Financial PerformanceImperial Oil delivered stronger-than-expected financial results, with upstream production expected to ramp up supported by optimization and start-up projects.
Operational EfficiencyImperial has reduced operating costs at Kearl and Cold Lake by US$9/bbl and US$5/bbl, respectively, since 2022, and initiatives at both assets can yield further cost reductions.
Shareholder ReturnsImperial has been returning almost 100% of its free cash flow to shareholders since 2022, which is a theme expected to continue.