A message from Brad Corson, Chairman, President and CEO

To be successful in today’s world, energy providers should find ways to balance energy security, affordability and environmental protection while capturing opportunity in the energy transition.

At Imperial, we’re working to advance innovation and strategic partnerships to help address the significant challenge of supplying energy to the world in an affordable, secure and more sustainable way.

Driving value for our customers, partners and broader stakeholders involves maximizing returns from our integrated assets, ensuring resiliency through the cycle, and continuing our relentless focus on industry-leading balance sheet strength.

It also requires commitment to advancing our sustainability priorities: developing pathways in support of a net-zero future,¹ enabling economic reconciliation and meaningful partnerships with Indigenous communities; protecting water resources and promoting biodiversity; and cultivating a workforce where everyone’s perspectives are valued and people are prepared for tomorrow.

In 2022, we continued our momentum in these areas with the announcement of our company-wide net-zero goal (Scope 1, 2) from assets we operate by 2050 through collaboration with government and other industry partners.¹ We are very proud of our best ever lost-time incident safety record,² continuing our commitment to Nobody Gets Hurt. We also celebrated a record investment in Indigenous business with a cumulative spend of $4.6 billion since 2008.

Regrettably, over the past year, we saw two industrial water incidents occur at our Kearl oil sands operations. On behalf of all of us at Imperial, I am deeply apologetic these incidents happened and that our communications with Indigenous communities did not meet expectations— theirs or our own.

We have and continue to provide all the resources necessary to not only resolve the operational challenges we’ve faced but to work to rebuild trust with our Indigenous partners. The process of rebuilding trust will take time, and it will require listening and learning.

All of us at Imperial have dedicated ourselves to this important journey, including our Board of Directors who visited the Kearl site recently to review our remediation efforts and activities. As we move forward, we intend to apply the lessons we’ve learned across our assets and risk-mitigation systems.

Brad Corson
Chairman, President and CEO

_FOOTNOTES

^{(1) _{Scope 1 and 2}
(2) _{In 2022, Imperial had a total Lost Time Incident Rate (LTIR) of 0.01, matching a best-ever performance from 2016. Our contractor LTIR in 2022 was zero, a best-ever in the company’s recorded history.}}