Imperial announces second quarter 2022 financial and operating results
Imperial reported estimated net income in the second quarter of $2,409 million, up from $1,173 million in the first quarter of 2022, driven by continued strong market conditions and improved operating performance. Cash flow from operating activities was $2,682 million up from $1,914 million in the first quarter of 2022.
Quarterly net income of $2,409 million and cash flow from operating activities of $2,682 million
Upstream production of 413,000 gross oil equivalent barrels per day, highest second quarter in over 30 years
Sustained strong Downstream operating performance with quarterly refinery capacity utilization of 96%, fourth consecutive quarter above 90%
Returned over $2.7 billion to shareholders in the quarter through dividends and successful completion of the company’s $2.5 billion substantial issuer bid program
Renewed annual normal course issuer bid to purchase up to an additional 5% of outstanding shares, with plans to accelerate completion of the program by the end of October 2022
Declared third quarter dividend of 34 cents per share
Announced the proposed sale of interests in XTO Energy Canada for a total cash consideration of $1.9 billion ($940 million Imperial’s share), further focusing the company’s Upstream portfolio on long-life, low-decline oil sands assets
Released annual Advancing Climate Solutions report, outlining the company’s progress and ongoing commitment to lowering greenhouse gas emissions
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