Imperial Oil Limited

Good day, and welcome to the Imperial Oil Third Quarter 2025 Earnings Call. Today's conference is being recorded. At this time, I'd like to turn the conference over to Peter Shaw, Vice President of Investor Relations.

Good morning, everyone, and welcome to our Third Quarter Earnings Conference Call. I am joined this morning by Imperial's Senior Management Team, including John Whalen, Chairman, President, and CEO. Dan Lyons, Senior Vice President, Finance and Administration, Cheryl Gomez-Smith, Senior Vice President of the Upstream, and Scott Maloney, Vice President of the Downstream. Today's comments include reference to non-GAAP financial measures. The definitions and reconciliations of these measures can be found in Attachment 6 of our most recent press release and are available on our website with a link to this conference call. Today's comments may contain forward-looking information. Any forward-looking information is not a guarantee of future performance and actual future performance, and operating results can vary materially depending on a number of factors and assumptions. Forward-looking information and the risk factors and assumptions are described in further detail on our third quarter's earnings release that we issued this morning, as well as our most recent Form 10-K. All these documents are available on CDAR+, EDGAR, and our website, so I'd ask you to refer to those. John is going to start this morning with some opening remarks and then hand it over to Dan, who's going to provide the financial update. And then John will provide an operations update, and once we're done that, we'll allow time for Q&A. So with that, I will turn it over to John for his opening remarks.

Thank you, Peter. Good morning, everybody, and welcome to our third quarter earnings call. I hope everyone is doing well, and as always, we appreciate you taking the time to join us this morning. I'm really pleased to report another strong quarter. We generated cash flow from operations of nearly $1.8 billion and ended the quarter with approximately $1.9 billion of cash on hand. To our shareholders, we delivered over $1.8 billion through dividends and buybacks. Our strong financial performance and ability to return significant cash to shareholders was underpinned by higher volumes, including record crude production, and high refinery utilization. With planned turnaround activity now complete, we're positioned for a strong finish to the year across all of our assets. While crude has softened of late, our integrated business model is very resilient, and we generate substantial free cash flow over a range of oil price environments. As such, we will continue executing on our strategy and the plans we provided at our investor day earlier this year. During the quarter, we also announced a restructuring effort that is aligned with our well-established strategy and will further strengthen our leading position and our foundation for future growth.