Imperial Oil Limited (IMO) Q1 2023 Earnings Call Transcript

For the period ending March 31, 2023

April 28, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the Imperial Oil First Quarter ’23 Earnings Call. Today's conference is being recorded.

At this time, I would like to turn the conference over to Dave Hughes, VP, Investor Relations. Please go ahead.

Dave Hughes

Alright. Thank you very much, good morning, everybody. Welcome to our first quarter earnings call. With me today is the management team, we have Brad Corson, Chairman, President, and CEO; Dan Lyons, Senior Vice President, Finance and Administration; Simon Younger, Senior Vice President of the Upstream; Sherri Evers, Vice President of Commercial and Corporate Development; Jon Wetmore, Vice President of the Downstream.

Start with the cautionary statement. Today's comments include reference to non-GAAP financial measures. The definitions and reconciliations of these measures can be found in Attachment 6 of our most recent press release and are available on our website with a link to this conference call.

Today's comments may also contain forward-looking information. Any forward-looking information is not a guarantee of future performance, and actual future performance, and operating results can vary materially depending on a number of factors and assumptions.

The forward-looking information and the risk factors and assumptions are described in further detail in our first quarter earnings release that we issued this morning, as well as our most recent Form 10-K and all of these documents are available on SEDAR, EDGAR, and on our website. So I’d ask you to please refer to those.

So as usual after Brad and Dan go through our -- the prepared remarks we’ll be switching over to Q&A.

So, with that, I’ll hand it over to Brad.

Brad Corson

Thanks, Dave. Good morning, everybody, and welcome to our first quarter earnings call. I hope everyone is doing well and had a great start to the year.

I'd also like to take a quick moment to thank everyone for attending our Investor Day last Wednesday, both in-person and virtually. It was our first in-person Investor Day since 2019, and it was great to get to see so many folks in-person again. Your positive feedback on the event was very much welcome and appreciated as is your ongoing support.

I want to open by providing a brief update on our efforts to address the seepage issue at Kearl that we have been talking about over the last several weeks. We continue to work closely with regulatory officials from the Alberta Energy Regulator and other government officials. We have about 200 people working to advance our mitigation efforts related to the Environmental Protection Order and we're making very good progress. Most of this work was completed by the end of April and we expect to finish by the end of May.