in cash flow from operating activities with about $4.5 billion in free-cash flow¹ in 2021 and the company is committed to returning cash to shareholders, as demonstrated by its record distributions this past year,” said Corson. “Following the completion of its accelerated normal course issuer bid in January and the sizable dividend increase the company announced earlier today, Imperial is actively evaluating options for further shareholder distributions.”
238	238
	250	+
239	239	Subsequent to the quarter, Imperial announced plans for further reductions in greenhouse gas emissions intensity over the next decade to help support Canada’s net zero goals. By the end of 2030, Imperial anticipates reducing Scope 1 and 2 greenhouse gas emissions intensity at its operated oil sands facilities by 30 percent, compared with 2016 levels. “I’m proud of the progress we’ve made to-date in reducing the intensity of its greenhouse gas emissions at its operated oil sands assets and its recent announcement is another big step in its journey to net zero at its operated oil sands assets by 2050,” said Corson. “As a founding member of the Oil Sands Pathways to Net Zero alliance, the company will continue to collaborate to advance lower-emission solutions.”
240	240
241	241
242		-References
	254	+= References =
243	243
244	244	{{putFootnotes/}}