Imperial Oil Limited (IMO) Q2 2022 Earnings Call Transcript

For the period ending June 30, 2022

July 29, 2022 11:00 a.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Good day, and thank you for standing by. Welcome to the Imperial Oil's Second Quarter 2022 Earnings Conference Call [Operator Instructions]. Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, David Hughes, Vice President, Investor Relations. Please go ahead.

David Hughes

Thank you, Michelle. Good morning, everybody. Welcome to our second quarter earnings conference call. I'm joined this morning by Imperial's senior management team, including Brad Corson, Chairman, President and CEO; and 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; and Jon Wetmore, Vice President of the Downstream. Today's comments include reference to non-GAAP financial measures. The definitions and reconciliations of these measures can be found in Attachment six of our most recent press release and are available on our Web site 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 second 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 Web site. So I would ask you to refer to those. Brad is going to start with some opening remarks and then hand it over to Dan, who's going to provide a financial update and then Brad will provide an operations update. Once that's done, we'll follow with the Q&A session. So with that, I'll turn it over to Brad for his opening remarks.

Brad Corson

Thanks, Dave. Well, good morning, everybody, and welcome to our second quarter earnings call. I hope you're all doing well. After a challenging start to 2022 with some significant weather impacts, I'm very pleased to say that our operations returned to normal in the second quarter, which underpinned the outstanding results that we reported earlier today. The high price environment continued through the quarter and the focus we put on reliability and strong operating performance allowed us to take advantage of this environment. I think it's also important to note that this performance comes when Canadians need it most, as global challenges have resulted in supply disruptions and subsequent price escalations. With our strong operational performance, we are doing everything we can to increase production and ensure a stable ongoing supply of the products that fuel our day-to-day lives. These economic conditions have so far continued into the third quarter. And with all of our major planned downtime for our operated assets behind us for the year, we remain well positioned to continue to maximize our production in a very tight environment.