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Imperial Calgary , April 30 , 2021 Q1 News Release TSE : IMO , NYSE American : IMO Imperial announces first quarter 2021 financial and operating results Net income of $ 392 million in the first quarter of 2021 . • Cash flows from operating activities of over $ 1 billion in the first quarter • Improved financial performance across all business segments compared to the fourth quarter • Highest first quarter Upstream production in 30 years , driven by record gross production at Kearl • Imperial reinstates significant share purchase program with plans to purchase up to four percent of outstanding common shares by June 28 , 2021 Quarterly dividend raised by almost 23 % from 22 cents to 27 cents per share millions of Canadian dollars , unless noted Net Income ( loss ) ( U.S. GAAP ) Net Income ( loss ) per common share , assuming dilution ( dollars ) Capital and exploration expenditures First quarter 2021 2020 A 392 ( 188 ) +580 0.53 ( 0.25 ) +0.78 163 331 -168 Imperial reported estimated net income of $ 392 million for the first quarter of 2021 , driven by improved crude prices , strong operating performance and continued cost discipline across all business segments , and bolstered by improved product and chemical margins compared to the fourth quarter . During the first quarter of 2021 , the company generated cash flow from operating activities of $ 1,045 million , up from $ 423 million in the same period of 2020. Cash flows from operating activities excluding working capital¹ were $ 1,068 million , up from $ 611 million in the same period of 2020 . " Imperial took decisive actions to weather the economic storm throughout 2020 , including making fundamental improvements to its cost structure and continuing to progress key projects to ensure the company was well positioned to take full advantage of market conditions as they began to improve , " said Brad Corson , chairman , president and chief executive officer . " The benefits of this approach underpin our strong performance this quarter . I am extremely proud of our ability to deliver these results while also meeting our commitments to the care of our people , communities , and the environment . " Upstream production for the first quarter averaged 432,000 gross oil - equivalent barrels per day , the highest first quarter production in 30 years . Kearl total gross production averaged 251,000 barrels per day , establishing a new production record for each month of the first quarter . Downstream throughput averaged 364,000 barrels per day in the first quarter , with utilization at 85 percent , up from 359,000 barrels per day in the fourth quarter of 2020. Petroleum product sales were 414,000 barrels per day , compared to 416,000 barrels per day in the fourth quarter of 2020. Despite continuing weak demand , Downstream generated net income of $ 292 million in the first quarter , an increase of $ 186 million from the fourth quarter of 2020 , primarily driven by stronger product margins . non - GAAP measure - See Attachment VI for definition and reconciliation After more than a century , Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada's energy resources . As Canada's largest petroleum refiner , a major producer of crude oil , a key petrochemical producer and a leading fuels marketer from coast to coast , our company remains committed to high standards across all areas of our business . imperialoil.ca .youtube.com / ImperialOil - twitter.com/ImperialOil.linkedin.com/company/Imperial-Oil - facebook.com/ImperialOilLimited