Full-year earnings and cash flow
Net income totalled $2,314 million, up $1,824 million from 2017. Cash flow generated from operating activities was $3,922 million, up $1,159 million from 2017.
The strong financial and operating results achieved in 2018 enabled the company to return more than $2.5 billion to shareholders through an increased share purchase program and our 24th consecutive year of dividend growth.
Capital and exploration expenditures
Capital and exploration expenditures totalled $1,427 million. In 2019, capital expenditures are expected to range between $2.3 billion to $2.4 billion, including about $800 million associated with the Aspen in-situ project.
Best-ever downstream earnings
The company’s downstream business earned more than $2.3 billion in 2018, a best-ever result excluding 2016 which reflected significant gains from asset sales. During the year, multiple actions were taken to strengthen the business, including capturing margin benefits associated with western Canadian crude price discounts.
Refinery throughput averaged 392,000 barrels per day, up 9,000 barrels per day from 2017.
Learn more about our refining business.
Chemical net income totalled $275 million, the second best in company history, up $40 million from 2017.
Learn more about our chemical products.
Gross oil-equivalent production averaged 383,000 barrels per day, up 8,000 barrels per day from 2017.
Learn more about our upstream operations.
Kearl production record
The focus on reliability led to record annual gross production at Kearl of 206,000 barrels per day (146,000 barrels Imperial’s share). Kearl production was notably strong in the second half of 2018 averaging 230,000 barrels per day (164,000 barrels Imperial’s share) up from 181,000 barrels per day in the first half. Imperial is currently investing to increase the annual average gross production at Kearl to 240,000 barrels per day in 2020.
Learn more about Kearl.