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Friday, Oct. 30, 2015  

Imperial earns $479 million in third quarter of 2015

Calgary, October 30, 2015

  • Upstream production up 26 percent, highest quarterly total in more than a decade
  • Cost management activities deliver year-to-date savings of $1.1 billion
  • Cash generation exceeds capital requirements and dividends by more than $300 million

Third quarter

    Nine months    
(millions of dollars, unless noted) 2015 2014 % 2015 2014 %
Net income (U.S. GAAP) 479 936 (49) 1,020 3,114 (67)
Net income per common share - assuming dilution (dollars) 0.56 1.10 (49) 1.20 3.66 (67)
Capital and exploration expenditures  1,142 1,434 (20) 3,011 4,066 (26)

Imperial’s third quarter performance reflects our priorities: focusing on base business operating fundamentals, realizing the full value of recent upstream growth investments, and delivering significant cost reductions in a challenging business environment.

“Results highlight our ability to successfully execute our long-term upstream growth strategy while also being responsive to the current commodity price environment," said Rich Kruger, chairman, president and chief executive officer. "This year is about delivering unprecedented upstream growth that will add value for decades to come. At the same time, we have reduced operating and capital costs by more than one billion dollars, relative to earlier plans, to strengthen our business and improve resiliency in the current business environment."

The company is achieving these cost reductions through increased selectivity in new capital investments, sharpened scrutiny of all operating expenditures and ongoing engagement with suppliers and contractors to improve efficiency and productivity.

“Most notably, upstream unit cash costs in the quarter were nearly 25 percent lower than our 2014 annual average,” Kruger said.

Additional highlights in the quarter include, production averaging 386,000 gross oil-equivalent barrels per day, up 12 percent, or 42,000 barrels per day from the second quarter of 2015 and up 26 percent, or 79,000 barrels per day, from the third quarter of 2014. Earnings in the quarter were $479 million, or $0.56 per share, a decrease of 49 percent compared with the corresponding period in 2014, driven by lower global crude prices. Strong downstream and chemical financial performance continues to underscore the value of Imperial's integrated business model. Cash flow from operating activities was $1,104 million, or $1.30 per share, and exceeded capital requirements and dividend outlays by more than $300 million.

Click here to read our interim report news release.

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada’s energy resources. As Canada’s largest petroleum refiner, a major producer of crude oil and natural gas, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.