Imperial Oil Limited (IMO) Q4 2022 Earnings Call Transcript

For the period ending December 31, 2022

January 31, 2023 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and welcome to the Imperial Oil 4Q Earnings Call. At this time, I would like to turn the conference over to Dave Hughes, VP, Investor Relations. Please go ahead.

Dave Hughes

Thank you very much, and good morning everybody. Welcome to our fourth quarter earnings call. Here today are Brad Corson, Chairman, President, and CEO; Dan Lyons, Senior Vice President, Finance and Administration; Simon Younger, Senior Vice President of the Upstream; Jon Wetmore, Vice President of the Downstream; and Sherri Evers, Vice President of Commercial and Corporate Development.

Let me just 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.

Forward-looking information and the risk factors and assumptions are described in further detail in our fourth quarter earnings release that we issued this morning, as well as our most recent Form 10-K. All of these documents are available on SEDAR, EDGAR, and on our website. So, please refer to those.

After Brad’s opening remarks, as usual Dan will give a financial update and then we’ll go back to Brad for an operating update and we’ll followed it all with a Q&A session. So, with that, I’m happy to turn over to Brad for his opening remarks.

Brad Corson

Thanks, Dave. Good morning, everybody, and Happy New Year. Welcome to our fourth quarter earnings call. I hope you're all doing well and your New Year is off to a good start. As we close out 2022 reporting, I'm pleased to share another very strong quarter for Imperial in what has been a standout year for us, both financially and operationally.

Our Downstream continued to deliver exceptional operating and financial performance in the fourth quarter, while Kearl tied a quarterly production record, and Cold Lake and Syncrude continued to deliver strong production results as well. It's especially satisfying to see this level of operating performance in a year where commodity prices were so supportive, which in-turn allowed us to maximize value for our shareholders.