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 (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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IMO Earnings History

Report Date	Fiscal Quarter	Forecast / EPS	Last Year's EPS	EPS YoY Change	Slides	Play Transcript
May 02, 2025	2025 (Q1)	1.54 / -	1.572	―	―	―
Jan 31, 2025	2024 (Q4)	1.46 / 1.67	1.741	-4.05% (-0.07)	―
Nov 01, 2024	2024 (Q3)	1.45 / 1.64	1.946	-15.58% (-0.30)	―
Aug 02, 2024	2024 (Q2)	1.38 / 1.49	0.811	83.48% (+0.68)	―
Apr 26, 2024	2024 (Q1)	1.46 / 1.57	1.502	4.69% (+0.07)	―
Feb 02, 2024	2023 (Q4)	1.50 / 1.74	1.994	-12.66% (-0.25)	―
Oct 27, 2023	2023 (Q3)	1.80 / 1.95	2.05	-5.09% (-0.10)	―
Jul 28, 2023	2023 (Q2)	0.78 / 0.81	2.559	-68.32% (-1.75)	―
Apr 28, 2023	2023 (Q1)	1.36 / 1.50	1.234	21.71% (+0.27)	―
Jan 31, 2023	2022 (Q4)	1.80 / 1.99	0.832	139.66% (+1.16)	―

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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IMO Earnings-Related Price Changes

Report Date	Price 1 Day Before	Price 1 Day After	Percentage Change
Jan 31, 2025	$71.45	$66.64	-6.73%
Nov 01, 2024	$74.05	$70.31	-5.05%
Aug 02, 2024	$68.29	$67.22	-1.57%
Apr 26, 2024	$69.99	$69.43	-0.80%

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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