Imperial Oil announced its fourth quarter and full year 2024 financial and operating results, reporting estimated net income of $1,225 million for Q4 2024, and $4,790 million for the full year. Diluted earnings per share were $2.37 for Q4 and $9.03 for the full year, marking a $0.54 increase year-over-year for annual EPS. Cash flows from operating activities for the full year were $5,981 million.
The company achieved its highest annual production in over 30 years, averaging 433,000 gross oil-equivalent barrels per day in 2024. Kearl set a new full-year production record of 281,000 total gross barrels per day, with unit cash costs below the company's target. Cold Lake's Grand Rapids solvent-assisted SAGD production reached 22,000 barrels per day in Q4, exceeding expectations.
Imperial demonstrated a strong commitment to shareholder returns, completing its normal course issuer bid (NCIB) on December 19, 2024, by purchasing the maximum allowable 26,791,840 shares for approximately $2,681 million. Additionally, the company declared a first quarter 2025 dividend of 72 cents per share, representing a significant 20% increase from the prior quarter's 60 cents per share. Construction on the Strathcona renewable diesel facility continued, targeting a mid-2025 start-up.
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