The following excerpt is from the company's SEC filing.
Exhibit 99.1
Imperial announces fourth quarter 2020 financial and operating results
Fourth quarter net loss of $1,146 million, which includes a
non-cash
impairment charge of $1,171 million
Cash generated from operations in the fourth quarter of $316 million, which includes unfavourable working capital
effects of $218 million
Highest quarterly upstream production in 30 years, driven by record production at Kearl
Exceeded full-year cost reduction targets, with production and manufacturing expenses down $985 million from 2019,
representing a savings of 15 percent compared to 2019
Ful
l-year capital expenditures of $874 million, in line with the companys most recent guidance, and less than
half of 2019 expenditures
Maintained dividend throughout the year, returning over $900 million to shareholders through dividends and share
purchases in 2020
Fourth quarter
Twelve months
millions of Canadian dollars, unless
noted
Net income (loss) (U.S. GAAP)
(1,146
-1,417
(1,857
-4,057
Net income (loss) per common share, assuming dilution (dollars)
Capital and exploration expenditures
The past year has proved an exceptionally challenging one, not only for the company and our employees, but society
at-large,
said Brad Corson, chairman, president and chief executive officer. Against significant headwinds, Imperials operational performance and cost management efforts have exceeded expectations.
We set aggressive targets for capital and expense reductions in the first quarter of 2020, and we surpassed those targets. I am extremely proud of the efforts our employees have made in this environment, maintaining safe, reliable operations and
ensuring the safety of themselves and their coworkers, while reliably supplying essential products to our customers.
The company recorded a net loss of
$1,146 million for the fourth quarter, which included a
impairment charge of $1,171 million related to the companys previously announced decision to not develop a significant portion
of its unconventional portfolio. These
non-core
assets are
non-producing,
undeveloped assets and the company does not expect any material future cash expenditures
related to this impairment. The decision is consistent with Imperials strategy of focusing its upstream resources and efforts on its key oil sands assets as well as on only the most attractive portions of its unconventional portfolio.
Excluding the
one-time
impact of this impairment, earnings have continued to improve throughout the second half of 2020. Despite a continued challenging market and industry environment, Imperial generated
$316 million of cash from operations in the final quarter of 2020, which includes unfavourable working capital effects of $218 million.
Upstream
production for the fourth quarter averaged 460,000 gross
oil-equivalent
barrels per day, the highest quarterly production in 30 years. Kearl total gross production averaged 284,000 barrels per day, a new
quarterly record for the asset, surpassing its previous quarterly record by 40,000 barrels per day.
After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly
develop Canadas energy resources. As Canadas 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.
Imperials ability to achieve these record volumes was driven by the supplemental crushers at Kearl, as well
as our strategic decision earlier in the year to advance maintenance activities out of the fourth quarter, and into the third quarter in response to market conditions, said Corson.
Downstream throughput averaged 359,000 barrels per day in the fourth quarter, with utilization at 85 percent, up from 321,000 barrels per day and 76 percent
utilization in the same period of 2019. Petroleum product sales were 416,000 barrels per day, compared with 457,000 barrels per day in the fourth quarter of 2019, with product demands impacted by the
COVID-19
pandemic.
Imperial maintained its focus on operational excellence and cost discipline throughout the fourth quarter, continuing to progress structural improvements
across all segments. Full-year production and manufacturing expenses totalled $5,535 million, a reduction of $985 million compared with full-year 2019. This decrease enabled the company to surpass its $500 million expense reduction
commitment made in 2020, by nearly double. Capital expenditures of $874 million for 2020 were in line with recently updated guidance of $900 million, and less than half of 2019 expenditures.
Despite the many challenges faced in 2020, Imperial continued to deliver strong financial and operating results, said Corson. The company significantly
reduced capital and expense levels while achieving production records and strong safety results. Going forward, we will continue to focus on economically growing volumes, maintaining expense and capital discipline and returning cash to shareholders,
as we build upon the foundational improvements of 2020.
IMPERIAL OIL LIMITED
Fourth quarter highlights
Net loss of $1,146
million or $1.56 per share on a diluted basis,
compared to net income of
$271 million or $0.36 per share in the fourth quarter of 2019. Results in the current quarter include a
impairment charge of $1,171 million related to the companys decision not to
develop a significant portion of its unconventional portfolio that was announced in November 2020.
Cash flow generated from operating activities was $316
compared with $1,024 million
in the same period of 2019, driven mainly by unfavourable working capital impacts of $464 million compared with the fourth quarter of 2019. Imperial ended 2020 with $771 million of cash on hand.
Capital and exploration expenditures totalled $195
compared to $414 million in the
fourth quarter of 2019. Full-year capital expenditures of $874 million are $940 million below 2019 levels due to the companys capital reduction efforts.
Dividends paid totalled $161
million or $0.22 per share,
compared to $166 million or $0.22
per share in the fourth quarter of 2019. The company has maintained its dividend throughout the challenging business environment.
Production averaged 460,000 gross
up from
398,000 barrels per day in the same period of 2019. In the fourth quarter of 2020 the company delivered its highest quarterly production in 30 years, driven by record production at Kearl.
Total gross bitumen production at Kearl averaged 284,000 barrels per day
(202,000 barrels Imperials share), up
from 208,000 barrels per day (147,000 barrels Imperials share) in the fourth quarter of 2019. Kearl achieved record production during the fourth quarter of 2020, surpassing the prior quarterly record by 40,000 barrels per day.
Gross bitumen production at Cold Lake averaged 136,000 barrels per day,
compared to 140,000 barrels per day in the
fourth quarter of 2019.
The companys share of gross production from Syncrude averaged 87,000 barrels per day,
up from 66,000 barrels
per day in the fourth quarter of 2019, due mainly to the absence of prior year turnaround activity.
Refinery throughput averaged 359,000 barrels per day,
up from 321,000 barrels per day in the fourth quarter of 2019.
Capacity utilization was 85 percent, up from 76 percent in the fourth quarter of 2019. Higher throughput was primarily due to the absence of prior year planned turnaround activity at Nanticoke, partially offset by lower market demand due
to the
pandemic.
compared to 457,000 barrels per day in the fourth quarter of
2019. Lower petroleum product sales were primarily driven by reduced demand due to the
Chemical earnings were $23
million in the quarter,
compared to a net loss of $2 million in
the fourth quarter of 2019.
Imperial named one of Canadas top employers.
Imperial is proud to have been named as one of Canada Top 100
employers for 2021. In addition to the national recognition, the company was recognized as a Top 70 Alberta Employer, Top Employer for Canadians Over 40, and Canadas Top Young Employer.
Fourth quarter 2020 vs. fourth quarter 2019
The company recorded a net loss of $1,146 million or $1.56 per share on a diluted basis in the fourth quarter of 2020, compared to net income of $271 million
or $0.36 per share in the same period of 2019. Fourth quarter 2020 results reflect a
after-tax,
related to the
companys decision to no longer develop a significant portion of its unconventional portfolio.
Upstream recorded a net loss of $1,192 million in the
fourth quarter of 2020, compared to net income of $96 million in the same period of 2019. Results were negatively impacted by a
impairment charge of $1,171 million, related to the
companys decision to no longer develop a significant portion of its unconventional portfolio, lower realizations of about $270 million and higher operating expenses of about $70 million. These items were partially offset by higher
volumes of about $180 million and lower royalties of about $80 million.
West Texas Intermediate (WTI) averaged US$42.70 per barrel in the fourth quarter
of 2020, down from US$56.81 per barrel in the same quarter of 2019. Western Canada Select (WCS) averaged US$33.35 per barrel and US$41.16 per barrel for the same periods. The WTI / WCS differential averaged approximately US$9 per barrel for the
fourth quarter of 2020, compared to around US$16 in the same period of 2019.
The Canadian dollar averaged US$0.77 in the fourth quarter of 2020, an increase of
US$0.01 from the fourth quarter of 2019.
Imperials average Canadian dollar realizations for bitumen decreased in the quarter, primarily due to a decrease in
WCS. Bitumen realizations averaged $34.19 per barrel in the fourth quarter of 2020, compared to $42.80 per barrel in the fourth quarter of 2019. The companys average Canadian dollar realizations for synthetic crude decreased generally in line
with WTI, adjusted for changes in exchange rates and transportation costs. Synthetic crude realizations averaged $51.28 per barrel in the fourth quarter of 2020, compared to $74.12 per barrel in the same period of 2019.
Total gross production of Kearl bitumen averaged 284,000 barrels per day in the fourth quarter (202,000 barrels Imperials share), the highest quarterly production
in the assets history, up from 208,000 barrels per day (147,000 barrels Imperials share) in the fourth quarter of 2019. Higher production was primarily driven by the addition of supplemental crushing facilities in 2020 and the absence of prior
year turnaround activity.
Gross production of Cold Lake bitumen averaged 136,000 barrels per day in the fourth quarter, compared to 140,000 barrels per day in the
same period of 2019.
The companys share of gross production from Syncrude averaged 87,000 barrels per day, compared to 66,000 barrels per day in the fourth
quarter of 2019. Higher production was primarily due to the absence of prior year turnaround activity.
Downstream recorded net income of $106 million in the
fourth quarter of 2020, compared to net income of $225 million in the same period of 2019. Results were negatively impacted by lower margins of about $240 million and lower sales volumes of about $60 million. These items were offset
by lower turnaround impacts of about $120 million, primarily related to the absence of turnaround activity in the fourth quarter of 2020 and lower operating expenses of about $50 million.
Refinery throughput averaged 359,000 barrels per day, up from 321,000 barrels per day in the fourth quarter of 2019. Capacity utilization was 85 percent, up from
76 percent in the fourth quarter of 2019. Higher throughput was primarily due to the absence of prior year planned turnaround activity at Nanticoke, partially offset by lower market demand due to the
Petroleum product sales were 416,000 barrels per day, compared to 457,000 barrels per day in the fourth
quarter of 2019. Lower petroleum product sales were primarily driven by reduced demand due to the
Chemical net income was $23 million in the fourth quarter, compared to net loss of $2 million in the same quarter of 2019.
Corporate and other expenses were $83 million in the fourth quarter, up from $48 million in the same period
of 2019.
Cash flow generated from operating activities was $316 million in the fourth quarter, compared with $1,024 million in the corresponding period
in 2019, primarily reflecting unfavourable working capital impacts.
Investing activities used net cash of $197 million in the fourth quarter, compared with
$399 million used in the same period of 2019, primarily reflecting lower additions to property, plant and equipment.
Cash used in financing activities was
$165 million in the fourth quarter, compared with $438 million used in the fourth quarter of 2019. Dividends paid in the fourth quarter of 2020 were $161 million. The per share dividend paid in the fourth quarter was $0.22, consistent
with the same period of 2019. The company did not purchase shares during the fourth quarter, except for limited purchases to eliminate dilution in conjunction with its restricted stock unit plan. In the fourth quarter of 2019, the company purchased
about 9 million shares for $301 million, including shares purchased from Exxon Mobil Corporation.
The companys cash balance was $771 million
at December 31, 2020, versus $1,718 million at the end of fourth quarter 2019.
Full-year highlights
Net loss of $1,857 million, compared to net income of $2,200 million in 2019.
Net loss per share on a diluted basis was $2.53, compared to net income per share of $2.88 in 2019.
Cash flow generated from operating activities was $798 million, compared to cash flow generated from operating
activities of $4,429 million in 2019.
Capital and exploration expenditures totalled $874 million, compared to $1,814 million in 2019.
production averaged 398,000 barrels per day, essentially
unchanged from 2019.
Refinery throughput averaged 340,000 barrels per day, compared to 353,000 barrels per day in 2019.
Petroleum product sales were 421,000 barrels per day, compared to 475,000 barrels per day in 2019.
Per share dividends declared during the year totalled $0.88, up from $0.85 per share in 2019.
Returned $923 million to shareholders through dividends and share purchases.
Full-year 2020 vs. full-year 2019
Net loss in
2020 was $1,857 million, or $2.53 per share on a diluted basis, compared to net income of $2,200 million or $2.88 per share in 2019. Current year results reflect a
impairment charge of
$1,171 million
related to the companys decision to no longer develop a significant portion of its unconventional portfolio, and a favourable impact of about $115 million
associated with the Canada Emergency Wage Subsidy (CEWS), which includes Imperials proportionate share of a joint venture. Full-year 2019 results included a favourable impact of $662 million
associated with the Alberta corporate income tax rate decrease.
Upstream recorded a net loss of $2,318 million for the year, compared to net income of
$1,348 million in 2019. Results were negatively impacted by lower realizations of about $2,620 million, a
impairment charge of $1,171 million, related to the companys decision to
no longer develop a significant portion of its unconventional portfolio, absence of a favourable impact of $689 million associated with the Alberta corporate income tax rate decrease in 2019, and lower volumes of about $130 million. These
items were partially offset by lower royalties of about $540 million, lower operating expenses of about $250 million, favourable foreign exchange impacts of about $100 million, and about $70 million associated with the CEWS
received by the company which includes Imperials proportionate share of a joint venture.
West Texas Intermediate averaged US$39.26 per barrel in 2020, down
from US$57.03 per barrel in 2019. Western Canada Select averaged US26.87 per barrel and US$44.29 per barrel for the same periods. The WTI / WCS differential narrowed to approximately $12 per barrel in 2020, from around US$13 per barrel in 2019.
The Canadian dollar averaged US$0.75 in 2020, essentially unchanged from 2019.
Imperials average Canadian dollar realizations for bitumen decreased in 2020 primarily due to a decrease in WCS. Bitumen realizations averaged $25.69 per barrel,
compared to $50.02 per barrel in 2019. The companys average Canadian dollar realizations for synthetic crude decreased generally in line with WTI, adjusted for changes in exchange rates and transportation costs. Synthetic crude realizations
averaged $49.76 per barrel, compared to $74.47 per barrel in 2019.
Total gross production of Kearl bitumen averaged 222,000 barrels per day in 2020 (158,000
barrels Imperials share), the highest annual production in the assets history, up from 205,000 barrels per day (145,000 barrels Imperials share) in 2019. Improved production was mainly due to the addition of supplemental crushing
facilities in 2020, partially offset by the balancing of near term production with demand through the advancement and extension of planned turnaround activities.
Gross production of Cold Lake bitumen averaged 132,000 barrels per day in 2020, compared to 140,000 barrels per day in 2019.
During 2020, the companys share of gross production from Syncrude averaged 69,000 barrels per day, compared to
73,000 barrels per day in 2019.
Downstream net income was $553 million, compared to $961 million in 2019. Results were negatively impacted by lower
margins of about $710 million, and lower sales volumes of about $290 million. These items were offset by lower operating expenses of about $190 million, lower turnaround impacts of about $190 million primarily related to reduced
turnaround activity in the current year and improved reliability of about $180 million, primarily due to the absence of the Sarnia fractionation tower incident which occurred in April 2019.
Refinery throughput averaged 340,000 barrels per day in 2020, compared to 353,000 barrels per day in 2019. Capacity utilization was 80 percent, compared to
83 percent in 2019. Lower throughput was driven by reduced demand due to the
pandemic, partially offset by lower refinery turnaround activity and reliability events, including impacts from the
Sarnia fractionation tower incident which occurred in April 2019.
Petroleum product sales were 421,000 barrels per day in 2020, compared to 475,000 barrels per day
in 2019. Lower petroleum product sales were primarily driven by reduced demand due to the
Chemical net
income was $78 million in 2020, compared to $108 million in 2019, primarily reflecting lower margins.
Corporate and other expenses were $170 million
in 2020, compared to $217 million in 2019.
Cash flow generated from operating activities was $798 million in 2020, compared to $4,429 million in
2019, primarily reflecting lower realizations in the Upstream and unfavourable working capital impacts.
Investing activities used net cash of $802 million in
2020, compared to $1,704 million used in 2019, primarily reflecting lower additions to property, plant and equipment.
Cash used in financing activities was
$943 million in 2020, compared to $1,995 million used in 2019. Dividends paid in 2020 were $649 million. The per share dividend paid in 2020 was $0.88, up from $0.82 in 2019. During 2020, the company, under its share purchase program,
purchased about 9.8 million shares for $274 million. In 2019, the company purchased about 38.7 million shares for $1,373 million.
Key financial
and operating data follow.
Current economic conditions
In 2020, the balance of supply and demand for petroleum and petrochemical products experienced two significant disruptive effects. On the demand side, the
pandemic spread rapidly across Canada and the world resulting in substantial reductions in consumer and business activity and significantly reduced local and global demand for crude oil, natural gas, and
petroleum products. This reduction in demand coincided with announcements of increased production in certain key
oil-producing
countries which led to increases in inventory levels and sharp declines in prices
for crude oil, natural gas, and petroleum products. Market conditions continued to reflect considerable uncertainty throughout 2020 as consumer and business activity has exhibited some degree of recovery, but remained lower when compared to prior
periods as a result of the pandemic. Despite actions taken by key
countries to reduce oversupply, and improved credit market conditions providing sufficient liquidity to credit-worthy companies,
the unfavourable economic impacts appear increasingly likely to persist to some extent well into 2021.
In late March, the company announced significant reductions
in 2020 capital and operating expense spending plans. Capital and exploration expenditures for 2020 were $874 million, in line with the companys most recent guidance of $900 million, and less than half of 2019 expenditures. Capital
expenditures in 2021 are expected to be approximately $1.2 billion. In addition, full-year production and manufacturing expenses were $985 million lower than the prior year. This decrease enabled the company to surpass its
$500 million expense reduction commitment made in 2020 by nearly double.
The effect of
and the current
business environment on supply and demand patterns negatively impacted Imperials financial and operating results in 2020. Industry conditions seen in 2020 have led to lower realized prices for the companys products and have resulted in
substantially lower earnings and operating cash flow throughout 2020 in comparison to 2019. In response to these conditions, the company operated certain assets at reduced rates and adjusted planned maintenance and turnaround activities throughout
the second and third quarters in an effort to reduce
on-site
staffing levels and to better balance production with demand. Refinery utilization rates and petroleum product sales were reduced through the second
quarter of 2020, but saw some improvement in product demands in the second half of the year. The length and severity of
impacts to demand and the current business environment are highly uncertain,
with the future supply and demand patterns inherently difficult to predict.
As disclosed in Imperials 2019 Form
and subsequently updated in each of the companys 2020 interim quarterly
filings, low crude and natural gas prices can impact Imperials reserves as reported under the U.S. Securities and
Exchange Commission (SEC) rules. Low prices starting at the end of the first quarter 2020 significantly affected Imperials 2020 average crude prices. Under the SEC definition of proved reserves, certain quantities that qualified as proved
reserves at
year-end
2019, primarily proved bitumen reserves at Kearl and Cold Lake, will not qualify as proved reserves at
2020 (approximately 2.2 billion
barrels of bitumen at Kearl and approximately 0.6 billion barrels at Cold Lake). Similar downward revisions of proved bitumen reserves that resulted from low prices were seen at year end 2016. Final amounts are still subject to management
review and will be disclosed in the 2020 Form
10-K. Proved
reserves estimates can be impacted by a number of factors including completion and optimization of development projects, reservoir performance,
regulatory approvals, government policies, consumer preferences, changes in the amount and timing of capital investments, royalty framework, and significant changes in long-term oil and gas price levels. The company does not expect the operation of
the underlying projects or its outlook for future production volumes to be affected by a downward revision of reported proved reserves under the SEC definition.
In
the second quarter of 2020, Canadian federal and provincial governments introduced plans and programs to support business and economic activities in response to the disruptive impacts from the
pandemic. The Government of Canada implemented the Canada Emergency Wage Subsidy (CEWS) as part of its
Economic Response Plan, and has extended the CEWS until June 2021. The company received wage
subsidies under this program and, if eligible, intends to continue to apply for these wage subsidies. Additionally, in the fourth quarter, the Alberta government enacted an accelerated reduction in the corporate income tax rate to eight percent
beginning July 1, 2020, compared with a previously legislated reduction to eight percent beginning January 1, 2022. The corporate income tax rate change did not have a significant impact on the companys financial statements.
The company has taken steps, in line with federal and provincial guidelines and restrictions, to limit the spread of
among employees, contractors and the broader community, while also maintaining operations to ensure reliable supply of products to customers as a provider of essential services. The company maintains robust
business continuity plans, which have been activated to minimize the impact of
on workforce productivity.
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 not developing a significant portion of the companys unconventional assets, and the strategy to focus on key oil sands
assets and the most attractive portion of its unconventional portfolio; continued focus on economically growing volumes, maintaining expense and capital discipline and returning cash to shareholders; expected full year capital expenditures of about
$1.2 billion for 2021; market uncertainty and the extent of ongoing effects of the
pandemic on economic activity; the impact of low oil and natural gas prices on proved reserves under SEC rules,
including certain quantities that will not qualify as proved reserves at
2020; the intention to continue applying for the Canada Emergency Wage Subsidy; and the impact of measures implemented in
response to
COVID-19.
Forward-looking statements are based on the companys 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; commodity prices, foreign exchange
rates and general market conditions; production rates, growth and mix; project plans, timing, costs, technical evaluations and capacities and the companys ability to effectively execute on these plans and operate its assets; the ability of the
company to achieve cost savings; progression of
and its impacts on Imperials ability to operate its assets, including the possible shutdown of facilities due to
outbreaks; the companys ability to effectively execute on its business continuity plans and pandemic response activities; applicable laws and government policies, including restrictions in
response to
COVID-19;
financing sources and capital structure; and capital and environmental expenditures 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 and the impact of
on demand; general economic conditions; availability and allocation of
capital; currency exchange rates; transportation for accessing markets; availability and performance of third-party service providers, including in light of restrictions related to
management
effectiveness and disaster response preparedness, including business continuity plans in response to
political or regulatory events, including changes in law or government policy such as tax laws,
production curtailment and actions in response to
environmental risks inherent in oil and gas exploration and production activities; environmental regulation, including climate change and greenhouse
gas regulation and changes to such regulation; unanticipated technical or operational difficulties; project management and schedules and timely completion of projects; the receipt, in a timely manner, of regulatory and third-party approvals;
operational hazards and risks; cybersecurity incidents, including increased reliance on remote working arrangements and activation of business continuity plans due to
and other factors discussed in
Item 1A risk factors and Item 7 managements discussion and analysis of financial condition and results of operations of Imperial Oil Limiteds most recent annual report on Form
and subsequent
interim reports 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. Imperials 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 Imperials 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
Fourth Quarter
Twelve Months
millions of Canadian dollars, unless noted
2020
2019
2019
Net Income (loss)
Total revenues and other income
8,122
22,388
34,101
Total expenses
7,757
24,796
32,055
Income (loss) before income taxes
(1,463
(2,408
Income taxes
Net income (loss) per common share
0.36
Net income (loss) per common share - assuming dilution
Other Financial Data
Gain (loss) on asset sales, after tax
Total assets at December 31
38,031
42,187
Total debt at December 31
Shareholders equity at December 31
21,418
24,276
Capital employed at December 31
26,628
29,490
Dividends declared on common stock
Per common share
0.22
Millions of common shares outstanding
At December 31
Average - assuming dilution
734.1
749.9
Attachment II
Fourth Quarter
Total cash and cash equivalents at period end
Adjustments for
items:
Depreciation and depletion
Impairment of intangible assets
(Gain) loss on asset sales
Deferred income taxes and other
Changes in operating assets and liabilities
Cash flows from (used in) operating activities
Cash flows from (used in) investing activities
(1,704
Proceeds associated with asset sales
Cash flows from (used in) financing activities
(1,995
Attachment III
2020
(1,192)
(2,318)
106
553
23
78
(83)
(170)
(1,146)
(1,857)
Revenues and other income
2,940
8,797
13,259
4,213
16,736
25,235
281
1,008
Eliminations / Corporate and other
(1,401)
(1,173)
(4,153)
(5,554)
6,033
22,388
Purchases of crude oil and products
1,496
4,834
3,060
12,047
19,332
163
579
(1,180)
(4,167)
(5,581)
Purchases of crude oil and
products
3,318
13,293
20,946
Production and manufacturing expenses
997
3,852
382
1,468
58
215
1,437
5,535
107
561
74
251
21
41
195
874
Exploration expenses charged to income included above
Attachment IV
Operating statistics
2020
Gross crude oil and natural gas liquids (NGL) production
(thousands of barrels per day)
202
158
136
132
87
69
Conventional
10
11
Total crude oil production
435
370
NGLs available for sale
Total crude oil and NGL production
437
372
Gross natural gas production
(millions of cubic feet per
day)
140
154
production (a)
460
398
Net crude oil and NGL production
(thousands of barrels per
day)
199
155
120
124
82
14
415
357
417
359
Net natural gas production
150
440
384
Kearl blend sales
278
222
Cold Lake blend sales
184
179
NGL sales
1
Average realizations
(Canadian dollars)
(per barrel)
34.19
25.69
Synthetic oil
51.28
49.76
Conventional crude oil
27.21
29.34
19.03
13.85
Natural gas
(per thousand cubic feet)
2.25
1.90
359
340
Refinery capacity utilization
(percent)
85
80
Gasolines
211
Heating, diesel and jet fuels
144
146
Heavy fuel oils
Lube oils and other products
Net petroleum products sales
416
421
Petrochemical sales
(thousands of
tonnes)
176
749
Gas converted to
at six million cubic feet per one thousand
barrels.
Attachment V
Net income (loss) (U.S. GAAP)
Net income (loss) per
common share - diluted (a)
Canadian dollars
First Quarter
Second Quarter
Third Quarter
Fourth Quarter
Computed using the average number of shares outstanding during each period. The sum of the quarters presented may not add
to the year total.
The above information was disclosed in a filing to the SEC. To see the filing, click here.
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