Imperial, a leading energy company, has reported strong financial and operational performance for 2024. The company's net income for the year stood at $4.8 billion, with cash from operations totaling $6.0 billion, resulting in free cash flow of $4.2 billion. Over the five-year period from 2020 to 2024, Imperial achieved a cumulative net income of $17.6 billion, generated $26.5 billion in cash from operations, and delivered $20.5 billion in free cash flow.
In terms of shareholder returns, Imperial effectively returned cash to shareholders, with total shareholder return in 2024 amounting to $1.2 billion in dividends paid and $2.7 billion in share buybacks. Since the first quarter of 2020, the company has consistently increased its quarterly dividend declared per share by 227% and repurchased 32% of its shares, resulting in a total shareholder return of 251%.
Imperial's operational achievements in 2024 include securing the number one position in the Canadian retail market share, with a branded network of 2,600 sites, and surpassing the highest annual upstream production in over 30 years. Additionally, the company achieved less than $20 per barrel unit cash costs, with notable accomplishments such as the start-up of the Grand Rapids SA-SAGD project and the construction of a renewable diesel facility at the Strathcona refinery.
Looking ahead, Imperial is strategically focused on increasing cash flow and delivering industry-leading shareholder returns. The company aims to maximize the value of existing assets, invest in select growth opportunities, progress future strategic growth, and assess options within the energy transition landscape.
In the upstream segment, Imperial's focus on increasing volumes with lower unit cash costs has resulted in strong performance. Notably, the Kearnl project achieved record full-year production of 281 thousand barrels per day (kbd) and realized a 12% reduction in unit cash costs compared to 2023. The company is also leveraging digital technology to drive value, with over 50 successful initiatives deployed and expanding across the upstream segment, delivering efficiencies and cost savings.
Furthermore, Imperial's commitment to sustainability is evident through its strategic priorities in advancing responsible energy solutions for a better tomorrow, including the development of profitable low-carbon solutions and leveraging GHG-advantaged technologies.
As a result of these announcements, the company's shares have moved 2.8% on the market, and are now trading at a price of $63.92. If you want to know more, read the company's complete 8-K report here.
