Q2 2024 Imperial Oil Ltd Earnings Call Transcript
Key Points
- Record upstream production with 404,000 gross oil equivalent barrels per day, the highest second-quarter production in 30 years.
- Successful start-up of TMX in May, bringing additional egress capacity for Western Canadian crudes.
- Strong financial performance with earnings per share up over 80% year over year.
- Downstream business performed well despite significant turnaround activity and softening of refinery crack spreads.
- Continued progress on major projects like the Strathcona renewable diesel facility and Grand Rapids Phase 1.
- Second-quarter net income down $62 million from the first quarter of 2024 due to lower margins in the downstream and lower volumes in the upstream.
- Significant planned turnaround activities impacted both upstream and downstream operations.
- Wildfires in Western Canada posed a risk to operations, although no production impacts were reported.
- Downstream earnings of $294 million were down $337 million from the first quarter, mainly reflecting lower refining margins and turnaround impacts.
- Refinery utilization was at 89%, down from the first quarter due to month-long turnarounds at Strathcona and Sarnia.
Good day and welcome to the Imperial Oil second-quarter '24 earnings call. Today's conference is being recorded. At this time, I would like to turn the conference over to Peter Shah, Vice President of Investor Relations.
Good morning, everyone. Welcome to our second quarter earnings conference call. I am joined this morning by Imperial's senior management team, including Brad Corson Chairman, President and CEO; Dan Lyons Senior Vice President, Finance and Administration; Sherri Evers Senior Vice President of Sustainability, Commercial Development and Product Solutions, and Cheryl Gomez-Smith Senior Vice President of the Upstream.
Today's comments include reference to non-GAAP financial measures and the definitions and reconciliations of these measures can be found in attachment six of our most recent press release and are available on our website with a link to today's conference call.
Today's comments may also contain forward-looking information. Any forward looking
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