Imperial Oil issues 2025 guidance: upstream production 433–456 kboe/d, capex $1.9–2.1B

IMPERIAL OIL LTD

Upstream production forecast 433k-456k boe/d; Kearl 280k-290k b/d, Cold Lake 150k-160k b/d.
Refinery throughput 405k-415k b/d (94%-96% utilization); turnarounds lighter than 2024.
Strathcona renewable diesel project start-up expected mid-2025.
Targeting Kearl unit cash cost US$18/bbl, Cold Lake US$13/bbl.
Free cash flow profile improved vs. prior outlook; corporate break-even <US$25/bbl WTI.

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