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Imperial Calgary , July 30 , 2021 • Q2 News Release TSE : IMO , NYSE American : IMO Imperial announces second quarter 2021 financial and operating results Second quarter earnings of $ 366 million with cash flow from operating activities of $ 852 million Successfully completed significant planned turnaround activities at Kearl , Syncrude and Strathcona • • Highest second quarter production in over 25 years driven by record production at Kearl • • • • Accelerating plans to extend intervals between planned turnarounds at Kearl , eliminating need for second annual turnaround beginning in 2021 2021 total gross production guidance increased by 10,000 barrels per day at Kearl and by 5,000 barrels per day at Cold Lake driven by sustained strong performance Highest Chemical quarterly net income in over 30 years Returned over $ 1.3 billion to shareholders through dividends and repurchase of 4 % of outstanding shares • Renewed share purchase program to repurchase up to an additional 5 % of outstanding shares . Announced the launch of the Oil Sands Pathways to Net Zero industry alliance Second quarter millions of Canadian dollars , unless noted Net income ( loss ) ( U.S. GAAP ) 2021 2020 366 Δ 2021 ( 526 ) +892 Net income ( loss ) per common share , assuming dilution ( dollars ) Capital and exploration expenditures 0.50 ( 0.72 ) +1.22 259 207 +52 758 1.04 422 Six months 2020 ( 714 ) +1,472 ( 0.97 ) +2.01 A 538 -116 Imperial reported estimated net income in the second quarter of $ 366 million and cash flow from operating activities of $ 852 million , down from net income of $ 392 million and cash flow from operating activities of $ 1,045 million in the first quarter of 2021. Second quarter results reflect continued strong reliability and improved crude prices , while being impacted by the execution of significant planned turnaround activity , weaker realized margins in the Downstream and foreign exchange rates . " The decisive actions Imperial took throughout the pandemic to accelerate structural business improvements have enabled the company to recover strongly and generate over $ 1.8 billion in cash flow from operating activities year - to - date , while also completing significant turnaround activity in the second quarter , " said Brad Corson , chairman , president and chief executive officer . " Imperial has significant momentum entering the second half of the year and is well positioned to continue delivering on its commitments . ” Upstream production for the second quarter averaged 401,000 gross oil - equivalent barrels per day , the highest second quarter production in over 25 years . Kearl quarterly total gross production averaged 255,000 barrels per day , achieving its second highest ever quarterly production while also executing a major planned turnaround . Subsequent to the successful completion of this turnaround , Kearl established a new single- month production record of 311,000 total gross barrels per day in June , surpassing its prior single - month record by 10,000 total gross barrels per day . At Cold Lake , the continued focus on production optimization and reliability improvements supported another strong quarter of production , averaging 142,000 gross barrels per day . 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