Imperial Oil Limited has reported its financial and operating results for the fourth quarter of 2024, revealing several key changes compared to the same period in 2023.
In terms of net income, the company recorded a figure of $1,225 million for the fourth quarter of 2024, a decrease of $140 million from the $1,365 million reported in the fourth quarter of 2023. This corresponds to a decline in net income per common share, assuming dilution, from $2.47 in 2023 to $2.37 in 2024.
Cash flows from operating activities also saw a significant increase, rising to $1,789 million in the fourth quarter of 2024 from $1,311 million in the same period of 2023. However, when excluding the impact of working capital, cash flows from operating activities decreased to $1,650 million in the fourth quarter of 2024 from $1,799 million in the fourth quarter of 2023.
Capital and exploration expenditures totaled $423 million in the fourth quarter of 2024, down from $469 million in the same period of 2023.
The company's production levels saw notable changes. Upstream production averaged 460,000 gross oil-equivalent barrels per day in the fourth quarter of 2024, representing an increase from 452,000 gross oil-equivalent barrels per day in the same period of 2023. This was primarily driven by Grand Rapids.
Total gross bitumen production at Kearl averaged 299,000 barrels per day (212,000 barrels Imperial's share) in the fourth quarter of 2024, down from 308,000 barrels per day (218,000 barrels Imperial's share) in the same period of 2023. Gross bitumen production at Cold Lake averaged 157,000 barrels per day in the fourth quarter of 2024, up from 139,000 barrels per day in the fourth quarter of 2023.
Refinery throughput also saw a slight increase, averaging 411,000 barrels per day in the fourth quarter of 2024 compared to 407,000 barrels per day in the same period of 2023. However, petroleum product sales decreased to 458,000 barrels per day in the fourth quarter of 2024 from 476,000 barrels per day in the same period of 2023.
In terms of dividends and share repurchases, the company returned $1,792 million to shareholders in the fourth quarter of 2024, including $317 million in dividends paid and $1,475 million from accelerated share repurchases. This represents an increase from the $1,746 million returned to shareholders in the fourth quarter of 2023.
Following these announcements, the company's shares moved -6.5%, and are now trading at a price of $66.81. For the full picture, make sure to review Imperial Oil's 8-K report.
