Imperial sets 2030 oil sands emission intensity reduction goal; expects to meet 2023 objective - Seite 2

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.

Cautionary statement: 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, 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 plans to reduce scope 1 and 2 GHG emissions intensity of the company’s operated oil sands facilities by 30 percent by the end of 2030; the development, implementation and impact of the suite of lower emissions solutions and technologies in oil sands operations; the company’s goal to achieve net zero scope 1 and 2 GHG emissions in its oil sands operations by 2050; development in collaboration with policymakers, industry and other stakeholders; remaining on track to meet its previous scope 1 and 2 GHG emission intensity target of 10 percent for operated oil sands facilities by the end of 2023; and the Oil Sands Pathways to Net Zero alliance goal to achieve net zero scope 1 and 2 emissions from oil sands operations by 2050 and the first phase of a carbon capture and storage network.

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; production rates, growth and mix across various assets; amount and timing of emissions reductions; the adoption and impact of new facilities or technologies on reductions to GHG emissions intensity, including next generation technologies using solvents to replace energy intensive steam at Cold Lake, boiler flue gas technology at Kearl, and support for and advancement of carbon capture and storage; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets; that any required support from policymakers and other stakeholders for various new technologies such as carbon capture and storage will be provided; applicable laws and government policies, including with respect to climate change and GHG emissions reductions; cash generation, financing sources and capital structure; commodity prices, foreign exchange rates and general market conditions; capital and environmental expenditures; and progression of COVID-19 and its impacts on Imperial’s ability to operate its assets 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 the resulting price, differential and margin impacts; political or regulatory events, including changes in law or government policy, environmental regulation including climate change and GHG regulation, and actions in response to COVID-19; the results of research programs and new technologies, the ability to bring new technologies to commercial scale on a cost-competitive basis, and the competitiveness of alternative energy and other emission reduction technologies; unexpected technological developments; lack of required support from governments and policymakers for adoption of new technologies; the receipt, in a timely manner, of regulatory and third-party approvals including for new technologies and projects; environmental risks inherent in oil and gas exploration and production activities; availability and performance of third-party service providers, including in light of restrictions related to COVID-19; availability and allocation of capital; project management and schedules and timely completion of projects; unanticipated technical or operational difficulties; operational hazards and risks; reservoir analysis and performance; general economic conditions, including the occurrence and duration of economic recessions; 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.