Imperial Oil: Calgary, April 29, 2022

The following excerpt is from the company's SEC filing.
Exhibit 99.1
Imperial announces first quarter 2022 financial and operating results
Highest first quarter net income in over 30 years of $1,173 million with Upstream income of $782 million and
Downstream income of $389 million, driven primarily by strong market conditions
Highest first quarter cash flow from operating activities in over 30 years of $1,914 million, with free cash
flow¹ of $1,635 million
Upstream production of 380,000 barrels per day, impacted by extreme cold weather and unplanned downtime at Kearl

Downstream quarterly refinery capacity utilization of 93%, third consecutive quar ter above 90%
Completed construction of the Sarnia Products Pipeline providing enhanced access to the high-value Toronto market and
reducing transportation costs
Declared second quarter dividend of 34 cents per share
Announced intention to initiate a substantial issuer bid to purchase up to $2.5 billion of its common shares

First
quarter
 millions of Canadian dollars, unless noted
Net Income (loss)
(U.S. GAAP)
Net Income (loss) per common share, assuming dilution
(dollars)
Capital and exploration expenditures
Imperial reported estimated net income in the first quarter of $1,173 million up from $813 million in the fourth quarter of
2021, driven primarily by strong market conditions. Cash flow from operating activities was $1,914 million up from $1,632 million in the fourth quarter of 2021. Both net income and cash flow from operating activities represent the highest
first quarter result in over 30 years.
“Imperial achieved strong financial results across all business lines in the first quarter as pandemic restrictions
were lifted and commodity prices further strengthened,” said Brad Corson, chairman, president and chief executive officer. “With strong margins across all our businesses, we are very well positioned to continue generating substantial free
cash flow
this year.”
Upstream production in the first quarter averaged 380,000 gross
oil-equivalent
barrels per day. At Kearl, quarterly total gross production averaged 186,000 barrels per day with operations impacted by extreme cold weather and unplanned downtime. Subsequent to the first quarter,
Kearl’s April
month-to-date
production increased to about 250,000 total gross barrels per day. At Cold Lake, the company’s strategic focus on reliability and
optimization continued to drive strong operating performance with quarterly production of 140,000 gross barrels per day.
In the Downstream, quarterly refining
throughput averaged 399,000 barrels per day with capacity utilization of 93% representing the third consecutive quarter with utilization above 90%. Quarterly petroleum product sales averaged 447,000 barrels per day as pandemic restrictions began
lifting late in the quarter.
¹ non-GAAP financial measure - see attachment VI for definition and reconciliation

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly
develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across
all areas of our business.
Q1 News Release
During the quarter, construction of the Sarnia Products Pipeline was completed ahead of schedule, with
start-up
and commissioning completed in April. The pipeline provides enhanced access into the high-value Toronto market and is expected to reduce annual transportation costs by $40 million.
Chemical first quarter net income was $56 million, compared to net income of $64 million in the fourth quarter of 2021, as margins eased from record highs.

During the quarter, Imperial returned $449 million to shareholders through the accelerated completion of the company’s normal course issuer bid, with the
program concluding on January 31, 2022. The company also paid $185 million in dividends, and declared a second quarter dividend of 34 cents per share. “Imperial has a long track record of returning surplus cash to shareholders and I
am pleased to announce the company’s plans to initiate a substantial issuer bid returning up to $2.5 billion to shareholders in the second quarter of 2022,” said Corson.
Imperial continues to advance lower emission solutions in support of its sustainability goals, including its recently announced oil sands greenhouse gas intensity
reduction goal of 30 percent by 2030 from 2016 levels. Imperial is a member of the Oil Sands Pathways to Net Zero alliance that is working with federal and provincial governments with a goal to achieve net zero greenhouse gas emissions from oil
sands operations by 2050. The company also continues to progress plans for a world-class renewable diesel manufacturing facility at its Strathcona refinery, to provide Canada with a large new domestic source of renewable fuel to help reduce Scope 3
emissions.
“Imperial remains confident in our ability to reduce emissions and advance lower-emission technologies. We are also encouraged by recent steps
taken by the federal government to support investment tax credits on large-scale carbon capture projects to help Canada achieve its climate goals,” said Corson. “Continued collaboration and our long history of research and development will
continue to serve us well on this journey.”
¹
non-GAAP financial measure – see attachment VI for definition and reconciliation
IMPERIAL OIL LIMITED
First quarter highlights
Net income of $1,173
 million or $1.75 per share on a diluted basis, the highest first quarter in over
30 years,
up from $392 million or $0.53 per share in the first quarter of 2021. Improved net income was primarily driven by strong market conditions.
Cash flows from operating activities of $1,914
 million, the highest first quarter in over 30 years,

up from $1,045 million in the same period of 2021. Cash flows from operating activities excluding working capital¹ of $1,219 million, compared with $1,068 million in the same period of 2021. Changes in working capital of
$695 million includes $459 million of income taxes payable in the first quarter of 2023.
Capital and exploration expenditures totalled $296
up from $163 million in the
first quarter of 2021.
The company returned $634
 million to shareholders in the first quarter of 2022,
including
$449 million from the accelerated completion of the company’s normal course issuer bid program on January 31, 2022 and $185 million in dividends paid.
Announced intention to initiate a substantial issuer bid to purchase for cancellation up to $2.5 billion of its common
shares.
The company anticipates that the terms and pricing will be determined and the offer will commence during the next two weeks.
Production averaged 380,000 gross
compared
to 432,000 barrels per day in the same period of 2021. Production was impacted by extreme cold weather and unplanned downtime at Kearl.
Total gross bitumen production at Kearl averaged 186,000 barrels per day
(132,000 barrels Imperial’s share),
compared to 251,000 barrels per day (178,000 barrels Imperial’s share) in the first quarter of 2021. Production was impacted by extreme cold weather and unplanned downtime. April

production has since increased to about 250,000 total gross barrels per day.
Gross bitumen production at Cold Lake averaged 140,000 barrels per day,
consistent with the first quarter of 2021,
driven by continued strong operating performance and efficiently offsetting production decline.
The company’s share of gross production from Syncrude averaged 77,000 barrels per day,
compared to 79,000
barrels per day in the first quarter of 2021. Syncrude continues to leverage the interconnect pipeline to capture value, achieving record first quarter bitumen production.
The previously announced marketing process for Imperial and ExxonMobil Canada’s interests in XTO Energy Canada is
on-going,
with bids received now under evaluation. A definitive decision to sell the assets has not yet been made and operations will continue as normal throughout the marketing process and should the process
not result in a sale.
Refinery throughput averaged 399,000 barrels per day,
up from 364,000 barrels per day in the first quarter of 2021.
Capacity utilization was 93 percent, up from 85 percent in the first quarter of 2021, the third consecutive quarter with utilization above 90 percent. Higher throughput and utilization were driven primarily by increased demand.

Petroleum product sales were 447,000 barrels per day,
up from 414,000 barrels per day in the first quarter of 2021.
Higher petroleum product sales were driven primarily by increased demand.
Completed construction of the Sarnia Products Pipeline ahead of schedule,
with commissioning and
Chemical net income of $56
 million in the quarter,
compared to $67 million in the first
quarter of 2021 as margins eased from record highs.
Announced expanded partnership with Loblaw’s PC Optimum loyalty program,
offering Canadians the opportunity to
redeem PC Optimum points at more than 2,000 Esso stations across Canada.
¹ non-GAAP financial measure
– see attachment VI for definition and reconciliation
Current business environment
COVID-19
pandemic, industry investment to maintain and increase production capacity was restrained to preserve
capital, resulting in underinvestment and supply tightness as demand for petroleum and petrochemical products recovered. Across late 2021 and early 2022, this dynamic, along with supply chain constraints, and a continuation of demand recovery led to
a steady increase in oil and natural gas prices. In the first quarter of 2022, tightness in the oil and natural gas markets was further exacerbated by Russia’s invasion of Ukraine and subsequent sanctions imposed upon business and other
activities in Russia. The price of crude oil and certain regional natural gas indicators increased to levels not seen for several years.
Operating results
First quarter 2022 vs. first quarter 2021
First Quarter
Net income (loss)
  1,173
   392
Net income (loss) per common share, assuming dilution
Net income (loss) factor analysis

millions of Canadian dollars
Price – Higher realizations were generally in line with increases in marker prices, driven primarily by increased demand and
supply chain constraints. Average bitumen realizations increased by $42.17 per barrel generally in line with WCS and synthetic crude oil realizations increased by $49.83 per barrel generally in line with WTI.
Volumes – Lower volumes primarily driven by extreme cold weather and unplanned downtime at Kearl.
Royalty – Higher royalties primarily driven by improved commodity prices.
Marker prices and average realizations
 Canadian dollars, unless noted
West Texas Intermediate
Western Canada Select
WTI/WCS Spread
Bitumen
(per barrel)
Synthetic crude oil
117.24
Average foreign exchange rate

First Quarter
 thousands of barrels per day
(Imperial’s share)
(Imperial’s share) (a)
Kearl total gross production
(thousands
of barrels per day)
(a) In the first quarter of 2022, Syncrude (Imperial’s share) gross production included about 1 thousand
barrels per day of bitumen (2021 - rounded to 0 thousand barrels per day) that was exported to the operator’s facilities using an existing interconnect pipeline.
Lower production at Kearl was primarily a result of extreme cold weather and unplanned
downtime.
Net income (loss) factor
analysis
Margins – Higher margins primarily reflect improved market conditions.
Refinery utilization and petroleum product sales
 thousands of barrels per day, unless noted
Refinery capacity utilization
(percent)
Improved refinery throughput in the first quarter of 2022 primarily reflects increased demand.
Improved petroleum product sales in the first quarter of 2022 were mainly due to increased demand.
Chemicals
Net income (loss) factor analysis
Corporate and other
First Quarter      
(U.S.
GAAP)
Liquidity and capital resources
First Quarter      
Cash flow generated from (used in):
Operating activities
Investing activities
Financing activities
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents at period end
Cash flow generated from operating activities primarily reflects higher Upstream realizations, improved Downstream margins, and
favourable working capital impacts.
Cash flow used in investing activities primarily reflects higher additions to property, plant and equipment.
Cash flow used in financing activities primarily reflects:
Dividends paid
Per share dividend paid
Share repurchases
Number of shares purchased
(millions)
(a)
(a) Share repurchases were made under the company’s normal course issuer bid program, and include shares
purchased from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid.
The company completed share repurchases under its normal course issuer bid on January 31, 2022. The company did not purchase shares
during the first quarter of 2021.
On April 29, 2022 the company announced its intention to launch a substantial issuer bid pursuant to which the company will
offer to purchase for cancellation up to $2,500,000,000 of its common shares. The substantial issuer bid will be made through a modified Dutch auction, with a tender price range to be determined by the company at the time of commencement of the
offer. Shares may also be tendered by way of a proportionate tender, which will result in a shareholder maintaining their proportionate share ownership. ExxonMobil has advised Imperial that it intends to make a proportionate tender in connection
with the offer in order to maintain its proportionate share ownership at approximately 69.6 percent following completion of the offer. Nothing in this report shall constitute an offer to purchase or a solicitation of an offer to sell any
shares.
Key financial and operating data follow.
Additional information regarding the tender offer
The tender offer described in this communication (the “Offer”) has not yet commenced. This communication is for informational purposes only. This communication
is not a recommendation to buy or sell Imperial Oil Limited shares or any other securities, and it is neither an offer to purchase nor a solicitation of an offer to sell Imperial Oil Limited Shares or any other securities.
On the commencement date of the Offer, Imperial Oil Limited will file an offer to purchase, accompanying issuer bid circular and related letter of transmittal and
notice of guaranteed delivery (the “Offering Documents”) with Canadian securities regulatory authorities and mail these to the company’s shareholders. The company will also file a tender offer statement on Schedule TO, including the
Offering Documents, with the United States Securities and Exchange Commission (the “SEC”). The Offer will only be made pursuant to the Offering Documents filed with Canadian securities regulatory authorities and as a part of the Schedule
TO. Shareholders should read carefully the Offering Documents because they contain important information, including the various terms of, and conditions to, the Offer. Once the Offer is commenced, shareholders will be able to obtain a free copy of
the tender offer statement on Schedule TO, the Offering Documents and other documents that Imperial Oil Limited will be filing with the SEC at the SEC’s website at

with Canadian securities regulatory authorities at
www.sedar.com
or from Imperial Oil Limited’s website at
www.imperialoil.ca
Forward-looking statements
Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements.
Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, schedule, future, continue, likely, may, should, will and similar
references to future periods. Forward-looking statements in this report include, but are not limited to, references to the company’s intention to initiate a substantial issuer bid, including the size, timing for determining the terms and
pricing and commencement, structure and ExxonMobil’s intent to make a proportionate tender; being well positioned to generate substantial free cash flow in 2022; anticipated cost reductions from the Sarnia Products Pipeline; continuing to
advance lower emissions solutions in support of the company’s sustainability goals, and benefit from collaboration and research and development; oil sands greenhouse gas intensity reduction goal of 30 percent by 2030; the Oil Sands
Pathways to Net Zero alliance goal to achieve net zero greenhouse gas emissions from oil sands operations by 2050; continuing to progress the Strathcona renewal diesel manufacturing facility and its potential impact; the impact of leveraging the
Syncrude interconnect pipeline; the marketing process for XTO Energy Canada, including evaluation of bids and operations continuing as normal throughout the marketing process; and the expanded partnership with Loblaw’s PC Optimum program.
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 concerning demand growth and energy source, supply and mix; production rates, growth and mix across various assets; project plans, timing, costs, technical evaluations
and capacities and the company’s ability to effectively execute on these plans and operate its assets, including factors influencing a final investment decision for the renewable diesel complex at Strathcona; the adoption and impact of new
facilities or technologies on reductions to GHG emissions intensity, including but not limited to Strathcona renewable diesel, solvent technologies to replace energy intensive steam at Cold Lake, boiler flue gas technology at Kearl, and support for
and advancement of carbon capture and storage, and any changes in the scope, terms, or costs of such projects; the amount and timing of emissions reductions; receipt of regulatory approvals; support from policymakers and other stakeholders for
various new technologies such as carbon capture and storage; that the necessary exemptive relief to proceed with the substantial issuer bid under applicable securities laws will be received on the timeline anticipated; ExxonMobil making a
proportionate tender in connection with the substantial issuer bid; applicable laws and government policies, including with respect to climate change and GHG emissions reductions; capital and environmental expenditures; progression of
and its impacts on Imperial’s ability to operate its assets; the company’s ability to effectively execute on its business continuity plans and pandemic response activities; and commodity prices,
foreign exchange rates and general market conditions could differ materially depending on a number of factors.
These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and
petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices, the impact of
on demand and the occurrence of
wars; availability and allocation of capital; the receipt, in a timely manner, of regulatory and third-party approvals; the results of research programs and new technologies, the ability to bring new technologies to commercial scale on a
cost-competitive basis, and the competitiveness of alternative energy and other emission reduction technologies; lack of required support from governments and policymakers for adoption of new technologies for emissions reductions; unanticipated
technical or operational difficulties; project management and schedules and timely completion of projects; availability and performance of third-party service providers, including in light of restrictions related to

COVID-19;
environmental risks inherent in oil and gas exploration and production activities; political or regulatory events, including changes in law or government policy, environmental regulation including
climate change and greenhouse gas regulation, and actions in response to
management effectiveness and disaster response preparedness, including business continuity plans in response to
operational hazards and risks; cybersecurity incidents, including increased reliance on remote working arrangements; currency exchange rates; general economic conditions; and other factors discussed in
Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form
Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas
companies and some that are unique to Imperial Oil Limited. Imperial’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 undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.
In this release all dollar
amounts are expressed in Canadian dollars unless otherwise stated. This release should be read in conjunction with Imperial’s most recent Form
Note that numbers may not add due to rounding.
The term “project” as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government
payment transparency reports.
Attachment I
Three Months
Total revenues and other income
12,686
Total expenses
11,152
Income (loss) before income taxes
Income taxes
Net income (loss) per common share
Net income (loss) per common share - assuming dilution
Other Financial Data
Gain (loss) on asset sales, after tax
Total assets at March 31
43,810
39,007
Total debt at March 31
Shareholders’ equity at March 31
22,276
21,736
Capital employed at March 31
27,471
26,906
Dividends declared on common stock
Per common share
Millions of common shares outstanding
At March 31
Average - assuming dilution
Attachment II
Total cash and cash equivalents at period end
Operating Activities
Adjustments for
non-cash
items:
Depreciation and depletion
(Gain) loss on asset sales
Deferred income taxes and other
Changes in operating assets and liabilities
All other items - net
Cash flows from (used in) operating activities
Investing Activities
Additions to property, plant and equipment
Proceeds from asset sales
Loans to equity companies - net
Cash flows from (used in) investing activities
Cash flows from (used in) financing
activities
Attachment III
Three Months
Revenues and other income
14,045
Eliminations / Corporate and other
(6,364
(2,176
Purchases of crude oil and products
12,512
(6,367
Production and manufacturing
Selling and general
Exploration expenses charged to Upstream income
included above
Attachment IV
Operating statistics
Gross crude oil and natural gas liquids (NGL) production
(thousands of barrels per day)
Conventional
Total crude oil production
NGLs available for sale
Total crude oil and NGL production
Gross natural gas production
(millions of cubic feet per
day)
production

(thousands of

Net crude oil and NGL production
(thousands of barrels per
day)
Total crude oil and NGL
production
Net natural gas production
Kearl blend sales
Cold Lake blend sales
NGL sales
Average realizations
(Canadian dollars)
Conventional crude oil
Natural gas
(per thousand cubic feet)
Gasolines
Heating, diesel and jet fuels
Lube oils and other products
Heavy fuel oils
Net petroleum products sales
Petrochemical sales
(thousands of tonnes)
In the first quarter of 2022, Syncrude (Imperial’s share) gross and net production included about 1 thousand
barrels per day of bitumen (2021 - rounded to 0 thousand barrels per day) that was exported to the operator’s facilities using an existing interconnect pipeline.
Gas converted to
at six million cubic feet per one thousand
barrels.
NGL sales round to 0 in 2021.
Attachment V
Net income (loss) 
(U.S. GAAP)
Net income (loss) per
common share -diluted 
Second Quarter
Third Quarter
Fourth Quarter
(1,146
(1,857
(a)   Computed using the average number of shares outstanding during each period. The sum of the quarters presented may not add
to the year total.
Attachment VI
Non-GAAP
financial measures and other specified financial measures
Certain measures included in this document are not prescribed by U.S. Generally Accepted Accounting Principles (GAAP). These measures constitute
“non-GAAP
financial measures” under Securities and Exchange Commission Regulation G, and “specified financial measures” under National Instrument
52-112
and Other Financial Measures Disclosure
of the Canadian Securities Administrators.
Reconciliation of these
financial measures to the most comparable GAAP measure, and other information required by these regulations have been provided.
financial measures and
specified financial measures are not standardized financial measures under GAAP and do not have a standardized definition. As such, these measures may not be directly comparable to measures presented by other companies, and should not be considered
a substitute for GAAP financial measures.
Cash flows from (used in) operating activities excluding working capital
Cash flows from (used in) operating activities excluding working capital is a
financial measure that is the total cash
flows from operating activities less the changes in operating assets and liabilities in the period. The most directly comparable financial measure that is disclosed in the financial statements is cash flows from (used in) operating activities within
the company’s Consolidated statement of cash flows. Management believes it is useful for investors to consider these numbers in comparing the underlying performance of the company’s business across periods when there are significant
period-to-period
differences in the amount of changes in working capital. Changes in working capital is equal to “Changes in operating assets and liabilities” as
disclosed in the company’s Consolidated statement of cash flows and in Attachment II of this document. This measure assesses the cash flows at an operating level, and as such, does not include proceeds from asset sales as defined in Cash flows
from operating activities and asset sales in the Frequently Used Terms section of the company’s annual Form
Reconciliation of cash flows from (used in) operating activities excluding working capital
From Imperial’s Consolidated statement of cash flows
Less changes in working capital
Cash flows from (used in) operating activities excl. working
capital
Free cash flow
Free cash flow is a
financial measure that is cash flows from operating activities less additions to property, plant and equipment and equity company investments plus proceeds from asset sales. The most directly comparable
financial measure that is disclosed in the financial statements is cash flows from (used in) operating activities within the company’s Consolidated statement of cash flows. This measure is used to evaluate cash available for financing
activities (including but not limited to dividends and share purchases) after investment in the business.
Reconciliation of free cash flow
Net income (loss) excluding identified items
Net income (loss) excluding identified items is a
financial measure that is total net income (loss) excluding
individually significant
non-operational
events with an absolute corporate total earnings impact of at least $100 million in a given quarter. The net income (loss) impact of an identified item for an
individual segment in a given quarter may be less than $100 million when the item impacts several segments or several periods. The most directly comparable financial measure that is disclosed in the financial statements is net income (loss)
within the company’s Consolidated statement of income. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant

events from business results. The company believes this view provides investors increased transparency into business results and trends, and provides investors with a view of the business as
seen through the eyes of management. Net income (loss) excluding identified items is not meant to be viewed in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. All identified items are presented on an
after-tax
basis.
Reconciliation of net income (loss) excluding identified items
There were no identified items in the first quarter of 2022 and 2021.
Cash
operating costs (cash costs)
Cash operating costs is a
financial measure that consists of total expenses, less
costs that are
in nature, including, Purchases of crude oil and products, Federal excise taxes and fuel charge, Depreciation and depletion,
Non-service
pension
and postretirement benefit, and Financing. The components of cash operating costs include (1) Production and manufacturing, (2) Selling and general and (3) Exploration, from the company’s Consolidated statement of income, and as
disclosed in Attachment III of this document. The sum of these income statement lines serve as an indication of cash operating costs and does not reflect the total cash expenditures of the company. The most directly comparable financial measure that
is disclosed in the financial statements is total expenses within the company’s Consolidated statement of income. This measure is useful for investors to understand the company’s efforts to optimize cash through disciplined expense
management.
Reconciliation of cash operating costs
From Imperial’s Consolidated statement of Income
pension and postretirement benefit
Total cash operating costs
Components of cash operating costs
Segment contributions to total cash operating costs
Corporate/Eliminations
Unit cash operating cost (unit cash costs)
Unit cash operating costs is a
ratio. Unit cash operating costs (unit cash costs) is calculated by dividing cash
operating costs by total gross
production, and is calculated for the Upstream segment, as well as the major Upstream assets. Cash operating costs is a

financial measure and is disclosed and reconciled above. This measure is useful for investors to understand the expense management efforts of the company’s major assets as a component of the
overall Upstream segment. Unit cash operating cost, as used by management, does not directly align with the definition of “Average unit production costs” as set out by the U.S. Securities and Exchange Commission (SEC), and disclosed in the
company’s SEC Form
Components of unit cash operating cost
Unit cash operating cost
($/oeb)
USD converted at the YTD average forex
2022 US$0.79; 2021 US$0.79
(a) Upstream includes Kearl, Cold Lake, Imperial’s share of Syncrude and other.

The above information was disclosed in a filing to the SEC. To see the filing, click here.

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