The earnings call presented a strong performance with record-breaking production figures and financial results, particularly in the Upstream segment, alongside a significant dividend increase. However, challenges were noted in the Downstream margins and Chemical earnings. Despite these challenges, the highlights significantly outweigh the lowlights, indicating a strong overall performance.

Company Guidance

During the Imperial Oil Fourth Quarter 2024 Earnings Call, several key metrics and guidance were discussed. The company reported fourth-quarter earnings of $1.225 billion and cash from operating activities of $1.650 billion, excluding working capital impacts. For the full year, earnings totaled $4.790 billion, with earnings per share reaching $9.03. Upstream production achieved a record high for the fourth quarter over the past 30 years at 460,000 oil-equivalent barrels per day. Kearl's annual production exceeded 280,000 barrels per day, marking its highest ever, while Cold Lake's production was boosted by new Grand Rapids wells. Downstream operations saw a refinery utilization rate of 95% for the fourth quarter and 92% for the full year. The company returned $3.9 billion to shareholders in 2024 and announced a 20% increase in the quarterly dividend to $0.72 per share, the largest nominal increase in its history. Looking forward, Imperial Oil is focused on further reducing unit cash costs and increasing production volumes as it enters 2025.

Record-Breaking Upstream Production

Achieved the highest fourth quarter production in the past 30 years at 460,000 barrels per day, with annual production at 433,000 barrels per day, marking a 5% increase compared to 2023.

Strong Financial Performance

Earnings for the quarter were $1.225 billion, with cash from operating activities of $1.650 billion, and a full year earnings of $4.790 billion. Also achieved the second highest earnings per share of $9.03.

Significant Dividend Increase

Declared a dividend increase of $0.12 per share, a 20% increase, marking the largest nominal dividend increase in company history.

Kearl Production Milestone

Kearl achieved its highest ever annual production, exceeding 280,000 barrels per day, with a 35% growth over the past five years.

Downstream Operational Excellence

Refinery throughput averaged 411,000 barrels per day, achieving a utilization rate of 95%. For the year, a full utilization rate of 92% was achieved, meeting the top end of 2024 guidance.

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Imperial Oil (TSE:IMO) Earnings, Revenues Date & History

The upcoming earnings date is based on a company’s previous reporting, and may be updated when the actual date is announced

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TSE:IMO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 02, 2025	2025 (Q1)	2.19 / -	2.23	―	―	―
Jan 31, 2025	2024 (Q4)	2.07 / 2.37	2.47	-4.05% (-0.10)	―
Nov 01, 2024	2024 (Q3)	2.06 / 2.33	2.76	-15.58% (-0.43)	―
Aug 02, 2024	2024 (Q2)	1.96 / 2.11	1.15	83.48% (+0.96)	―
Apr 26, 2024	2024 (Q1)	2.08 / 2.23	2.13	4.69% (+0.10)	―
Feb 02, 2024	2023 (Q4)	2.12 / 2.47	2.828	-12.66% (-0.36)	―
Oct 27, 2023	2023 (Q3)	2.56 / 2.76	2.908	-5.09% (-0.15)	―
Jul 28, 2023	2023 (Q2)	1.11 / 1.15	3.63	-68.32% (-2.48)	―
Apr 28, 2023	2023 (Q1)	1.93 / 2.13	1.75	21.71% (+0.38)	―
Jan 31, 2023	2022 (Q4)	2.56 / 2.83	1.18	139.66% (+1.65)	―

The table shows recent earnings report dates and whether the forecast was beat or missed. See the change in forecast and EPS from the previous year.

Beat

Missed

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TSE:IMO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 31, 2025	C$103.49	C$96.67	-6.59%
Nov 01, 2024	C$103.30	C$98.00	-5.13%
Aug 02, 2024	C$94.82	C$93.38	-1.52%
Apr 26, 2024	C$95.61	C$94.82	-0.82%

Earnings announcements can affect a stock’s price. This table shows the stock's price the day before and the day after recent earnings reports, including the percentage change.

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