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Imperial Oil Ltd - Q2-2021 Earnings, Price Target Update

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Imperial Oil (IMO-TSX) is Canada's second-largest integrated oil company next to Suncor Energy Inc. (SU). Exxon Mobil Corp.(XOM-NYSE), owns 69.6% of Canadian based Imperial Oil. Imperial integrated business model includes Upstream, Downstream and Chemical segments. The upstream segment contributes approximately 30% of earnings, Downstream at 65% and Chemical processing 5%. Imperial Oil had assets of $38B at Dec-31-2020 compared to $42.2B at Dec-31-2019 and $38.9B at Jun-30-2021. Annual revenues for 2019 were $34B, $24.4B for 2020 and forecast at $31B for 2021. Exxon Mobil had assets of $337.3B as if Jun-30-2021 and forecast annual revenues of $260B for 2021.

Upstream assets are composed of mainly long life oil sands reserves including Kearl, Syncrude and Cold Lake projects. Kearl and Cold Lake each contribute about 40% of production, Syncrude – 20%. Kearl is 71% owned, Syncrude -25% and Cold Lake is 100% owned. Kearl and Cold Lake contribute about 80% of production priced based on the WCS benchmark, Syncrude prices are tied to WTI. They have a 50% interest of 650,000 acres of the Duvernay and Montney fields.

The Downstream segment serves predominantly Canadian markets with refining, logistics and marketing assets. This segment is comprised of three refineries, Strathcona in Alberta, Nanitcoke and Sarnia in Ontario with aggregate distillation capacity of 423,000 barrels per day. Refining margins are driven by differences in commodity prices and are a function of the difference between what a refinery pays for its raw materials (primarily crude oil) and the market prices for the range of products produced (primarily gasoline, heating oil, diesel oil, jet fuel and fuel oil).Total reserves as of Dec-31-2021 were 6B boe(p+p)

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