Imperial provides 2023 corporate guidance outlook

Imperial (TSE: IMO, NYSE American: IMO) today provided an update on its corporate guidance outlook for 2023. The company's corporate strategy remains focused on maximizing performance of existing assets and select growth initiatives, while prioritizing shareholder returns and delivering key sustainability initiatives.

Capital spending is forecast at $1.7 billion and includes a planned ramp-up for the Strathcona Renewable Diesel project, application of solvent technologies at Cold Lake and ongoing investment on the in-pit tailings project at the Kearl oil sands facility. Imperial has included approximately $200 million in incremental capital in its 2023 plans predominantly due to accelerating the start-up of the first phase of Cold Lake Grand Rapids by about one year to year-end 2023, as well as adding incremental and accretive rail transportation scope to the planned Strathcona Renewable Diesel project to increase access to high-value markets. A final investment decision for the renewable diesel project is expected in the coming months and will be based on several factors including government support and approvals, market conditions and economic competitiveness.

In the Upstream, production is forecast between 410,000 and 430,000 gross oil equivalent barrels per day, reflecting the sale of the company's interests in XTO Energy Canada. The production outlook is underpinned by planned strong operating performance in the company's core oil sands assets and continued production growth at Kearl. Kearl remains on track to increase production to 280,000 total gross barrels per day by 2024 through reliability and maintenance improvements, debottlenecking and digital initiatives. At Cold Lake, the company is focused on progressing capital-efficient projects, including Grand Rapids and the Leming redevelopment, to sustain and grow production while reducing greenhouse gas intensity through accelerated deployment of new recovery technologies that lower emissions.

In the Downstream, throughput is forecast to be between 395,000 and 405,000 barrels per day with capacity utilization between 92% and 94%, reflecting an increase in planned turnaround activity at the company's Strathcona and Sarnia refineries in 2023. Strategic investments in efficient logistics, reliability and low-carbon product offerings ensure the company remains well positioned to continue maximizing production to provide a stable supply of fuel products to meet Canadian demand.

"Imperial's plans reflect our company's aggressive pursuit of attractive opportunities to reduce emissions, increase production and increase profitability," said Brad Corson, chairman, president and chief executive officer. "Our priority remains to maximize value for our shareholders and the company's fully integrated, high-quality assets position us well to continue delivering on our commitments throughout 2023."

A detailed mid-term outlook is planned for Imperial's investor day on April 19, 2023 in Toronto.

2023 Full-Year Guidance

Canadian dollars, unless noted

Total capital and exploration expenditures $M

1,700

Upstream production boe/d

410,000 - 430,000

Kearl (gross) bbl/d

265,000 - 275,000

Cold Lake bbl/d

135,000 - 140,000

Syncrude bbl/d

75,000 - 80,000

Refinery throughput kbd

395,000 - 405,000

Refinery utilization %

92% - 94%

Production is Imperial share before royalties, except Kearl which is 100% gross basis

2023 Planned Turnarounds

Full-year operating cost, production, crude throughput impacts

Upstream:

2Q: Kearl, 8 kbd, $75M operating cost (IOL share)

3Q: Cold Lake, 2 kbd, $20M operating cost

2Q/3Q: Syncrude Coker, 5 kbd, $70M operating cost

3Q/4Q: Syncrude Hydrotreater, 3 kbd, $25M operating cost

Downstream & Chemical:

2Q: Strathcona refinery, 6 kbd, $120M operating cost

3Q/4Q: Sarnia refinery & chemical plant, 9 kbd, $165M operating cost

Upstream production is Imperial share before royalties

Forward-looking statements

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, forecast, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this report include, but are not limited to, references to Imperial's corporate strategy remaining focused on maximizing existing assets, select growth initiatives, shareholder returns and key sustainability initiatives; anticipated capital and exploration expenditures of $1.7 billion for 2023; the anticipated startup of Cold Lake Grand Rapids Phase 1; a final investment decision for the Strathcona Renewable Diesel project; total Upstream and asset production guidance for 2023, Kearl remaining on track to deliver 280,000 gross barrels per day by 2024; Cold Lake's focus on projects to sustain and grow production and reduce greenhouse gas intensity; Downstream throughput and utilization guidance, and being well positioned to maximize production to provide a stable supply of fuel products; and the cost and impact of 2023 planned turnarounds.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; commodity prices, foreign exchange rates and general market conditions; production rates, growth and mix across various assets; project plans, timing, costs, technical evaluations and capacities and the company's ability to effectively execute on these plans and operate its assets, including Kearl's in-pit tailings project, Cold Lake Grand Rapids and solvent technologies projects, and the Strathcona Renewable Diesel project, and any changes in the scope, terms, or costs of such projects; factors influencing a final investment decision for the Strathcona Renewable Diesel project; the impact of digital initiatives and debottlenecking on Kearl production; the adoption and impact of new facilities or technologies such as the deployment of new solvent technologies at Cold Lake, including on key sustainability initiatives; receipt of regulatory approvals; maintenance and turnaround activity and cost; cash generation, financing sources and capital structure; capital and environmental expenditures; refinery utilization; progression of COVID-19; and applicable laws and government policies could differ materially depending on a number of factors.

These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices and the impact of COVID-19 on demand; project management and schedules and timely completion of projects; availability and performance of third-party service providers; unanticipated technical or operational difficulties; operational hazards and risks; the results of research programs and new technologies, and ability to bring new technologies to commercial scale on a cost-competitive basis; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; lack of required support from governments and policymakers for adoption of new technologies for emissions reductions; environmental risks inherent in oil and gas exploration and production activities; the receipt, in a timely manner, of regulatory and third-party approvals; transportation for accessing markets; political or regulatory events, including changes in law or government policy such as tax laws and actions in response to COVID-19; management effectiveness and disaster response preparedness, including business continuity plans in response to COVID-19; cybersecurity incidents, including increased reliance on remote working arrangements; availability and allocation of capital; currency exchange rates; general economic conditions and other factors discussed in Item 1A risk factors and Item 7 management's discussion and analysis of Imperial Oil Limited's most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial's actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

In this release all dollar amounts are expressed in Canadian dollars unless otherwise stated. This release should be read in conjunction with Imperial's most recent Form 10-K.

The term "project" as used in this release can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

Capital and exploration expenditures

Capital and exploration expenditures (or capital expenditures) represent the combined total of additions at cost to property, plant and equipment, additions to finance leases, additional investments and acquisitions; exploration expenses on a before-tax basis from the Consolidated statement of income; and the company's share of similar costs for equity companies. Capital and exploration expenditures exclude the purchase of carbon emission credits.

Operating costs

Operating costs is a non-GAAP financial measure that are the costs during the period to produce, manufacture, and otherwise prepare the company's products for sale – including energy costs, staffing and maintenance costs. It excludes the cost of raw materials, taxes and interest expense and are on a before-tax basis. The most directly comparable financial measure that is disclosed in the financial statements is total expenses within the company's Consolidated statement of income. While the company is responsible for all revenue and expense elements of net income, operating costs represent the expenses most directly under the company's control and therefore, are useful in evaluating the company's performance. Reconciliation of historical annual operating costs is incorporated by reference and can be found in the company's most recent annual report on Form 10-K under the heading "Frequently Used Terms", available on EDGAR at www.sec.gov , SEDAR at www.sedar.com , and the company's website at www.imperialoil.ca .

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.

Source: Imperial

For further information:

Investor relations
(587) 476-4743

Media relations
(587) 476-7010

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BPH Energy Limited  Quarterly Activities Report

BPH Energy Limited Quarterly Activities Report

Perth, Australia (ABN Newswire) - BPH Energy Limited (ASX:BPH) is pleased to present the Quarterly Activities for the period.


Capital

On 4 October 2024 a shareholders' meeting approved a Placement of up to 576,795,250 listed options with an exercise price of $0.03 each and expiry on 29 October 2025 to the holders of the listed options which expired on 30 September 2024. A total of 576,795,230 of these options were issued on 6 November 2024 at an issue price of $0.001 each.

The cash consideration for the Placement was $566,132 (before costs but after director loan offsets). The intended use of the funds will be for working capital including costs of the offer. On 7 November 2024 the Company issued 28,966,387 free attaching options to an August 2024 share placement with an exercise price of $0.03 each and expiry 29 October 2025, together with 16,666,667 broker options associated with the same August share placement on the same terms.

On 25 November 2024 the Company issued 1,200,000 fully paid ordinary shares on the exercise the same number of options at $0.012 each.

On 9 December 2024 the Company issued 5,000,000 unlisted options to a director as part of remuneration (subsequent to shareholder approval) with an exercise price of $0.03 each and expiry 30 October 2025.

Significant activities by the Company's investees' during the September 2024 quarter were as follows:

Clean Hydrogen Technologies (BPH 16.3% direct interest)

On 2 August 2022 BPH announced that, following its shareholders' meeting on 21 June 2022 at which shareholders voted unanimously to approve an investment in hydrogen technology company Clean Hydrogen Technologies Corporation ("Clean Hydrogen" or "Vendor" or "Borrower"), BPH and its investee Advent Energy Ltd ("Advent" or "Lender"), together the "Purchasers", settled for the acquisition of a 10% interest in Clean Hydrogen for US$1,000,000 ("Cash Consideration") (8% BPH and 2 % Advent).

The Purchasers had a first right of refusal to invest further in Clean Hydrogen to a maximum of a further US$1,000,000 for an additional 10% interest. The Purchasers loaned US$950,000 ("Additional Cash Consideration") under this agreement. The Purchasers and Clean Hydrogen executed a Loan Conversion Agreement dated 23 October 2023 to convert the US$950,000 loan into the relevant Subscription Shares Tranche 2, representing the Purchasers further 9.5% interest in Clean Hydrogen.

As a result of ASX's decision to exercise its discretion under Listing Rule 10.1, BPH had to seek shareholder approval for the Loan Conversion Agreement, which was obtained at a shareholders' meeting held on 4 October 2024. BPH now has an interest of 16.30% and Advent has an interest of 3.86% interest in Clean Hydrogen (subsequent to the exercise of BPH options in Clean Hydrogen).

Clean Hydrogen issued 760 share options to BPH and 190 share options to Advent, with an exercise price of USD$3,000 each, exercisable immediately, with the option to convert into shares in Clean Hydrogen expiring ten years from the date of issue. During the Quarter BPH exercised 21 of these options by paying Clean Hydrogen a total exercise price of US$63,000.

The parties acknowledge and agree that the Cash Consideration and Additional Cash Consideration shall be used by Clean Hydrogen to design, build, produce and test a reactor that can produce a minimum of 3.2kgs and as high as 15kgs of hydrogen per hour and to submit at least 2 new patents in an agreed geography, relevant to the production of hydrogen from proprietary technology.

Advent Energy Limited ("Advent") (BPH 35.8% direct interest)

PEP-11 Permit

Advent Energy Limited's100% subsidiary Asset Energy Pty Ltd ("Asset") is a participant in the PEP11 Joint Venture with partner Bounty Oil and Gas NL (ASX:BUY). PEP-11 interests are:

Advent Energy 85 % / Bounty Oil and Gas 15%

On 6 August 2024 Asset, as operator for and on behalf of the PEP-11 joint venture partners, filed an Originating Application for Judicial Review in the Federal Court seeking the following: (i) a declaration that the Commonwealth-New South Wales Offshore Petroleum Joint Authority ("Joint Authority") has breached an implied duty by failing to make a decision under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth) with respect to two pending applications ("Applications") relating to the PEP11 Permit, and; (ii) an order that the Joint Authority be compelled to determine the applications within 45 days. Asset alleges that the failure by the Joint Authority to make a decision with respect to the First Application and the Second Application constitutes a breach of its duty to consider the applications within a reasonable time.

On 18 September 2024 the Company announced that the Hon Ed Husic MP, Minister for Industry and Science, had advised that he has carefully considered the PEP-11 Exploration Permit applications under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth), namely the applications accepted on 23 January 2020 and 17 March 2021, formed a preliminary view that the applications should be refused, and gave Asset, via the National Offshore Petroleum Exploration Authority ("NOPTA"), a statement of preliminary views with attachments and invited Asset to provide a response within 30 days. The statement of preliminary views included 45 annexures totaling 1608 pages. The Company provided Minister Husic with a submission in respect of his preliminary views by the due date of15 November 2024.

Following conferral between the parties to the Federal Court proceeding, on 9 October 2024 orders were made vacating the previous orders and adjourning the Federal Court proceedings to a date on or after 7 February 2025. The parties have liberty to apply to bring the matter back before the Federal Court on 3 days' notice.

Included in the material provided by Minister Husic was a copy of the NOPTA recommendation to the Joint Authority which recommended that the Joint Authority approve the Second Application.

In the NOPTA Annual Report of Activities 2020-21 it was noted that 54 applications for COVID19 related suspensions and extensions were approved in that period. The company understands that the Second Application (for COVID-19 relief) made in respect of the PEP-11 Permit was the only application outstanding.

On 17 January 2025 the PEP-11 Joint Venture was given notice by NOPTA that the Joint Authority has refused the Joint Venture Applications made on 23 January 2020 and 17 March 2021. The PEP11 permit will continue in force for a period of 2 months from 17 January 2025. The Joint Venture has statutory legal rights to seek a review of the decisions referred to in the notice under the Offshore Petroleum and Greenhouse Gas Storage Act 2006 and is obtaining legal advice on such a review process.

PEP-11 continues in force and the Joint Venture is in compliance with the contractual terms of PEP11 with respect to such matters as reporting, payment of rents and the various provisions of the Offshore Petroleum and Greenhouse Gas Storage Act 2006 (Cth).

Cortical Dynamics Limited (Cortical) (BPH 16.4% direct interest)

Investee Cortical Dynamics Limited is an Australian based medical device neurotechnology company that is developing BARM(TM), an industry leading EEG (electrical activity) brain function monitor. BARM(TM) is being developed to better detect the effect of anaesthetic agents on brain activity under a general operation, aiding anaesthetists in keeping patients optimally anaesthetised, and complemented by CORDYAN(TM) (Cortical Dynamics Analytics), a proprietary deep learning system/App focusing on anaesthesiology.

The Australian manufactured and designed, electroencephalographically based (EEG-based), BARM(TM) system is configured to efficiently image and display complex information related to the clinically relevant state of the brain. When commercialized the BARM(TM) system will be offered on a stand-alone basis or integrated into leading brand operating room monitors as "plug and play" option.

Cortical has been chosen for a grant as one of three innovative biomedical companies using the power of data and artificial intelligence (AI) to become internationally competitive as part of a new accelerator.

Cortical has been selected for the Biomedical AI Sprints Accelerator (BASA) grant run by leading innovation centres, the Advanced Robotics for Manufacturing (ARM) Hub and MTPConnect.

Cortical will harness data and AI to revolutionise their products range from perioperative management of anaesthetic agents. ARM Hub is Australia's leading AI, robotics, and design-formanufacture industry hub. MTPConnect is Australia's life sciences innovation accelerator championing growth of the medical products sector.

*To view the full Quarterly Report, please visit:
https://abnnewswire.net/lnk/2YBC7116



About BPH Energy Limited:  

BPH Energy Limited (ASX:BPH) is an Australian Securities Exchange listed company developing biomedical research and technologies within Australian Universities and Hospital Institutes.

The company provides early stage funding, project management and commercialisation strategies for a direct collaboration, a spin out company or to secure a license.

BPH provides funding for commercial strategies for proof of concept, research and product development, whilst the institutional partner provides infrastructure and the core scientific expertise.

BPH currently partners with several academic institutions including The Harry Perkins Institute for Medical Research and Swinburne University of Technology (SUT).



Source:
BPH Energy Limited

News Provided by ABN Newswire via QuoteMedia

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