Imperial Oil outlines growth strategy at 2025 Investor Day, targets lower costs and higher production

IMPERIAL OIL LTD

2024 net income $4.8B, cash from ops $6.0B, shareholder returns $3.9B ($1.2B dividends, $2.7B buybacks).
Record Kearl production 281 kbd in 2024; company targets 300+ kbd by 2027 and $18/bbl unit cash costs.
Cold Lake transformation targets 165+ kbd by 2029 with unit cash costs $13/bbl; Grand Rapids SA-SAGD exceeding expectations.
2025-2029 average annual capex ~$1.1B; upstream cash flow resilient at various WTI prices.
Downstream: No.1 Canadian retail market share, 2,600 sites, renewable diesel construction underway.

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