Imperial announces first quarter 2022 financial and operating results
- Highest first quarter net income in over 30 years of $1,173 million with Upstream income of $782 million and Downstream income of $389 million, driven primarily by strong market conditions
- Highest first quarter cash flow from operating activities in over 30 years of $1,914 million, with free cash flow¹ of $1,635 million
- Upstream production of 380,000 barrels per day, impacted by extreme cold weather and unplanned downtime at Kearl
- Downstream quarterly refinery capacity utilization of 93%, third consecutive quarter above 90%
- Completed construction of the Sarnia Products Pipeline providing enhanced access to the high-value Toronto market and reducing transportation costs
- Declared second quarter dividend of 34 cents per share
- Announced intention to initiate a substantial issuer bid to purchase up to $2.5 billion of its common shares