Meeting proceedings Brad Corson Chairman, President and CEO Ian Laing Corporate Secretary Imperial 2020 3
Election of Auditor PricewaterhouseCoopers LLP Imperial 2020 4
Election of directors David David Brad Krystyna Miranda Jack David Brownell Cornhill Corson Hoeg Hubbs Mintz Sutherland Imperial 2020 5
Chairmans remarks Brad Corson Chairman, President and CEO Imperial 2020 6
Imperials COVID-19 response The health and safety of our workforce and our communities is our top priority Continued operations to ensure supply of energy to Canadians Enhanced cleaning, health screening and PPE at our work sites…
Near-term view current issues Unprecedented demand reduction due to COVID-19 Global oil supply/demand balance mbd US/Bbl 105 80 Near-term global energy demand has decreased dramatically 70 100 Estimates evolving and are highly…
Near-term view - Imperials response Business-critical work continues to ensure essential supply of energy Capital & exploration spending B 2.0 500 million reduction in capital spending Primarily through adjusted pacing of work…
The importance of energy Petroleum products support essential services, produce critical supplies Transportation and power generation Critical to keeping supply chains moving Fuel for emergency vehicles first responders rely on…
Energy and society Access to safe, affordable, reliable and abundant energy critical to human development Human development index New Production Required THE SIZE OF THE CIRCLES DEPICTS RELATIVE SIZE OF POPULATION…
ESG performance of global reserve holders Canada sets the standard among top global reserves holders Yale index - Environmental Social progress index - Social World Bank index - Governance 100 100 100 80 80 80 60 60 60 mining…
ESG at Imperial New Sustainability Report outlines Imperials commitment to responsible growth Environmental Reduced GHG emissions intensity (GHGi) in operated oil sands by more than 20% over the past six years Target to reduce GHGi…
Imperials operations High quality, integrated, balanced, coast-to-coast asset portfolio Kearl mining Distribution network F&L marketing Syncrude mining Strathcona refinery Sarnia refinery Cold Lake in situ Sarnia chemical…
Imperials business model Deliver superior, long-term shareholder value Long-life, competitively advantaged assets Disciplined investment and cost management Value chain integration and synergies High-impact technologies and…
Safety performance Industry-leading performance and commitment to Nobody gets hurt 5-year average incident rate Rate* 0.80 0.60 0.40 2019 0.20 0.00 HSE CNQ CVE SU IMO *2014-2018 Total Recordable Incident Rate =…
2019 results Focus on strengthening performance and returning value to shareholders 398,000 boepd 2,200 million Upstream production Net income 353,000 bpd 4,429 million Refinery throughput Cash from operations 475,000 bpd…
Upstream assets High-quality resource base with over 25-year proved reserves life Production Kearl koebd Mining - PFT 400 71% interest 350 300 Cold Lake Kearl In situ CSS/other 250 100% interest 200 150 Cold Lake Syncrude…
Kearl performance Focused on long-term profitable growth, cost structure, and growing realizations Q1 production kbd Successfully commissioned 2 new crushers 250 Record first quarter production of 226 KBD March production of 248 KBD…
Downstream strength Positioned for continued industry-leading performance High-performing refineries Strong brands and loyalty Advantaged crude and attractive markets High-value sales growth Market-leading scale and integration…
Chemical Integrated petrochemical site produces high-value products used in everyday life Feedstock % 100 Other Cost-advantaged feedstocks Marcellus High-value specialty resins ethane 50 Well located to access customers Added…
Technology and innovation Unparalleled commitment and achievement throughout 140-year history Significant research and development program Two research centers in Canada Ability to leverage ExxonMobil Extensive lab and field…
Digital transformation Productivity enhancement across the portfolio GPSGPS Digital foundation established 2017-2019 Investing in a portfolio of opportunities 3DLaser sensor sensing Autonomous haul program ramping up 500…
Growing value Improving performance and resiliency in lower price environments Annual cash from operations B WTI, US/Bbl 5 70 Cash Flow WTI 60 4 50 3 40 Downstream Upstream 2 & Chemical 30 20 1 10 0 0 2015 2016…
Financial strength Strong balance sheet, optionality and access to financial markets December 31, 2019 debt to capital % 40 1. Maintain strong balance sheet 20 2. Pay reliable and growing dividend 3. Invest in high value…
Shareholder returns Long-standing priority to return cash to shareholders Dividend per share Shares outstanding millions 1.00 900 0.80 850 0.60 800 750 0.40 700 0.20 650 600 0.00 Year-end 2017 2018 2019 Year-end 2009 2014…
Why Imperial Distinct competitive advantages that deliver long-term shareholder value 140 year Canadian High-quality upstream Advantaged downstream Synergies across full history with exceptional assets with significant assets with…
Scrutineers report Ian Laing Corporate Secretary Imperial 2020 30
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