Investor Presentaiton
Supplemental Information
Cash operating costs (Cash costs)
Cash operating costs is a non-GAAP financial measure that consists of total expenses, less costs that are non-cash in nature, including, Purchases of crude oil and products, Federal excise taxes and fuel charge, Depreciation and depletion, Non-
service pension and postretirement benefit, and Financing. The components of cash operating costs include (1) Production and manufacturing, (2) Selling and general and (3) Exploration, from the company's Consolidated statement of income,
and as disclosed in Attachment III of this document. The sum of these income statement lines serve as an indication of cash operating costs and does not reflect the total cash expenditures of the company. The most directly comparable financial
measure that is disclosed in the financial statements is total expenses within the company's Consolidated statement of income. This measure is useful for investors to understand the company's efforts to optimize cash through disciplined
expense management.
Unit cash operating costs (Unit cash costs)
Reconciliation of cash operating costs
millions of Canadian dollars
From Imperial's Consolidated statement of Income
Total expenses
Less:
Purchases of crude oil and products
Federal excise taxes and fuel charge
Depreciation and depletion
Non-service pension and postretirement benefit
Financing
Total cash operating costs
2021
2020
2019
34,307
24,796
32,055
23,174
13,293
20,946
1,928
1,736
1,808
1,977
3,293
1,598
42
121
143
54
7,132
64
6,289
93
7,467
Unit cash operating costs is a non-GAAP ratio. Unit cash operating costs (unit cash costs) is calculated by dividing cash operating costs by total gross oil-equivalent production, and is calculated for the Upstream segment, as well as the major
Upstream assets. Cash operating costs is a non-GAAP financial measure and is disclosed and reconciled above. This measure is useful for investors to understand the expense management efforts of the company's major assets as a component
of the overall Upstream segment. Unit cash operating cost, as used by management, does not directly align with the definition of "Average unit production costs" as set out by the U.S. Securities and Exchange Commission (SEC), and disclosed
in the company's SEC Form 10-K.
Components of unit cash operating cost
millions of Canadian dollars
Production and manufacturing
Selling and general
Exploration
Cash operating costs
Gross oil-equivalent production
(thousands of barrels per day)
2021
2020
2019
Upstream (a)
Kearl
Cold Lake Syncrude
Upstream (a)
Kearl
Cold Lake Syncrude
Upstream (a)
Kearl
Cold Lake Syncrude
4,661
1,902
1,117
1,388
3,852 1,585
920
1,107
4,440
1,964
907
1,286
32
13
47
4,693
1,902
1,117
1,388
3,865
1,585
920
1,107
4,487
1,964
907
1,286
428
186
140
71
398
158
132
69
398
145
140
73
30.04
28.02
21.86
53.56
26.53
27.41
19.04
43.83
30.89
37.11
17.75
24.03
22.42
17.49
42.85
19.90 20.56
14.28
32.87
23.17
27.83
13.31
48.26
36.20
Unit cash operating cost ($/oeb)
USD converted at the YTD average forex
2021 US$0.80; 2020 US$0.75;
2019 US$0.75
(a) Upstream includes Kearl, Cold Lake, Imperial's share of Syncrude and other.
Imperial | 2022 | 76View entire presentation