6 unchanged sentences
In Canada, it is a major producer of crude oil, the largest petroleum refiner, a leading marketer of petroleum products, and a major producer of petrochemicals.
−Removed: The company also pursues lower-emission business opportunities including carbon capture and storage, hydrogen and lower-emission fuels.
+Added: The company also pursues lower-emission business opportunities including carbon capture and storage, hydrogen, lower-emission fuels, and lithium.
The company’s operations are conducted in three main segments:
20 unchanged sentences
NGL proved reserves are not material and are therefore included under liquids.
−Removed: The estimation of proved reserve volumes, which is based on the requirement of reasonable certainty, is an ongoing process based on rigorous technical evaluations, commercial and market assessments, detailed analysis of well information such as flow rates and reservoir pressures, and development and production costs, and other factors.
+Added: The estimation of proved reserve volumes, which is based on the requirement of reasonable certainty, is an ongoing process based on rigorous technical evaluations, commercial and market assessments, detailed analysis of reservoir and well performance, development and production costs, and other factors.
Furthermore, the company only records proved reserves for projects which have received significant funding commitments by management made toward the development of the reserves.
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Securities and Exchange Commission rules and regulations, review of annual changes in reserves estimates and the reporting of the company’s proved reserves.
−Removed: This group also maintains the official reserves estimates for Imperial’s proved reserves.
+Added: This group also maintains the official reserves estimates for the company’s proved reserves.
In addition, this group provides training to personnel involved in the reserve estimation and reporting processes within Imperial.
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This compared to 218 million oil-equivalent barrels of proved undeveloped reserves reported at the end of 2023.
−Removed: The decrease of 22 million oil-equivalent barrels of proved undeveloped reserves is mainly attributed to the migration of Cold Lake proved undeveloped reserves to proved developed reserves following infill development drilling and the start-up of the Grand Rapids Phase 1 project.
+Added: The increase of 9 million oil-equivalent barrels of proved undeveloped reserves is mainly attributed to full funding of Cold Lake infill drilling, partially offset by Cold Lake infill start-ups.
As at December 31, 2024 there were no proved undeveloped reserves that have remained undeveloped for five years or more.
20 unchanged sentences
All reported production volumes were from Canada and are calculated at a pressure base of 14.73 pounds per square inch absolute at 60 degrees Fahrenheit.
−Removed: Reference is made to the portion of the "Financial section" entitled "Management’s discussion and analysis of financial condition and results of operations" of this report for a narrative discussion on the material changes.
millions of cubic feet per day (a) 2024 2023 2022
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(a) Liquids include crude oil, condensate and NGLs.
+Added: In 2024, Imperial's average Canadian dollar realization for bitumen increased, primarily driven by the narrowing of the Western Texas Intermediate (WTI)/Western Canada Select (WCS) spread and lower diluent costs, partially offset by lower WTI.
+Added: The company's average Canadian dollar realizations for synthetic crude oil decreased, primarily driven by a weaker Synthetic/WTI spread and lower WTI.
In 2023, Imperial’s average Canadian dollar realization for bitumen decreased generally in line with Western Canada Select (WCS).
The company's average Canadian dollar realizations for synthetic crude oil decreased generally in line with West Texas Intermediate (WTI), adjusted for changes in exchange rates and transportation costs and reflect a premium over WTI driven by supply and demand.
−Removed: In 2022, Imperial’s average Canadian dollar realization for bitumen increased generally in line with Western Canada Select (WCS).
−Removed: The company’s average Canadian dollar realizations for synthetic crude oil increased generally in line with West Texas Intermediate (WTI), adjusted for changes in exchange rates and transportation costs and reflect a premium over WTI driven by supply and demand.
Average unit production costs
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(a) Includes liquids, bitumen, synthetic crude oil and natural gas.
+Added: In 2024, bitumen unit production costs decreased, primarily driven by lower energy costs, higher Cold Lake production due to Grand Rapids, and higher Kearl production due to improved mine fleet productivity and optimized turnaround.
+Added: In 2024, synthetic crude oil unit production costs decreased, primarily driven by lower upgrading costs and lower energy costs.
In 2023, bitumen unit production costs decreased, primarily driven by lower energy costs and higher Kearl production due to improved reliability, plant capacity utilization, and mine equipment productivity.
In 2023, synthetic crude oil unit production costs decreased, primarily driven by higher net production.
−Removed: In 2022, bitumen unit production costs increased, primarily driven by higher energy costs.
−Removed: In 2022, synthetic crude oil unit production costs increased, primarily driven by higher energy costs.
Drilling and other exploratory and development activities
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To maintain production at Cold Lake, capital expenditures for additional production wells and associated facilities are required periodically.
−Removed: In 2023, additional wells were drilled on existing phases, as well as development drilling to add productive capacity.
+Added: In 2024, additional development wells were drilled to add productive capacity.
In 2025, a development drilling program is planned within the approved development area to add productive capacity.
−Removed: Additionally, in 2022, the company approved the budget for the Leming Steam-Assisted Gravity Drainage (SAGD) project that will re-develop the original pilot area of the Cold Lake field, with development activities having commenced in 2023 and start-up planned in 2025.
−Removed: In August 2018, Imperial received regulatory approval from the Alberta Energy Regulator for an expansion project at Cold Lake to develop the Grand Rapids interval using Solvent Assisted - Steam Assisted Gravity Drainage (SA-SAGD) technology, capable of producing 50,000 barrels per day before royalties.
+Added: In August 2018, Imperial received regulatory approval from the Alberta Energy Regulator (AER) for an expansion project at Cold Lake to develop the Grand Rapids interval using Solvent Assisted - Steam Assisted Gravity Drainage (SA-SAGD) technology, capable of producing 50,000 barrels per day before royalties.
The company is developing the Grand Rapids reservoir through capital-efficient investments that make use of available steam capacity from existing plants, with the initial phase of Grand Rapids development planned as an extension from the Nabiye plant.
In April 2022, the Grand Rapids Phase 1 (GRP1) project was approved by the company's board with a forecasted average production of 15,000 barrels per day before royalties.
−Removed: The initial steam injection phase started in December 2023 and is expected to last until the end of the first quarter of 2024, with production ramping up over the following months.
+Added: The initial steam injection phase at Grand Rapids started in December 2023 and first oil production was achieved in May 2024.
+Added: Additionally, in 2022, the company approved the budget for the Leming Steam-Assisted Gravity Drainage (SAGD) project that will re-develop the original pilot area of the Cold Lake field, with development activities having commenced in 2023 and start-up planned in 2025.
The company also conducts experimental pilot operations to improve recovery of bitumen from wells by means of new drilling, production or recovery techniques.
Aspen and other in-situ oil sands activities
−Removed: In October 2018, the company received regulatory approval for the Aspen SA-SAGD project from the Alberta Energy Regulator.
+Added: In October 2018, the company received regulatory approval for the Aspen SA-SAGD project from the AER.
Development was proposed to occur in two phases, each producing about 75,000 barrels per day, before royalties.
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Aspen’s project pace will continue to be evaluated and remains an important opportunity for Imperial.
−Removed: The Enhanced Bitumen Recovery Technology (EBRT) field pilot on the Aspen lease received funding approval in 2023, with development work underway for pilot startup by 2027.
−Removed: The pilot will test technology that has the potential to deliver higher bitumen production rates and lower greenhouse gas emissions as compared to industry average SAGD operations.
−Removed: Work progresses on technical and technology evaluations to support potential Clarke Creek, Corner, Clyden and Chard in-situ development regulatory applications.
+Added: The Enhanced Bitumen Recovery Technology (EBRT) field pilot on the Aspen lease received funding approval in 2023, with development work underway for pilot start-up anticipated by 2027.
+Added: The pilot will test technology that has the potential to deliver higher bitumen production rates compared to industry average SAGD operations.
+Added: Work progresses on technical and technology evaluations to support potential future Clarke Creek, Corner, Clyden and Chard in-situ development regulatory applications.
The company also has interests in other oil sands leases in the Athabasca region of northern Alberta.
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The product, a blend of bitumen and diluent, is typically shipped to the company’s refineries, Exxon Mobil Corporation refineries and to other third parties.
−Removed: Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportation by pipeline and rail.
+Added: Diluent is natural gas condensate or other light hydrocarbons added to the crude bitumen to facilitate transportation.
During 2024, the company’s share of Kearl’s net bitumen production was about 186,000 barrels per day and gross production was about 200,000 barrels per day.
−Removed: Total gross production for Kearl was about 270,000 barrels per day (191,000 barrels Imperial’s share), up 28,000 barrels per day (19,000 barrels Imperial's share) compared to 2022, as a result of improved reliability, plant capacity utilization, and mine equipment productivity.
−Removed: In 2023, Kearl completed its multiyear program to convert its 81 haul trucks to autonomous operation.
−Removed: Imperial is now one of the largest autonomous mine fleet operators in the world and continues to capture productivity improvements while also reducing costs and further enhancing operational safety.
−Removed: In 2023, the company successfully completed its multiyear program to install six Boiler Flue Gas units.
−Removed: This technology recovers waste heat from a boiler’s combustion exhaust to preheat process water and reduce greenhouse gas emissions.
+Added: Total gross production for Kearl was about 281,000 barrels per day (200,000 barrels Imperial’s share), which is an increase of about 11,000 barrels per day (9,000 barrels Imperial's share) compared to 2023 , as a result of improved mine fleet productivity and optimized turnaround.
Cold Lake is an in-situ heavy oil bitumen operation.
1 unchanged sentence
In 2024, net bitumen production at Cold Lake was about 113,000 barrels per day.
−Removed: The gross production was about 135,000 barrels per day, which is a decrease of about 9,000 barrels per day compared to 2022.
−Removed: Cold Lake continues to utilize its commercial application of Liquid Addition to Steam f or Enhanced Recovery (LASER), with the technology now being applied to approximately 15 percent of production, resulting in reduced greenhouse gas emissions compared to traditional Cyclic Steam Stimulation (CSS) technology.
−Removed: Grand Rapids Phase 1 (GRP1) will be the first SA-SAGD project in the industry and is expected to reduce greenhouse gas emissions intensity by up to 40 percent compared to existing CSS technology.
−Removed: The initial steam injection phase started in December 2023 and is expected to last until the end of the first quarter of 2024, with production ramping up over the following months.
+Added: The gross production was about 148,000 barrels per day, which is an increase of about 13,000 barrels per day compared to 2023, primarily driven by Grand Rapids.
+Added: Cold Lake continues to utilize its commercial application of Liquid Addition to Steam f or Enhanced Recovery (LASER), with the technology being applied to approximately 15 percent of production.
Syncrude is a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract crude bitumen, and then upgrade it to produce a high-quality, light (32 degrees API), sweet, synthetic crude oil.
52 unchanged sentences
The company also has about 68,000 net acres of undeveloped, mineable oil sands acreage in the Athabasca region.
−Removed: In addition, the company has interests in other bitumen oil sands leases in the Athabasca areas totalling about 173,000 net acres, which include about 62,000 net acres of oil sands leases in the Clyden area, about 34,000 net acres of oil sands leases in the Aspen area, about 30,000 net acres of oil sands leases in the Corner area, about 29,000 net acres in the Clarke Creek area and about 18,000 net acres in the Chard area.
+Added: In addition, the company has interests in other bitumen oil sands leases in the Athabasca areas totalling about 171,000 net acres, which include about 62,000 net acres of oil sands leases in the Clyden area, about 34,000 net acres of oil sands leases in the Aspen area, about 29,000 net acres in the Clarke Creek area, about 28,000 net acres of oil sands leases in the Corner area, and about 18,000 net acres in the Chard area.
The 171,000 net acres are suitable for in-situ recovery techniques.
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Transportation
−Removed: The company currently transports its crude oil production and third-party crude oil required to supply refineries by contracted pipelines, common carrier pipelines and rail.
−Removed: The company has rail infrastructure to mitigate pipeline capacity constraints.
+Added: The company currently transports its crude oil production and third-party crude oil required to supply refineries by contracted or common carrier pipelines.
The company owns and operates three refineries, which process predominantly Canadian crude oil.
13 unchanged sentences
(b) Refining capacity data is based on 100 percent of rated refinery process unit stream-day capacities to process inputs to atmospheric distillation units under normal operating conditions, less the impact of shutdowns for regular repair and maintenance activities, averaged over an extended period of time.
−Removed: Lower refinery throughput in 2023 primarily reflects the impact of planned turnaround activities at Strathcona and Sarnia refineries.
−Removed: Improved refinery throughput in 2022 was primarily driven by increased demand and reduced turnaround activity.
+Added: Lower refinery throughput in 2024 reflected the impact of planned turnaround activities at Nanticoke, Sarnia and Strathcona refineries.
+Added: Lower refinery throughput in 2023 primarily reflected the impact of planned turnaround activities at Strathcona and Sarnia refineries.
The company maintains a nationwide distribution system to move petroleum products to market by pipeline, tanker, rail and road transport.
9 unchanged sentences
Heating, diesel and jet fuels 175 176 176
−Removed: Lube oils and other products 43 47 45
+Added: Lube oils and other products (a)
Heavy fuel oils 22 24 23
Net petroleum product sales 466 471 475
−Removed: In 2023, lower petroleum product sales were primarily driven by lower wholesale customer volume.
−Removed: In 2022, improved petroleum product sales primarily reflects increased demand.
−Removed: The company’s Chemical operations manufacture and market benzene, aromatic and aliphatic solvents, plasticizer intermediates, polyethylene resin, and markets refinery grade propylene.
+Added: (a) In 2024, benzene and aromatic solvent sales are reported under Petroleum product sales - Lube oils and other products, whereas in 2023, they were reported under Petrochemical sales.
+Added: The company has determined that the impact of this change is not material;
+Added: therefore, the comparative periods have not been recast.
+Added: The company’s Chemical operations manufacture and market aliphatic solvents, plasticizer intermediates, polyethylene resin, and markets refinery grade propylene.
Its petrochemical and polyethylene manufacturing operations are located in Sarnia, Ontario, adjacent to the company’s petroleum refinery.
1 unchanged sentence
thousands of tonnes 2024 2023 2022
−Removed: Total petrochemical sales 820 842 831
+Added: Total petrochemical sales (a)
+Added: (a) In 2024, benzene and aromatic solvent sales are reported under Petroleum product sales - Lube oils and other products, whereas in 2023, they were reported under Petrochemical sales.
+Added: The company has determined that the impact of this change is not material;
+Added: therefore, the comparative periods have not been recast.
+Added: In 2024, sales volumes decreased primarily due to the reclassification of benzene and aromatic solvent sales.
In 2023, sales volumes decreased primarily due to planned maintenance activities.
−Removed: In 2022, sales volumes increased primarily due to higher sales of propylene and polyethylene, partially offset by lower intermediates.
Delivery commitments
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Approval of large energy projects may be impacted by the environmental assessment framework under Canada's Impact Assessment Act (IAA).
−Removed: The IAA includes broader consideration for social, health, and gender-based impacts, the impact on Canada’s climate change commitments (including a requirement under the Strategic Assessment for Climate Change to provide a credible plan for the project to deliver net-zero greenhouse gas emissions by 2050), reliance on strategic and regional assessments and adjusted regulatory review timelines.
+Added: The IAA includes broader consideration for social, health, economic and gender-based impacts, the impact on Canada’s climate change commitments (including a requirement under the Strategic Assessment for Climate Change to provide a credible plan for the project to deliver net-zero greenhouse gas emissions by 2050), reliance on strategic and regional assessments and adjusted regulatory review timelines.
In October 2023, the Supreme Court of Canada ruled that the new federal assessment scheme was unconstitutional in part.
−Removed: Legislative and regulatory amendments have yet to be made to address this decision.
−Removed: The impact of this legislation and its expected amendments is not fully apparent, but it may impact the cost, manner, duration and ability to advance large energy projects and project expansions.
+Added: In November 2024, Alberta referred the constitutionality of the amended Impact Assessment Act to the Court of Appeal of Alberta.
+Added: The impact of this legislation is not fully apparent, but it may impact the cost, manner, duration and ability to advance large energy projects and project expansions.
Environmental protection
2 unchanged sentences
These requirements cover the management and monitoring of potential environmental impacts during active operations, including practices for land disturbance, wildlife protection, specifications for equipment operation and material storage and limitations on discharges to the environment.
−Removed: It also includes conducting environmental surveys and collecting continuous operational measurements and sampling to confirm that environmental practices are adequately protecting the environment.
+Added: It also includes conducting environmental surveys and collecting operational measurements and sampling to confirm that practices are adequately protecting the environment.
These regulations also specify the actions and requirements for final reclamation, abandonment and closure of facilities.
4 unchanged sentences
Imperial takes new and ongoing measures throughout its operations each year to prevent and minimize the impact of its operations on air, land and water.
−Removed: These include significant investments in refining infrastructure and technology to manufacture clean fuels, continued evaluation and implementation of new technologies to reduce greenhouse gas emissions, adherence to federal and provincial greenhouse gas emissions reduction and reporting programs, enhanced water and land management, and expenditures for asset retirement obligations.
+Added: These include significant investments in refining infrastructure and technology to manufacture fuels, continued evaluation and implementation of technologies and products to reduce greenhouse gas emissions, adherence to federal and provincial greenhouse gas emissions reduction and reporting programs, enhanced water and land management, and expenditures for asset retirement obligations.
In the past five years, the company has made capital and operating expenditures of about $6.9 billion on environmental protection and facilities.
−Removed: In 2023, the company’s environmental capital and operating expenditures totalled approximately $1.7 billion, which was spent primarily on activities to protect the air, land and water, including remediation projects.
+Added: In 2024, the company’s environmental capital and operating expenditures totalled approximately $2.1 billion, which was spent primarily on activities to protect the water, air and land, including remediation projects.
Environmental expenditures are expected to increase to approximately $2.6 billion in 2025, with capital expenditures expected
25 unchanged sentences
The Competition Bureau is responsible for the administration and enforcement of the Competition Act (the Act).
−Removed: A merger transaction, whether or not notifiable, is subject to examination by the Commissioner of the Competition Bureau to determine whether the merger will have, or is likely to have, the effect of preventing or lessening substantially competition in a definable market.
+Added: A merger transaction, whether or not notifiable, is subject to examination by the Competition Bureau to determine whether the merger will have, or is likely to have, the effect of preventing or lessening substantially competition in a definable market.
The assessment of the competitive effects of a merger is made with reference to the factors identified under the Act.
−Removed: An Advance Ruling Certificate (ARC) may be issued by the Commissioner to a party or parties to a proposed merger transaction who want to be assured that the transaction will not give rise to proceedings under section 92 of the Act.
−Removed: An ARC may be issued when the Commissioner is satisfied that there would not be sufficient grounds on which to apply to the Competition Tribunal for an order against a proposed merger.
−Removed: The issuance of an ARC is discretionary.
−Removed: An ARC cannot be issued for a transaction that has been completed, nor does an ARC ensure approval of the transaction by any agency other than the Competition Bureau.
+Added: The Act also provides that a dominant firm (or a firm that is jointly dominant with others) can face possible prohibition orders if it engages in conduct that is intentionally anti-competitive, or if its conduct has prevented or lessened competition substantially (or is likely to do so) in a market in which it has an interest.
+Added: If such a firm engaged in intentionally anti-competitive acts that resulted in a substantial prevention or lessening of competition, then the firm may be subject to administrative monetary penalties and monetary awards to persons affected, and if a prohibition order is not likely to restore competition in that market the firm may be subject to an alternative or additional remedial order to overcome the effects of the practice, including the divestiture of assets or shares.
The company online
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.