Canada | 98-0017682 | |||||||
(State or other jurisdiction | (I.R.S. Employer | |||||||
of incorporation or organization) | Identification No.) | |||||||
505 Quarry Park Boulevard S.E. Calgary, Alberta, Canada | T2C 5N1 | |||||||
(Address of principal executive offices) | (Postal Code) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
None | None |
Yes | ✓ | No |
Yes | ✓ | No |
Large accelerated filer | ✓ | Smaller reporting company | |||||||||||||||
Non-accelerated filer | Emerging growth company | ||||||||||||||||
Accelerated filer |
Yes | No | ✓ |
IMPERIAL OIL LIMITED |
Page | |||||
PART I. FINANCIAL INFORMATION | |||||
Item 1. Financial statements | |||||
Consolidated statement of income | |||||
Consolidated statement of comprehensive income | |||||
Consolidated balance sheet | |||||
Consolidated statement of shareholders’ equity | |||||
Consolidated statement of cash flows | |||||
Notes to consolidated financial statements | |||||
Item 2. Management’s discussion and analysis of financial condition and results of operations | |||||
Item 3. Quantitative and qualitative disclosures about market risk | |||||
Item 4. Controls and procedures | |||||
PART II. OTHER INFORMATION | |||||
Item 1. Legal proceedings | |||||
Item 2. Unregistered sales of equity securities and use of proceeds | |||||
Item 5. Other information | |||||
Item 6. Exhibits | |||||
SIGNATURES |
IMPERIAL OIL LIMITED |
Consolidated statement of income (U.S. GAAP, unaudited) |
Second Quarter | Six Months to June 30 | Third Quarter | Nine Months to September 30 | |||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Revenues and other income | Revenues and other income | Revenues and other income | ||||||||||||||||||||||||||
Revenues (a) | Revenues (a) | 11,764 | 17,285 | 23,821 | 29,942 | Revenues (a) | 13,873 | 15,071 | 37,694 | 45,013 | ||||||||||||||||||
Investment and other income (note 3) | Investment and other income (note 3) | 55 | 22 | 119 | 51 | Investment and other income (note 3) | 47 | 153 | 166 | 204 | ||||||||||||||||||
Total revenues and other income | Total revenues and other income | 11,819 | 17,307 | 23,940 | 29,993 | Total revenues and other income | 13,920 | 15,224 | 37,860 | 45,217 | ||||||||||||||||||
Expenses | Expenses | Expenses | ||||||||||||||||||||||||||
Exploration | Exploration | 1 | 1 | 2 | 3 | Exploration | 1 | 1 | 3 | 4 | ||||||||||||||||||
Purchases of crude oil and products (b) | Purchases of crude oil and products (b) | 7,856 | 11,021 | 15,334 | 19,371 | Purchases of crude oil and products (b) | 8,748 | 9,478 | 24,082 | 28,849 | ||||||||||||||||||
Production and manufacturing (c) | Production and manufacturing (c) | 1,785 | 1,908 | 3,541 | 3,567 | Production and manufacturing (c) | 1,666 | 1,872 | 5,207 | 5,439 | ||||||||||||||||||
Selling and general (c) | Selling and general (c) | 206 | 191 | 392 | 416 | Selling and general (c) | 237 | 209 | 629 | 625 | ||||||||||||||||||
Federal excise tax and fuel charge | Federal excise tax and fuel charge | 598 | 553 | 1,127 | 1,032 | Federal excise tax and fuel charge | 654 | 584 | 1,781 | 1,616 | ||||||||||||||||||
Depreciation and depletion | Depreciation and depletion | 453 | 451 | 943 | 877 | Depreciation and depletion | 475 | 555 | 1,418 | 1,432 | ||||||||||||||||||
Non-service pension and postretirement benefit | Non-service pension and postretirement benefit | 20 | 5 | 40 | 9 | Non-service pension and postretirement benefit | 20 | 4 | 60 | 13 | ||||||||||||||||||
Financing (d) (note 5) | Financing (d) (note 5) | 16 | 11 | 32 | 18 | Financing (d) (note 5) | 19 | 16 | 51 | 34 | ||||||||||||||||||
Total expenses | Total expenses | 10,935 | 14,141 | 21,411 | 25,293 | Total expenses | 11,820 | 12,719 | 33,231 | 38,012 | ||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 884 | 3,166 | 2,529 | 4,700 | Income (loss) before income taxes | 2,100 | 2,505 | 4,629 | 7,205 | ||||||||||||||||||
Income taxes | Income taxes | 209 | 757 | 606 | 1,118 | Income taxes | 499 | 474 | 1,105 | 1,592 | ||||||||||||||||||
Net income (loss) | Net income (loss) | 675 | 2,409 | 1,923 | 3,582 | Net income (loss) | 1,601 | 2,031 | 3,524 | 5,613 | ||||||||||||||||||
Per share information (Canadian dollars) | Per share information (Canadian dollars) | Per share information (Canadian dollars) | ||||||||||||||||||||||||||
Net income (loss) per common share - basic (note 9) | Net income (loss) per common share - basic (note 9) | 1.16 | 3.63 | 3.29 | 5.37 | Net income (loss) per common share - basic (note 9) | 2.77 | 3.25 | 6.05 | 8.60 | ||||||||||||||||||
Net income (loss) per common share - diluted (note 9) | Net income (loss) per common share - diluted (note 9) | 1.15 | 3.63 | 3.29 | 5.36 | Net income (loss) per common share - diluted (note 9) | 2.76 | 3.24 | 6.04 | 8.58 | ||||||||||||||||||
(a) Amounts from related parties included in revenues. | (a) Amounts from related parties included in revenues. | 3,556 | 5,175 | 6,692 | 9,134 | (a) Amounts from related parties included in revenues. | 3,553 | 4,454 | 10,245 | 13,588 | ||||||||||||||||||
(b) Amounts to related parties included in purchases of crude oil and products. | (b) Amounts to related parties included in purchases of crude oil and products. | 964 | 1,129 | 2,042 | 1,779 | (b) Amounts to related parties included in purchases of crude oil and products. | 1,228 | 1,086 | 3,270 | 2,865 | ||||||||||||||||||
(c) Amounts to related parties included in production and manufacturing, and selling and general expenses. | (c) Amounts to related parties included in production and manufacturing, and selling and general expenses. | 125 | 116 | 260 | 234 | (c) Amounts to related parties included in production and manufacturing, and selling and general expenses. | 121 | 120 | 381 | 354 | ||||||||||||||||||
(d) Amounts to related parties included in financing. | (d) Amounts to related parties included in financing. | 41 | 13 | 80 | 17 | (d) Amounts to related parties included in financing. | 44 | 28 | 124 | 45 | ||||||||||||||||||
The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. |
IMPERIAL OIL LIMITED |
Second Quarter | Six Months to June 30 | Third Quarter | Nine Months to September 30 | |||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Net income (loss) | Net income (loss) | 675 | 2,409 | 1,923 | 3,582 | Net income (loss) | 1,601 | 2,031 | 3,524 | 5,613 | ||||||||||||||||||
Other comprehensive income (loss), net of income taxes | Other comprehensive income (loss), net of income taxes | Other comprehensive income (loss), net of income taxes | ||||||||||||||||||||||||||
Postretirement benefits liability adjustment (excluding amortization) | Postretirement benefits liability adjustment (excluding amortization) | — | — | 21 | 24 | Postretirement benefits liability adjustment (excluding amortization) | — | — | 21 | 24 | ||||||||||||||||||
Amortization of postretirement benefits liability adjustment included in net benefit costs | Amortization of postretirement benefits liability adjustment included in net benefit costs | 10 | 21 | 20 | 42 | Amortization of postretirement benefits liability adjustment included in net benefit costs | 9 | 21 | 29 | 63 | ||||||||||||||||||
Total other comprehensive income (loss) | Total other comprehensive income (loss) | 10 | 21 | 41 | 66 | Total other comprehensive income (loss) | 9 | 21 | 50 | 87 | ||||||||||||||||||
Comprehensive income (loss) | Comprehensive income (loss) | 685 | 2,430 | 1,964 | 3,648 | Comprehensive income (loss) | 1,610 | 2,052 | 3,574 | 5,700 | ||||||||||||||||||
The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. |
IMPERIAL OIL LIMITED |
Consolidated balance sheet (U.S. GAAP, unaudited) |
As at Sep 30 | As at Dec 31 | |||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | As at June 30 2023 | As at Dec 31 2022 | millions of Canadian dollars | 2023 | 2022 | ||||||||||
Assets | Assets | Assets | ||||||||||||||
Current assets | Current assets | Current assets | ||||||||||||||
Cash and cash equivalents | Cash and cash equivalents | 2,376 | 3,749 | Cash and cash equivalents | 2,716 | 3,749 | ||||||||||
Accounts receivable - net (a) | Accounts receivable - net (a) | 4,585 | 4,719 | Accounts receivable - net (a) | 5,390 | 4,719 | ||||||||||
Inventories of crude oil and products | Inventories of crude oil and products | 1,460 | 1,514 | Inventories of crude oil and products | 1,744 | 1,514 | ||||||||||
Materials, supplies and prepaid expenses | Materials, supplies and prepaid expenses | 869 | 754 | Materials, supplies and prepaid expenses | 910 | 754 | ||||||||||
Total current assets | Total current assets | 9,290 | 10,736 | Total current assets | 10,760 | 10,736 | ||||||||||
Investments and long-term receivables (b) | Investments and long-term receivables (b) | 998 | 893 | Investments and long-term receivables (b) | 1,048 | 893 | ||||||||||
Property, plant and equipment, | Property, plant and equipment, | 55,424 | 54,568 | Property, plant and equipment, | 55,780 | 54,568 | ||||||||||
less accumulated depreciation and depletion | less accumulated depreciation and depletion | (24,945) | (24,062) | less accumulated depreciation and depletion | (25,399) | (24,062) | ||||||||||
Property, plant and equipment, net | Property, plant and equipment, net | 30,479 | 30,506 | Property, plant and equipment, net | 30,381 | 30,506 | ||||||||||
Goodwill | Goodwill | 166 | 166 | Goodwill | 166 | 166 | ||||||||||
Other assets, including intangibles - net | Other assets, including intangibles - net | 1,193 | 1,223 | Other assets, including intangibles - net | 1,231 | 1,223 | ||||||||||
Total assets | Total assets | 42,126 | 43,524 | Total assets | 43,586 | 43,524 | ||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||
Current liabilities | Current liabilities | Current liabilities | ||||||||||||||
Notes and loans payable | Notes and loans payable | 122 | 122 | Notes and loans payable | 121 | 122 | ||||||||||
Accounts payable and accrued liabilities (a) (note 7) | Accounts payable and accrued liabilities (a) (note 7) | 5,923 | 6,194 | Accounts payable and accrued liabilities (a) (note 7) | 7,234 | 6,194 | ||||||||||
Income taxes payable | Income taxes payable | 184 | 2,582 | Income taxes payable | 418 | 2,582 | ||||||||||
Total current liabilities | Total current liabilities | 6,229 | 8,898 | Total current liabilities | 7,773 | 8,898 | ||||||||||
Long-term debt (c) (note 6) | Long-term debt (c) (note 6) | 4,022 | 4,033 | Long-term debt (c) (note 6) | 4,017 | 4,033 | ||||||||||
Other long-term obligations (note 7) | Other long-term obligations (note 7) | 3,418 | 3,467 | Other long-term obligations (note 7) | 3,462 | 3,467 | ||||||||||
Deferred income tax liabilities | Deferred income tax liabilities | 4,629 | 4,713 | Deferred income tax liabilities | 4,526 | 4,713 | ||||||||||
Total liabilities | Total liabilities | 18,298 | 21,111 | Total liabilities | 19,778 | 21,111 | ||||||||||
Shareholders’ equity | Shareholders’ equity | Shareholders’ equity | ||||||||||||||
Common shares at stated value (d) (note 9) | Common shares at stated value (d) (note 9) | 1,079 | 1,079 | Common shares at stated value (d) (note 9) | 1,047 | 1,079 | ||||||||||
Earnings reinvested | Earnings reinvested | 23,220 | 21,846 | Earnings reinvested | 23,223 | 21,846 | ||||||||||
Accumulated other comprehensive income (loss) (note 10) | Accumulated other comprehensive income (loss) (note 10) | (471) | (512) | Accumulated other comprehensive income (loss) (note 10) | (462) | (512) | ||||||||||
Total shareholders’ equity | Total shareholders’ equity | 23,828 | 22,413 | Total shareholders’ equity | 23,808 | 22,413 | ||||||||||
Total liabilities and shareholders’ equity | Total liabilities and shareholders’ equity | 42,126 | 43,524 | Total liabilities and shareholders’ equity | 43,586 | 43,524 | ||||||||||
(a) Accounts receivable - net included net amounts receivable from related parties of $1,029 million (2022 - $1,108 million). | ||||||||||||||||
(b) Investments and long-term receivables included amounts from related parties of $286 million (2022 - $288 million). | ||||||||||||||||
(a) Accounts receivable - net included net amounts receivable from related parties of $1,139 million (2022 - $1,108 million). | (a) Accounts receivable - net included net amounts receivable from related parties of $1,139 million (2022 - $1,108 million). | |||||||||||||||
(b) Investments and long-term receivables included amounts from related parties of $285 million (2022 - $288 million). | (b) Investments and long-term receivables included amounts from related parties of $285 million (2022 - $288 million). | (c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million). | ||||||||||||||
(d) Number of common shares authorized and outstanding were 1,100 million and 584 million, respectively (2022 - 1,100 million and 584 million, respectively). | ||||||||||||||||
(d) Number of common shares authorized and outstanding were 1,100 million and 567 million, respectively (2022 - 1,100 million and 584 million, respectively). | (d) Number of common shares authorized and outstanding were 1,100 million and 567 million, respectively (2022 - 1,100 million and 584 million, respectively). | |||||||||||||||
The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. |
IMPERIAL OIL LIMITED |
Consolidated statement of shareholders’ equity (U.S. GAAP, unaudited) |
Second Quarter | Six Months to June 30 | Third Quarter | Nine Months to September 30 | |||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Common shares at stated value (note 9) | Common shares at stated value (note 9) | Common shares at stated value (note 9) | ||||||||||||||||||||||||||
At beginning of period | At beginning of period | 1,079 | 1,237 | 1,079 | 1,252 | At beginning of period | 1,079 | 1,177 | 1,079 | 1,252 | ||||||||||||||||||
Share purchases at stated value | Share purchases at stated value | — | (60) | — | (75) | Share purchases at stated value | (32) | (48) | (32) | (123) | ||||||||||||||||||
At end of period | At end of period | 1,079 | 1,177 | 1,079 | 1,177 | At end of period | 1,047 | 1,129 | 1,047 | 1,129 | ||||||||||||||||||
Earnings reinvested | Earnings reinvested | Earnings reinvested | ||||||||||||||||||||||||||
At beginning of period | At beginning of period | 22,837 | 22,171 | 21,846 | 21,660 | At beginning of period | 23,220 | 21,913 | 21,846 | 21,660 | ||||||||||||||||||
Net income (loss) for the period | Net income (loss) for the period | 675 | 2,409 | 1,923 | 3,582 | Net income (loss) for the period | 1,601 | 2,031 | 3,524 | 5,613 | ||||||||||||||||||
Share purchases in excess of stated value | Share purchases in excess of stated value | — | (2,440) | — | (2,874) | Share purchases in excess of stated value | (1,310) | (1,464) | (1,310) | (4,338) | ||||||||||||||||||
Dividends declared | Dividends declared | (292) | (227) | (549) | (455) | Dividends declared | (288) | (211) | (837) | (666) | ||||||||||||||||||
At end of period | At end of period | 23,220 | 21,913 | 23,220 | 21,913 | At end of period | 23,223 | 22,269 | 23,223 | 22,269 | ||||||||||||||||||
Accumulated other comprehensive income (loss) (note 10) | Accumulated other comprehensive income (loss) (note 10) | Accumulated other comprehensive income (loss) (note 10) | ||||||||||||||||||||||||||
At beginning of period | At beginning of period | (481) | (1,132) | (512) | (1,177) | At beginning of period | (471) | (1,111) | (512) | (1,177) | ||||||||||||||||||
Other comprehensive income (loss) | Other comprehensive income (loss) | 10 | 21 | 41 | 66 | Other comprehensive income (loss) | 9 | 21 | 50 | 87 | ||||||||||||||||||
At end of period | At end of period | (471) | (1,111) | (471) | (1,111) | At end of period | (462) | (1,090) | (462) | (1,090) | ||||||||||||||||||
Shareholders’ equity at end of period | Shareholders’ equity at end of period | 23,828 | 21,979 | 23,828 | 21,979 | Shareholders’ equity at end of period | 23,808 | 22,308 | 23,808 | 22,308 | The information in the notes to consolidated financial statements is an integral part of these statements. |
IMPERIAL OIL LIMITED |
Consolidated statement of cash flows (U.S. GAAP, unaudited) |
Second Quarter | Six Months to June 30 | Third Quarter | Nine Months to September 30 | |||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Operating activities | Operating activities | Operating activities | ||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 675 | 2,409 | 1,923 | 3,582 | Net income (loss) | 1,601 | 2,031 | 3,524 | 5,613 | ||||||||||||||||||
Adjustments for non-cash items: | Adjustments for non-cash items: | Adjustments for non-cash items: | ||||||||||||||||||||||||||
Depreciation and depletion | Depreciation and depletion | 453 | 451 | 943 | 877 | Depreciation and depletion | 475 | 555 | 1,418 | 1,432 | ||||||||||||||||||
(Gain) loss on asset sales (note 3) | (Gain) loss on asset sales (note 3) | (13) | (4) | (22) | (24) | (Gain) loss on asset sales (note 3) | 3 | (131) | (19) | (155) | ||||||||||||||||||
Deferred income taxes and other | Deferred income taxes and other | (15) | (149) | (71) | (480) | Deferred income taxes and other | (168) | 122 | (239) | (358) | ||||||||||||||||||
Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | Changes in operating assets and liabilities: | ||||||||||||||||||||||||||
Accounts receivable | Accounts receivable | (302) | (1,426) | 134 | (2,970) | Accounts receivable | (805) | 1,648 | (671) | (1,322) | ||||||||||||||||||
Inventories, materials, supplies and prepaid expenses | Inventories, materials, supplies and prepaid expenses | 420 | (27) | (59) | (391) | Inventories, materials, supplies and prepaid expenses | (330) | (70) | (389) | (461) | ||||||||||||||||||
Income taxes payable | Income taxes payable | (321) | 853 | (2,398) | 1,312 | Income taxes payable | 234 | 296 | (2,164) | 1,608 | ||||||||||||||||||
Accounts payable and accrued liabilities | Accounts payable and accrued liabilities | (48) | 499 | (303) | 2,643 | Accounts payable and accrued liabilities | 1,314 | (1,328) | 1,011 | 1,315 | ||||||||||||||||||
All other items - net | All other items - net | 36 | 76 | (83) | 47 | All other items - net | 35 | (34) | (48) | 13 | ||||||||||||||||||
Cash flows from (used in) operating activities | Cash flows from (used in) operating activities | 885 | 2,682 | 64 | 4,596 | Cash flows from (used in) operating activities | 2,359 | 3,089 | 2,423 | 7,685 | ||||||||||||||||||
Investing activities | Investing activities | Investing activities | ||||||||||||||||||||||||||
Additions to property, plant and equipment | Additions to property, plant and equipment | (499) | (333) | (928) | (637) | Additions to property, plant and equipment | (387) | (397) | (1,315) | (1,034) | ||||||||||||||||||
Proceeds from asset sales (note 3) | Proceeds from asset sales (note 3) | 9 | 102 | 23 | 126 | Proceeds from asset sales (note 3) | 6 | 760 | 29 | 886 | ||||||||||||||||||
Additional investments | Additional investments | — | (6) | — | (6) | |||||||||||||||||||||||
Loans to equity companies - net | Loans to equity companies - net | 1 | 1 | 2 | 2 | Loans to equity companies - net | 1 | 7 | 3 | 9 | ||||||||||||||||||
Cash flows from (used in) investing activities | Cash flows from (used in) investing activities | (489) | (230) | (903) | (509) | Cash flows from (used in) investing activities | (380) | 364 | (1,283) | (145) | ||||||||||||||||||
Financing activities | Financing activities | Financing activities | ||||||||||||||||||||||||||
Long-term debt - reduction (note 6) | Long-term debt - reduction (note 6) | — | (1,000) | — | (1,000) | |||||||||||||||||||||||
Finance lease obligations - reduction (note 6) | Finance lease obligations - reduction (note 6) | (6) | (6) | (11) | (11) | Finance lease obligations - reduction (note 6) | (5) | (5) | (16) | (16) | ||||||||||||||||||
Dividends paid | Dividends paid | (257) | (228) | (523) | (413) | Dividends paid | (292) | (227) | (815) | (640) | ||||||||||||||||||
Common shares purchased (note 9) | Common shares purchased (note 9) | — | (2,500) | — | (2,949) | Common shares purchased (note 9) | (1,342) | (1,512) | (1,342) | (4,461) | ||||||||||||||||||
Cash flows from (used in) financing activities | Cash flows from (used in) financing activities | (263) | (2,734) | (534) | (3,373) | Cash flows from (used in) financing activities | (1,639) | (2,744) | (2,173) | (6,117) | ||||||||||||||||||
Increase (decrease) in cash and cash equivalents | Increase (decrease) in cash and cash equivalents | 133 | (282) | (1,373) | 714 | Increase (decrease) in cash and cash equivalents | 340 | 709 | (1,033) | 1,423 | ||||||||||||||||||
Cash and cash equivalents at beginning of period | Cash and cash equivalents at beginning of period | 2,243 | 3,149 | 3,749 | 2,153 | Cash and cash equivalents at beginning of period | 2,376 | 2,867 | 3,749 | 2,153 | ||||||||||||||||||
Cash and cash equivalents at end of period (a) | Cash and cash equivalents at end of period (a) | 2,376 | 2,867 | 2,376 | 2,867 | Cash and cash equivalents at end of period (a) | 2,716 | 3,576 | 2,716 | 3,576 | ||||||||||||||||||
(a) Cash equivalents are all highly liquid securities with maturity of three months or less. | (a) Cash equivalents are all highly liquid securities with maturity of three months or less. | (a) Cash equivalents are all highly liquid securities with maturity of three months or less. | ||||||||||||||||||||||||||
(b) In the second quarter of 2022, a deposit of $94 million was received for the pending sale of XTO Energy Canada. | ||||||||||||||||||||||||||||
(c) Included contributions to registered pension plans. | (44) | (46) | (86) | (96) | ||||||||||||||||||||||||
(b) Included contributions to registered pension plans. | (b) Included contributions to registered pension plans. | (43) | (41) | (129) | (137) | |||||||||||||||||||||||
Income taxes (paid) refunded. | Income taxes (paid) refunded. | (557) | (52) | (3,189) | (275) | Income taxes (paid) refunded. | (438) | (64) | (3,627) | (339) | ||||||||||||||||||
Interest (paid), net of capitalization. | Interest (paid), net of capitalization. | (16) | (10) | (37) | (22) | Interest (paid), net of capitalization. | (15) | (19) | (52) | (41) | ||||||||||||||||||
The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. | The information in the notes to consolidated financial statements is an integral part of these statements. |
IMPERIAL OIL LIMITED |
IMPERIAL OIL LIMITED |
Second Quarter | Upstream | Downstream | Chemical | |||||||||||||||||||||||||||||||||||||||||||
Third Quarter | Third Quarter | Upstream | Downstream | Chemical | ||||||||||||||||||||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Revenues and other income | Revenues and other income | Revenues and other income | ||||||||||||||||||||||||||||||||||||||||||||
Revenues (a) (b) | Revenues (a) (b) | 61 | 119 | 11,355 | 16,752 | 348 | 414 | Revenues (a) (b) | 43 | 156 | 13,540 | 14,537 | 290 | 378 | ||||||||||||||||||||||||||||||||
Intersegment sales | Intersegment sales | 3,519 | 5,827 | 1,365 | 2,024 | 89 | 149 | Intersegment sales | 4,768 | 4,665 | 1,560 | 1,693 | 92 | 142 | ||||||||||||||||||||||||||||||||
Investment and other income (note 3) | Investment and other income (note 3) | 10 | 3 | 15 | 9 | — | — | Investment and other income (note 3) | (4) | 128 | 12 | 6 | — | — | ||||||||||||||||||||||||||||||||
3,590 | 5,949 | 12,735 | 18,785 | 437 | 563 | 4,807 | 4,949 | 15,112 | 16,236 | 382 | 520 | |||||||||||||||||||||||||||||||||||
Expenses | Expenses | Expenses | ||||||||||||||||||||||||||||||||||||||||||||
Exploration | Exploration | 1 | 1 | — | — | — | — | Exploration | 1 | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||
Purchases of crude oil and products | Purchases of crude oil and products | 1,432 | 2,357 | 11,133 | 16,261 | 263 | 401 | Purchases of crude oil and products | 1,852 | 1,937 | 13,061 | 13,686 | 254 | 354 | ||||||||||||||||||||||||||||||||
Production and manufacturing | Production and manufacturing | 1,256 | 1,423 | 475 | 418 | 54 | 67 | Production and manufacturing | 1,187 | 1,381 | 405 | 419 | 74 | 72 | ||||||||||||||||||||||||||||||||
Selling and general | Selling and general | — | — | 160 | 153 | 22 | 22 | Selling and general | — | — | 177 | 174 | 21 | 17 | ||||||||||||||||||||||||||||||||
Federal excise tax and fuel charge | Federal excise tax and fuel charge | — | — | 597 | 553 | 1 | — | Federal excise tax and fuel charge | — | — | 653 | 583 | 1 | 1 | ||||||||||||||||||||||||||||||||
Depreciation and depletion | Depreciation and depletion | 398 | 395 | 44 | 45 | 4 | 4 | Depreciation and depletion | 418 | 501 | 46 | 44 | 2 | 4 | ||||||||||||||||||||||||||||||||
Non-service pension and postretirement benefit | Non-service pension and postretirement benefit | — | — | — | — | — | — | Non-service pension and postretirement benefit | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Financing (note 5) | Financing (note 5) | — | 1 | — | — | — | — | Financing (note 5) | 3 | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 3,087 | 4,177 | 12,409 | 17,430 | 344 | 494 | Total expenses | 3,461 | 3,820 | 14,342 | 14,906 | 352 | 448 | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 503 | 1,772 | 326 | 1,355 | 93 | 69 | Income (loss) before income taxes | 1,346 | 1,129 | 770 | 1,330 | 30 | 72 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 119 | 426 | 76 | 322 | 22 | 16 | Income tax expense (benefit) | 318 | 143 | 184 | 318 | 7 | 18 | ||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 384 | 1,346 | 250 | 1,033 | 71 | 53 | Net income (loss) | 1,028 | 986 | 586 | 1,012 | 23 | 54 | ||||||||||||||||||||||||||||||||
Cash flows from (used in) operating activities | Cash flows from (used in) operating activities | 573 | 2,087 | 228 | 641 | 55 | 64 | Cash flows from (used in) operating activities | 1,771 | 1,280 | 378 | 1,532 | 74 | 109 | ||||||||||||||||||||||||||||||||
Capital and exploration expenditures (c) | Capital and exploration expenditures (c) | 303 | 233 | 152 | 69 | 5 | 2 | Capital and exploration expenditures (c) | 244 | 309 | 103 | 64 | 2 | 2 |
Second Quarter | Corporate and other | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Third Quarter | Third Quarter | Corporate and other | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Revenues and other income | Revenues and other income | Revenues and other income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues (a) (b) | Revenues (a) (b) | — | — | — | — | 11,764 | 17,285 | Revenues (a) (b) | — | — | — | — | 13,873 | 15,071 | ||||||||||||||||||||||||||||||||||||||||||||
Intersegment sales | Intersegment sales | — | — | (4,973) | (8,000) | — | — | Intersegment sales | — | — | (6,420) | (6,500) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Investment and other income (note 3) | Investment and other income (note 3) | 30 | 10 | — | — | 55 | 22 | Investment and other income (note 3) | 39 | 19 | — | — | 47 | 153 | ||||||||||||||||||||||||||||||||||||||||||||
30 | 10 | (4,973) | (8,000) | 11,819 | 17,307 | 39 | 19 | (6,420) | (6,500) | 13,920 | 15,224 | |||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration | Exploration | — | — | — | — | 1 | 1 | Exploration | — | — | — | — | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of crude oil and products | Purchases of crude oil and products | — | — | (4,972) | (7,998) | 7,856 | 11,021 | Purchases of crude oil and products | — | — | (6,419) | (6,499) | 8,748 | 9,478 | ||||||||||||||||||||||||||||||||||||||||||||
Production and manufacturing | Production and manufacturing | — | — | — | — | 1,785 | 1,908 | Production and manufacturing | — | — | — | — | 1,666 | 1,872 | ||||||||||||||||||||||||||||||||||||||||||||
Selling and general | Selling and general | 25 | 18 | (1) | (2) | 206 | 191 | Selling and general | 40 | 19 | (1) | (1) | 237 | 209 | ||||||||||||||||||||||||||||||||||||||||||||
Federal excise tax and fuel charge | Federal excise tax and fuel charge | — | — | — | — | 598 | 553 | Federal excise tax and fuel charge | — | — | — | — | 654 | 584 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and depletion | Depreciation and depletion | 7 | 7 | — | — | 453 | 451 | Depreciation and depletion | 9 | 6 | — | — | 475 | 555 | ||||||||||||||||||||||||||||||||||||||||||||
Non-service pension and postretirement benefit | Non-service pension and postretirement benefit | 20 | 5 | — | — | 20 | 5 | Non-service pension and postretirement benefit | 20 | 4 | — | — | 20 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Financing (note 5) | Financing (note 5) | 16 | 10 | — | — | 16 | 11 | Financing (note 5) | 16 | 16 | — | — | 19 | 16 | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 68 | 40 | (4,973) | (8,000) | 10,935 | 14,141 | Total expenses | 85 | 45 | (6,420) | (6,500) | 11,820 | 12,719 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | (38) | (30) | — | — | 884 | 3,166 | Income (loss) before income taxes | (46) | (26) | — | — | 2,100 | 2,505 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (8) | (7) | — | — | 209 | 757 | Income tax expense (benefit) | (10) | (5) | — | — | 499 | 474 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (30) | (23) | — | — | 675 | 2,409 | Net income (loss) | (36) | (21) | — | — | 1,601 | 2,031 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from (used in) operating activities | Cash flows from (used in) operating activities | 29 | (110) | — | — | 885 | 2,682 | Cash flows from (used in) operating activities | 136 | 168 | — | — | 2,359 | 3,089 | ||||||||||||||||||||||||||||||||||||||||||||
Capital and exploration expenditures (c) | Capital and exploration expenditures (c) | 33 | 10 | — | — | 493 | 314 | Capital and exploration expenditures (c) | 38 | 17 | — | — | 387 | 392 |
IMPERIAL OIL LIMITED |
Revenues | Revenues | Second Quarter | Revenues | Third Quarter | ||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | ||||||||||
Revenue from contracts with customers | Revenue from contracts with customers | 10,922 | 15,871 | Revenue from contracts with customers | 12,271 | 13,223 | ||||||||||
Revenue outside the scope of ASC 606 | Revenue outside the scope of ASC 606 | 842 | 1,414 | Revenue outside the scope of ASC 606 | 1,602 | 1,848 | ||||||||||
Total | Total | 11,764 | 17,285 | Total | 13,873 | 15,071 |
IMPERIAL OIL LIMITED |
Six Months to June 30 | Upstream | Downstream | Chemical | |||||||||||||||||||||||||||||||||||||||||||
Nine Months to September 30 | Nine Months to September 30 | Upstream | Downstream | Chemical | ||||||||||||||||||||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||
Revenues and other income | Revenues and other income | Revenues and other income | ||||||||||||||||||||||||||||||||||||||||||||
Revenues (a) (b) | Revenues (a) (b) | 137 | 218 | 22,994 | 28,943 | 690 | 781 | Revenues (a) (b) | 180 | 374 | 36,534 | 43,480 | 980 | 1,159 | ||||||||||||||||||||||||||||||||
Intersegment sales | Intersegment sales | 7,141 | 10,258 | 3,188 | 3,857 | 180 | 253 | Intersegment sales | 11,909 | 14,923 | 4,748 | 5,550 | 272 | 395 | ||||||||||||||||||||||||||||||||
Investment and other income (note 3) | Investment and other income (note 3) | 12 | 7 | 35 | 30 | — | — | Investment and other income (note 3) | 8 | 135 | 47 | 36 | — | — | ||||||||||||||||||||||||||||||||
7,290 | 10,483 | 26,217 | 32,830 | 870 | 1,034 | 12,097 | 15,432 | 41,329 | 49,066 | 1,252 | 1,554 | |||||||||||||||||||||||||||||||||||
Expenses | Expenses | Expenses | ||||||||||||||||||||||||||||||||||||||||||||
Exploration | Exploration | 2 | 3 | — | — | — | — | Exploration | 3 | 4 | — | — | — | — | ||||||||||||||||||||||||||||||||
Purchases of crude oil and products | Purchases of crude oil and products | 2,975 | 4,247 | 22,329 | 28,773 | 537 | 716 | Purchases of crude oil and products | 4,827 | 6,184 | 35,390 | 42,459 | 791 | 1,070 | ||||||||||||||||||||||||||||||||
Production and manufacturing | Production and manufacturing | 2,543 | 2,672 | 886 | 774 | 112 | 121 | Production and manufacturing | 3,730 | 4,053 | 1,291 | 1,193 | 186 | 193 | ||||||||||||||||||||||||||||||||
Selling and general | Selling and general | — | — | 317 | 300 | 48 | 45 | Selling and general | — | — | 494 | 474 | 69 | 62 | ||||||||||||||||||||||||||||||||
Federal excise tax and fuel charge | Federal excise tax and fuel charge | — | — | 1,125 | 1,032 | 2 | — | Federal excise tax and fuel charge | — | — | 1,778 | 1,615 | 3 | 1 | ||||||||||||||||||||||||||||||||
Depreciation and depletion | Depreciation and depletion | 832 | 768 | 89 | 86 | 8 | 9 | Depreciation and depletion | 1,250 | 1,269 | 135 | 130 | 10 | 13 | ||||||||||||||||||||||||||||||||
Non-service pension and postretirement benefit | Non-service pension and postretirement benefit | — | — | — | — | — | — | Non-service pension and postretirement benefit | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Financing (note 5) | Financing (note 5) | — | 1 | — | — | — | — | Financing (note 5) | 3 | 1 | — | — | — | — | ||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 6,352 | 7,691 | 24,746 | 30,965 | 707 | 891 | Total expenses | 9,813 | 11,511 | 39,088 | 45,871 | 1,059 | 1,339 | ||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | 938 | 2,792 | 1,471 | 1,865 | 163 | 143 | Income (loss) before income taxes | 2,284 | 3,921 | 2,241 | 3,195 | 193 | 215 | ||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | 224 | 664 | 351 | 443 | 39 | 34 | Income tax expense (benefit) | 542 | 807 | 535 | 761 | 46 | 52 | ||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | 714 | 2,128 | 1,120 | 1,422 | 124 | 109 | Net income (loss) | 1,742 | 3,114 | 1,706 | 2,434 | 147 | 163 | ||||||||||||||||||||||||||||||||
Cash flows from (used in) operating activities | Cash flows from (used in) operating activities | 175 | 3,534 | (191) | 1,016 | 23 | 131 | Cash flows from (used in) operating activities | 1,946 | 4,814 | 187 | 2,548 | 97 | 240 | ||||||||||||||||||||||||||||||||
Capital and exploration expenditures (c) | Capital and exploration expenditures (c) | 624 | 455 | 226 | 137 | 9 | 3 | Capital and exploration expenditures (c) | 868 | 764 | 329 | 201 | 11 | 5 | ||||||||||||||||||||||||||||||||
Total assets as at June 30 | 28,603 | 28,961 | 9,629 | 11,649 | 482 | 505 | ||||||||||||||||||||||||||||||||||||||||
Total assets as at September 30 | Total assets as at September 30 | 28,356 | 28,099 | 10,912 | 9,972 | 441 | 482 |
Six Months to June 30 | Corporate and other | Eliminations | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nine Months to September 30 | Nine Months to September 30 | Corporate and other | Eliminations | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||||||||||||||||||||||||||||
Revenues and other income | Revenues and other income | Revenues and other income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues (a) (b) | Revenues (a) (b) | — | — | — | — | 23,821 | 29,942 | Revenues (a) (b) | — | — | — | — | 37,694 | 45,013 | ||||||||||||||||||||||||||||||||||||||||||||
Intersegment sales | Intersegment sales | — | — | (10,509) | (14,368) | — | — | Intersegment sales | — | — | (16,929) | (20,868) | — | — | ||||||||||||||||||||||||||||||||||||||||||||
Investment and other income (note 3) | Investment and other income (note 3) | 72 | 14 | — | — | 119 | 51 | Investment and other income (note 3) | 111 | 33 | — | — | 166 | 204 | ||||||||||||||||||||||||||||||||||||||||||||
72 | 14 | (10,509) | (14,368) | 23,940 | 29,993 | 111 | 33 | (16,929) | (20,868) | 37,860 | 45,217 | |||||||||||||||||||||||||||||||||||||||||||||||
Expenses | Expenses | Expenses | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Exploration | Exploration | — | — | — | — | 2 | 3 | Exploration | — | — | — | — | 3 | 4 | ||||||||||||||||||||||||||||||||||||||||||||
Purchases of crude oil and products | Purchases of crude oil and products | — | — | (10,507) | (14,365) | 15,334 | 19,371 | Purchases of crude oil and products | — | — | (16,926) | (20,864) | 24,082 | 28,849 | ||||||||||||||||||||||||||||||||||||||||||||
Production and manufacturing | Production and manufacturing | — | — | — | — | 3,541 | 3,567 | Production and manufacturing | — | — | — | — | 5,207 | 5,439 | ||||||||||||||||||||||||||||||||||||||||||||
Selling and general | Selling and general | 29 | 74 | (2) | (3) | 392 | 416 | Selling and general | 69 | 93 | (3) | (4) | 629 | 625 | ||||||||||||||||||||||||||||||||||||||||||||
Federal excise tax and fuel charge | Federal excise tax and fuel charge | — | — | — | — | 1,127 | 1,032 | Federal excise tax and fuel charge | — | — | — | — | 1,781 | 1,616 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and depletion | Depreciation and depletion | 14 | 14 | — | — | 943 | 877 | Depreciation and depletion | 23 | 20 | — | — | 1,418 | 1,432 | ||||||||||||||||||||||||||||||||||||||||||||
Non-service pension and postretirement benefit | Non-service pension and postretirement benefit | 40 | 9 | — | — | 40 | 9 | Non-service pension and postretirement benefit | 60 | 13 | — | — | 60 | 13 | ||||||||||||||||||||||||||||||||||||||||||||
Financing (note 5) | Financing (note 5) | 32 | 17 | — | — | 32 | 18 | Financing (note 5) | 48 | 33 | — | — | 51 | 34 | ||||||||||||||||||||||||||||||||||||||||||||
Total expenses | Total expenses | 115 | 114 | (10,509) | (14,368) | 21,411 | 25,293 | Total expenses | 200 | 159 | (16,929) | (20,868) | 33,231 | 38,012 | ||||||||||||||||||||||||||||||||||||||||||||
Income (loss) before income taxes | Income (loss) before income taxes | (43) | (100) | — | — | 2,529 | 4,700 | Income (loss) before income taxes | (89) | (126) | — | — | 4,629 | 7,205 | ||||||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | Income tax expense (benefit) | (8) | (23) | — | — | 606 | 1,118 | Income tax expense (benefit) | (18) | (28) | — | — | 1,105 | 1,592 | ||||||||||||||||||||||||||||||||||||||||||||
Net income (loss) | Net income (loss) | (35) | (77) | — | — | 1,923 | 3,582 | Net income (loss) | (71) | (98) | — | — | 3,524 | 5,613 | ||||||||||||||||||||||||||||||||||||||||||||
Cash flows from (used in) operating activities | Cash flows from (used in) operating activities | 57 | (85) | — | — | 64 | 4,596 | Cash flows from (used in) operating activities | 193 | 83 | — | — | 2,423 | 7,685 | ||||||||||||||||||||||||||||||||||||||||||||
Capital and exploration expenditures (c) | Capital and exploration expenditures (c) | 63 | 15 | — | — | 922 | 610 | Capital and exploration expenditures (c) | 101 | 32 | — | — | 1,309 | 1,002 | ||||||||||||||||||||||||||||||||||||||||||||
Total assets as at June 30 | 3,915 | 4,016 | (503) | (239) | 42,126 | 44,892 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets as at September 30 | Total assets as at September 30 | 4,346 | 4,704 | (469) | (271) | 43,586 | 42,986 |
IMPERIAL OIL LIMITED |
Revenues | Revenues | Six Months to June 30 | Revenues | Nine Months to September 30 | ||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | ||||||||||
Revenue from contracts with customers | Revenue from contracts with customers | 21,442 | 26,735 | Revenue from contracts with customers | 33,713 | 39,958 | ||||||||||
Revenue outside the scope of ASC 606 | Revenue outside the scope of ASC 606 | 2,379 | 3,207 | Revenue outside the scope of ASC 606 | 3,981 | 5,055 | ||||||||||
Total | Total | 23,821 | 29,942 | Total | 37,694 | 45,013 |
IMPERIAL OIL LIMITED |
Second Quarter | Six Months to June 30 | Third Quarter | Nine Months to September 30 | ||||||||||||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||||||
Proceeds from asset sales | Proceeds from asset sales | 9 | 8 | 23 | 32 | Proceeds from asset sales | 6 | 854 | 29 | 886 | |||||||||||||||||||||||||||
Book value of asset sales | Book value of asset sales | (4) | 4 | 1 | 8 | Book value of asset sales | 9 | 723 | 10 | 731 | |||||||||||||||||||||||||||
Gain (loss) on asset sales, before tax | Gain (loss) on asset sales, before tax | 13 | 4 | 22 | 24 | Gain (loss) on asset sales, before tax | (3) | 131 | 19 | 155 | |||||||||||||||||||||||||||
Gain (loss) on asset sales, after tax | Gain (loss) on asset sales, after tax | 10 | 3 | 18 | 19 | Gain (loss) on asset sales, after tax | (2) | 222 | 16 | 241 | |||||||||||||||||||||||||||
(a)The third quarter of 2022 included a gain of $116 million ($208 million, after tax) from the sale of interests in XTO Energy Canada, which included the removal of a deferred tax liability. | (a)The third quarter of 2022 included a gain of $116 million ($208 million, after tax) from the sale of interests in XTO Energy Canada, which included the removal of a deferred tax liability. |
Second Quarter | Six Months to June 30 | Third Quarter | Nine Months to September 30 | |||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Pension benefits: | Pension benefits: | Pension benefits: | ||||||||||||||||||||||||||
Service cost | Service cost | 40 | 70 | 81 | 140 | Service cost | 41 | 70 | 122 | 210 | ||||||||||||||||||
Interest cost | Interest cost | 93 | 74 | 186 | 147 | Interest cost | 94 | 74 | 280 | 221 | ||||||||||||||||||
Expected return on plan assets | Expected return on plan assets | (93) | (103) | (186) | (206) | Expected return on plan assets | (94) | (103) | (280) | (309) | ||||||||||||||||||
Amortization of prior service cost | Amortization of prior service cost | 4 | 4 | 8 | 8 | Amortization of prior service cost | 5 | 4 | 13 | 12 | ||||||||||||||||||
Amortization of actuarial loss (gain) | Amortization of actuarial loss (gain) | 11 | 21 | 22 | 43 | Amortization of actuarial loss (gain) | 10 | 21 | 32 | 64 | ||||||||||||||||||
Net benefit cost | Net benefit cost | 55 | 66 | 111 | 132 | Net benefit cost | 56 | 66 | 167 | 198 | ||||||||||||||||||
Other postretirement benefits: | Other postretirement benefits: | Other postretirement benefits: | ||||||||||||||||||||||||||
Service cost | Service cost | 3 | 5 | 6 | 11 | Service cost | 3 | 6 | 9 | 17 | ||||||||||||||||||
Interest cost | Interest cost | 7 | 6 | 14 | 12 | Interest cost | 7 | 6 | 21 | 18 | ||||||||||||||||||
Amortization of actuarial loss (gain) | Amortization of actuarial loss (gain) | (2) | 3 | (4) | 5 | Amortization of actuarial loss (gain) | (2) | 2 | (6) | 7 | ||||||||||||||||||
Net benefit cost | Net benefit cost | 8 | 14 | 16 | 28 | Net benefit cost | 8 | 14 | 24 | 42 |
Second Quarter | Six Months to June 30 | Third Quarter | Nine Months to September 30 | |||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Debt-related interest | Debt-related interest | 49 | 20 | 95 | 32 | Debt-related interest | 53 | 34 | 148 | 66 | ||||||||||||||||||
Capitalized interest | Capitalized interest | (33) | (10) | (63) | (15) | Capitalized interest | (37) | (18) | (100) | (33) | ||||||||||||||||||
Net interest expense | Net interest expense | 16 | 10 | 32 | 17 | Net interest expense | 16 | 16 | 48 | 33 | ||||||||||||||||||
Other interest | Other interest | — | 1 | — | 1 | Other interest | 3 | — | 3 | 1 | ||||||||||||||||||
Total financing | Total financing | 16 | 11 | 32 | 18 | Total financing | 19 | 16 | 51 | 34 |
IMPERIAL OIL LIMITED |
As at June 30 | As at Dec 31 | As at Sep 30 | As at Dec 31 | |||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | ||||||||||
Long-term debt | Long-term debt | 3,447 | 3,447 | Long-term debt | 3,447 | 3,447 | ||||||||||
Finance leases | Finance leases | 575 | 586 | Finance leases | 570 | 586 | ||||||||||
Total long-term debt | Total long-term debt | 4,022 | 4,033 | Total long-term debt | 4,017 | 4,033 |
As at June 30 | As at Dec 31 | As at Sep 30 | As at Dec 31 | |||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | ||||||||||
Employee retirement benefits (a) | Employee retirement benefits (a) | 875 | 902 | Employee retirement benefits (a) | 876 | 902 | ||||||||||
Asset retirement obligations and other environmental liabilities (b) | Asset retirement obligations and other environmental liabilities (b) | 2,165 | 2,150 | Asset retirement obligations and other environmental liabilities (b) | 2,189 | 2,150 | ||||||||||
Share-based incentive compensation liabilities | Share-based incentive compensation liabilities | 107 | 101 | Share-based incentive compensation liabilities | 130 | 101 | ||||||||||
Operating lease liability (c) | Operating lease liability (c) | 127 | 151 | Operating lease liability (c) | 122 | 151 | ||||||||||
Other obligations | Other obligations | 144 | 163 | Other obligations | 145 | 163 | ||||||||||
Total other long-term obligations | Total other long-term obligations | 3,418 | 3,467 | Total other long-term obligations | 3,462 | 3,467 | ||||||||||
(a)Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million). (b)Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million). (c)Total operating lease liability also included $106 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $60 million (2022 - $14 million). | ||||||||||||||||
(a)Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million). (b)Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million). (c)Total operating lease liability also included $107 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $55 million (2022 - $14 million). | (a)Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million). (b)Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million). (c)Total operating lease liability also included $107 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $55 million (2022 - $14 million). |
IMPERIAL OIL LIMITED |
As at June 30 | As at Dec 31 | As at Sep 30 | As at Dec 31 | |||||||||||||
thousands of barrels | thousands of barrels | 2023 | 2022 | thousands of barrels | 2023 | 2022 | ||||||||||
Crude | Crude | 8,040 | 1,800 | Crude | 3,280 | 1,800 | ||||||||||
Products | Products | (670) | (350) | Products | (850) | (350) |
Second Quarter | Six Months to June 30 | Third Quarter | Nine Months to September 30 | |||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Revenues | Revenues | 10 | (51) | (13) | (14) | Revenues | 6 | 105 | (7) | 91 |
IMPERIAL OIL LIMITED |
At June 30, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2023 | At September 30, 2023 | |||||||||||||||||||||||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | millions of Canadian dollars | ||||||||||||||||||||||||||||||||||||||||||||
Fair value | Effect of counterparty netting | Effect of collateral netting | Net carrying value | Fair value | Effect of counterparty netting | Effect of collateral netting | Net carrying value | |||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||||||||||||||||
Assets | Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||
Derivative assets (a) | Derivative assets (a) | 11 | 31 | — | 42 | (11) | — | 31 | Derivative assets (a) | 24 | 33 | — | 57 | (23) | (1) | 33 | ||||||||||||||||||||||||||||||
Liabilities | Liabilities | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (b) | Derivative liabilities (b) | 13 | 26 | — | 39 | (11) | (2) | 26 | Derivative liabilities (b) | 24 | 39 | — | 63 | (23) | — | 40 | ||||||||||||||||||||||||||||||
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. | (a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. | (a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. |
At December 31, 2022 | |||||||||||||||||||||||
millions of Canadian dollars | |||||||||||||||||||||||
Fair value | Effect of counterparty netting | Effect of collateral netting | Net carrying value | ||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
Assets | |||||||||||||||||||||||
Derivative assets (a) | 17 | 32 | — | 49 | (27) | — | 22 | ||||||||||||||||
Liabilities | |||||||||||||||||||||||
Derivative liabilities (b) | 21 | 20 | — | 41 | (27) | (4) | 10 | ||||||||||||||||
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. |
IMPERIAL OIL LIMITED |
thousands of shares | thousands of shares | As at June 30 2023 | As at Dec 31 2022 | thousands of shares | As at Sep 30 2023 | As at Dec 31 2022 | ||||||||||
Authorized | Authorized | 1,100,000 | 1,100,000 | Authorized | 1,100,000 | 1,100,000 | ||||||||||
Outstanding | Outstanding | 584,153 | 584,153 | Outstanding | 566,667 | 584,153 |
Thousands of shares | Millions of dollars | Thousands of shares | Millions of dollars | |||||||||||||
Balance as at December 31, 2021 | Balance as at December 31, 2021 | 678,080 | 1,252 | Balance as at December 31, 2021 | 678,080 | 1,252 | ||||||||||
Issued under employee share-based awards | Issued under employee share-based awards | — | — | Issued under employee share-based awards | — | — | ||||||||||
Purchases at stated value | Purchases at stated value | (93,927) | (173) | Purchases at stated value | (93,927) | (173) | ||||||||||
Balance as at December 31, 2022 | Balance as at December 31, 2022 | 584,153 | 1,079 | Balance as at December 31, 2022 | 584,153 | 1,079 | ||||||||||
Issued under employee share-based awards | Issued under employee share-based awards | — | — | Issued under employee share-based awards | — | — | ||||||||||
Purchases at stated value | Purchases at stated value | — | — | Purchases at stated value | (17,486) | (32) | ||||||||||
Balance as at June 30, 2023 | 584,153 | 1,079 | ||||||||||||||
Balance as at September 30, 2023 | Balance as at September 30, 2023 | 566,667 | 1,047 |
IMPERIAL OIL LIMITED |
Second Quarter | Six Months to June 30 | Third Quarter | Nine Months to September 30 | |||||||||||||||||||||||||
2023 | 2022 | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||
Net income (loss) per common share – basic | Net income (loss) per common share – basic | Net income (loss) per common share – basic | ||||||||||||||||||||||||||
Net income (loss) (millions of Canadian dollars) | Net income (loss) (millions of Canadian dollars) | 675 | 2,409 | 1,923 | 3,582 | Net income (loss) (millions of Canadian dollars) | 1,601 | 2,031 | 3,524 | 5,613 | ||||||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 584.2 | 663.0 | 584.2 | 666.7 | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding (millions of shares) | Weighted-average number of common shares outstanding (millions of shares) | 578.0 | 625.3 | 582.1 | 652.9 | |||||||||||||||||||||||
Net income (loss) per common share (dollars) | Net income (loss) per common share (dollars) | 1.16 | 3.63 | 3.29 | 5.37 | Net income (loss) per common share (dollars) | 2.77 | 3.25 | 6.05 | 8.60 | ||||||||||||||||||
Net income (loss) per common share – diluted | Net income (loss) per common share – diluted | Net income (loss) per common share – diluted | ||||||||||||||||||||||||||
Net income (loss) (millions of Canadian dollars) | Net income (loss) (millions of Canadian dollars) | 675 | 2,409 | 1,923 | 3,582 | Net income (loss) (millions of Canadian dollars) | 1,601 | 2,031 | 3,524 | 5,613 | ||||||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 584.2 | 663.0 | 584.2 | 666.7 | ||||||||||||||||||||||||
Weighted-average number of common shares outstanding (millions of shares) | Weighted-average number of common shares outstanding (millions of shares) | 578.0 | 625.3 | 582.1 | 652.9 | |||||||||||||||||||||||
Effect of employee share-based awards (millions of shares) | Effect of employee share-based awards (millions of shares) | 1.1 | 1.4 | 1.1 | 1.4 | Effect of employee share-based awards (millions of shares) | 1.3 | 1.6 | 1.2 | 1.5 | ||||||||||||||||||
Weighted-average number of common shares outstanding, assuming dilution (millions of shares) | Weighted-average number of common shares outstanding, assuming dilution (millions of shares) | 585.3 | 664.4 | 585.3 | 668.1 | Weighted-average number of common shares outstanding, assuming dilution (millions of shares) | 579.3 | 626.9 | 583.3 | 654.4 | ||||||||||||||||||
Net income (loss) per common share (dollars) | Net income (loss) per common share (dollars) | 1.15 | 3.63 | 3.29 | 5.36 | Net income (loss) per common share (dollars) | 2.76 | 3.24 | 6.04 | 8.58 | ||||||||||||||||||
Dividends per common share – declared (dollars) | Dividends per common share – declared (dollars) | 0.50 | 0.34 | 0.94 | 0.68 | Dividends per common share – declared (dollars) | 0.50 | 0.34 | 1.44 | 1.02 |
IMPERIAL OIL LIMITED |
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | ||||||||||
Balance at January 1 | Balance at January 1 | (512) | (1,177) | Balance at January 1 | (512) | (1,177) | ||||||||||
Postretirement benefits liability adjustment: | Postretirement benefits liability adjustment: | Postretirement benefits liability adjustment: | ||||||||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income | Current period change excluding amounts reclassified from accumulated other comprehensive income | 21 | 24 | Current period change excluding amounts reclassified from accumulated other comprehensive income | 21 | 24 | ||||||||||
Amounts reclassified from accumulated other comprehensive income | Amounts reclassified from accumulated other comprehensive income | 20 | 42 | Amounts reclassified from accumulated other comprehensive income | 29 | 63 | ||||||||||
Balance at June 30 | (471) | (1,111) | ||||||||||||||
Balance at September 30 | Balance at September 30 | (462) | (1,090) |
Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): |
Second Quarter | Six Months to June 30 | Third Quarter | Nine Months to September 30 | |||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Amortization of postretirement benefits liability adjustment included in net benefit cost (a) | Amortization of postretirement benefits liability adjustment included in net benefit cost (a) | (13) | (27) | (26) | (55) | Amortization of postretirement benefits liability adjustment included in net benefit cost (a) | (13) | (28) | (39) | (83) | (a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4). |
Income tax expense (credit) for components of other comprehensive income (loss): |
Second Quarter | Six Months to June 30 | Third Quarter | Nine Months to September 30 | |||||||||||||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||||||||||
Postretirement benefits liability adjustments: | Postretirement benefits liability adjustments: | Postretirement benefits liability adjustments: | ||||||||||||||||||||||||||
Postretirement benefits liability adjustment (excluding amortization) | Postretirement benefits liability adjustment (excluding amortization) | — | — | 7 | 8 | Postretirement benefits liability adjustment (excluding amortization) | — | — | 7 | 8 | ||||||||||||||||||
Amortization of postretirement benefits liability adjustment included in net benefit cost | Amortization of postretirement benefits liability adjustment included in net benefit cost | 3 | 6 | 6 | 13 | Amortization of postretirement benefits liability adjustment included in net benefit cost | 4 | 7 | 10 | 20 | ||||||||||||||||||
Total | Total | 3 | 6 | 13 | 21 | Total | 4 | 7 | 17 | 28 |
IMPERIAL OIL LIMITED |
Third Quarter | Nine Months | |||||||||||||
millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | ||||||||||
From Imperial's Consolidated statement of income | ||||||||||||||
Net income (loss) (U.S. GAAP) | 1,601 | 2,031 | 3,524 | 5,613 | ||||||||||
Less identified items included in Net income (loss) | ||||||||||||||
Gain/(loss) on sale of assets | — | 208 | — | 208 | ||||||||||
Subtotal of identified items | — | 208 | — | 208 | ||||||||||
Net income (loss) excluding identified items | 1,601 | 1,823 | 3,524 | 5,405 |
IMPERIAL OIL LIMITED |
Second Quarter | Third Quarter | |||||||||||||||
millions of Canadian dollars, unless noted | millions of Canadian dollars, unless noted | 2023 | 2022 | millions of Canadian dollars, unless noted | 2023 | 2022 | ||||||||||
Net income (loss) (U.S. GAAP) | Net income (loss) (U.S. GAAP) | 675 | 2,409 | Net income (loss) (U.S. GAAP) | 1,601 | 2,031 | ||||||||||
Net income (loss) per common share, assuming dilution (dollars) | Net income (loss) per common share, assuming dilution (dollars) | 1.15 | 3.63 | Net income (loss) per common share, assuming dilution (dollars) | 2.76 | 3.24 | ||||||||||
Net income (loss) excluding identified items¹ | Net income (loss) excluding identified items¹ | 1,601 | 1,823 |
1 non-GAAP financial measure - see non-GAAP financial measures and other specified financial measures for definition and reconciliation |
IMPERIAL OIL LIMITED |
Third Quarter | ||||||||
Canadian dollars, unless noted | 2023 | 2022 | ||||||
West Texas Intermediate (US$ per barrel) | 82.32 | 91.43 | ||||||
Western Canada Select (US$ per barrel) | 69.39 | 71.53 | ||||||
WTI/WCS Spread (US$ per barrel) | 12.93 | 19.90 | ||||||
Bitumen (per barrel) | 86.05 | 81.58 | ||||||
Synthetic crude oil (per barrel) | 112.98 | 124.80 | ||||||
Average foreign exchange rate (US$) | 0.75 | 0.77 |
Third Quarter | ||||||||
thousands of barrels per day | 2023 | 2022 | ||||||
Kearl (Imperial's share) | 209 | 193 | ||||||
Cold Lake | 128 | 150 | ||||||
Syncrude (a) | 75 | 62 | ||||||
Kearl total gross production (thousands of barrels per day) | 295 | 271 |
IMPERIAL OIL LIMITED |
Third Quarter | ||||||||
thousands of barrels per day, unless noted | 2023 | 2022 | ||||||
Refinery throughput | 416 | 426 | ||||||
Refinery capacity utilization (percent) | 96 | 100 | ||||||
Petroleum product sales | 478 | 484 |
Third Quarter | ||||||||
millions of Canadian dollars | 2023 | 2022 | ||||||
Net income (loss) (U.S. GAAP) | (36) | (21) |
Third Quarter | ||||||||
millions of Canadian dollars | 2023 | 2022 | ||||||
Cash flows from (used in): | ||||||||
Operating activities | 2,359 | 3,089 | ||||||
Investing activities | (380) | 364 | ||||||
Financing activities | (1,639) | (2,744) | ||||||
Increase (decrease) in cash and cash equivalents | 340 | 709 | ||||||
Cash and cash equivalents at period end | 2,716 | 3,576 |
Third Quarter | ||||||||
millions of Canadian dollars, unless noted | 2023 | 2022 | ||||||
Dividends paid | 292 | 227 | ||||||
Per share dividend paid (dollars) | 0.50 | 0.34 | ||||||
Share repurchases (a) | 1,342 | 1,512 | ||||||
Number of shares purchased (millions) (a) | 17.5 | 25.2 |
IMPERIAL OIL LIMITED |
Nine Months | ||||||||
millions of Canadian dollars, unless noted | 2023 | 2022 | ||||||
Net income (loss) (U.S. GAAP) | 3,524 | 5,613 | ||||||
Net income (loss) per common share, assuming dilution (dollars) | 6.04 | 8.58 | ||||||
Net income (loss) excluding identified items¹ | 3,524 | 5,405 |
Second Quarter | Nine Months | |||||||||||||||
Canadian dollars, unless noted | Canadian dollars, unless noted | 2023 | 2022 | Canadian dollars, unless noted | 2023 | 2022 | ||||||||||
West Texas Intermediate (US$ per barrel) | West Texas Intermediate (US$ per barrel) | 73.56 | 108.52 | West Texas Intermediate (US$ per barrel) | 77.29 | 98.25 | ||||||||||
Western Canada Select (US$ per barrel) | Western Canada Select (US$ per barrel) | 58.49 | 95.80 | Western Canada Select (US$ per barrel) | 59.67 | 82.60 | ||||||||||
WTI/WCS Spread (US$ per barrel) | WTI/WCS Spread (US$ per barrel) | 15.07 | 12.72 | WTI/WCS Spread (US$ per barrel) | 17.62 | 15.65 | ||||||||||
Bitumen (per barrel) | Bitumen (per barrel) | 68.64 | 112.27 | Bitumen (per barrel) | 68.70 | 94.01 | ||||||||||
Synthetic crude oil (per barrel) | Synthetic crude oil (per barrel) | 100.92 | 144.67 | Synthetic crude oil (per barrel) | 105.65 | 129.52 | ||||||||||
Average foreign exchange rate (US$) | Average foreign exchange rate (US$) | 0.74 | 0.78 | Average foreign exchange rate (US$) | 0.74 | 0.78 |
1 non-GAAP financial measure - see non-GAAP financial measures and other specified financial measures for definition and reconciliation |
IMPERIAL OIL LIMITED |
Second Quarter | Nine Months | |||||||||||||||
thousands of barrels per day | thousands of barrels per day | 2023 | 2022 | thousands of barrels per day | 2023 | 2022 | ||||||||||
Kearl (Imperial's share) | Kearl (Imperial's share) | 154 | 159 | Kearl (Imperial's share) | 182 | 162 | ||||||||||
Cold Lake | Cold Lake | 132 | 144 | Cold Lake | 134 | 145 | ||||||||||
Syncrude (a) | Syncrude (a) | 66 | 81 | Syncrude (a) | 72 | 74 | ||||||||||
Kearl total gross production (thousands of barrels per day) | Kearl total gross production (thousands of barrels per day) | 217 | 224 | Kearl total gross production (thousands of barrels per day) | 257 | 228 |
Second Quarter | ||||||||
thousands of barrels per day, unless noted | 2023 | 2022 | ||||||
Refinery throughput | 388 | 412 | ||||||
Refinery capacity utilization (percent) | 90 | 96 | ||||||
Petroleum product sales | 475 | 480 |
Nine Months | ||||||||
thousands of barrels per day, unless noted | 2023 | 2022 | ||||||
Refinery throughput | 407 | 413 | ||||||
Refinery capacity utilization (percent) | 94 | 96 | ||||||
Petroleum product sales | 469 | 471 |
IMPERIAL OIL LIMITED |
Second Quarter | Nine Months | |||||||||||||||
millions of Canadian dollars | millions of Canadian dollars | 2023 | 2022 | millions of Canadian dollars | 2023 | 2022 | ||||||||||
Net income (loss) (U.S. GAAP) | Net income (loss) (U.S. GAAP) | (30) | (23) | Net income (loss) (U.S. GAAP) | (71) | (98) |
Second Quarter | ||||||||
millions of Canadian dollars | 2023 | 2022 | ||||||
Cash flow generated from (used in): | ||||||||
Operating activities | 885 | 2,682 | ||||||
Investing activities | (489) | (230) | ||||||
Financing activities | (263) | (2,734) | ||||||
Increase (decrease) in cash and cash equivalents | 133 | (282) | ||||||
Cash and cash equivalents at period end | 2,376 | 2,867 |
Nine Months | ||||||||
millions of Canadian dollars | 2023 | 2022 | ||||||
Cash flows from (used in): | ||||||||
Operating activities | 2,423 | 7,685 | ||||||
Investing activities | (1,283) | (145) | ||||||
Financing activities | (2,173) | (6,117) | ||||||
Increase (decrease) in cash and cash equivalents | (1,033) | 1,423 |
Second Quarter | ||||||||
millions of Canadian dollars, unless noted | 2023 | 2022 | ||||||
Dividends paid | 257 | 228 | ||||||
Per share dividend paid (dollars) | 0.44 | 0.34 | ||||||
Share repurchases (a) | — | 2,500 | ||||||
Number of shares purchased (millions) (a) | — | 32.5 |
Nine Months | ||||||||
millions of Canadian dollars, unless noted | 2023 | 2022 | ||||||
Dividends paid | 815 | 640 | ||||||
Per share dividend paid (dollars) | 1.38 | 0.95 | ||||||
Share repurchases (a) | 1,342 | 4,461 | ||||||
Number of shares purchased (millions) (a) | 17.5 | 66.6 | ||||||
(a)Share repurchases were made under the company's normal course issuer bid program. In the second quarter of 2022, share repurchases were made under the company's substantial issuer bid that commenced on May 6, 2022 and expired on June 10, 2022. Includes shares purchased from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid, and by way of a proportionate tender under the company's substantial issuer bid. |
IMPERIAL OIL LIMITED |
Six Months | ||||||||
millions of Canadian dollars, unless noted | 2023 | 2022 | ||||||
Net income (loss) (U.S. GAAP) | 1,923 | 3,582 | ||||||
Net income (loss) per common share, assuming dilution (dollars) | 3.29 | 5.36 | ||||||
Six Months | ||||||||
Canadian dollars, unless noted | 2023 | 2022 | ||||||
West Texas Intermediate (US$ per barrel) | 74.77 | 101.77 | ||||||
Western Canada Select (US$ per barrel) | 54.92 | 88.13 | ||||||
WTI/WCS Spread (US$ per barrel) | 19.85 | 13.64 | ||||||
Bitumen (per barrel) | 58.94 | 101.53 | ||||||
Synthetic crude oil (per barrel) | 101.73 | 131.41 | ||||||
Average foreign exchange rate (US$) | 0.74 | 0.79 |
Six Months | ||||||||
thousands of barrels per day | 2023 | 2022 | ||||||
Kearl (Imperial's share) | 169 | 146 | ||||||
Cold Lake | 137 | 142 | ||||||
Syncrude (a) | 71 | 79 | ||||||
Kearl total gross production (thousands of barrels per day) | 238 | 205 |
Six Months | ||||||||
thousands of barrels per day, unless noted | 2023 | 2022 | ||||||
Refinery throughput | 403 | 406 | ||||||
Refinery capacity utilization (percent) | 93 | 95 | ||||||
Petroleum product sales | 465 | 464 |
Six Months | ||||||||
millions of Canadian dollars | 2023 | 2022 | ||||||
Net income (loss) (U.S. GAAP) | (35) | (77) |
Six Months | ||||||||
millions of Canadian dollars | 2023 | 2022 | ||||||
Cash flow generated from (used in): | ||||||||
Operating activities | 64 | 4,596 | ||||||
Investing activities | (903) | (509) | ||||||
Financing activities | (534) | (3,373) | ||||||
Increase (decrease) in cash and cash equivalents | (1,373) | 714 |
Six Months | ||||||||
millions of Canadian dollars, unless noted | 2023 | 2022 | ||||||
Dividends paid | 523 | 413 | ||||||
Per share dividend paid (dollars) | 0.88 | 0.61 | ||||||
Share repurchases (a) | — | 2,949 | ||||||
Number of shares purchased (millions) (a) | — | 41.4 | ||||||
(a)The company did not purchase shares during the six months ended June 30, 2023. In the six months ended June 30, 2022, share repurchases were made under the company's normal course issuer bid program and substantial issuer bid that commenced on May 6, 2022 and expired on June 10, 2022. Includes shares purchased from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid, and by way of a proportionate tender under the company's substantial issuer bid. |
IMPERIAL OIL LIMITED |
IMPERIAL OIL LIMITED |
IMPERIAL OIL LIMITED |
of shares that may yet be purchased under the plans or programs (a) (b) | ||||||||||||||
Total number of shares purchased | Average price paid per share (Canadian dollars) | Total number of shares purchased as part of publicly announced plans or programs | Maximum number of shares that may yet be purchased under the plans or programs (a) | |||||||||||
July 2023 | ||||||||||||||
(July 1 - July 31) | 2,283,731 | 66.72 | 2,283,731 | 26,923,904 | ||||||||||
August 2023 | ||||||||||||||
(August 1 - August 31) | 5,923,101 | 74.12 | 5,923,101 | 21,000,803 | ||||||||||
September 2023 | ||||||||||||||
(September 1 - September 30) | 9,278,768 | 80.91 | 9,278,768 | 11,722,035 | ||||||||||
IMPERIAL OIL LIMITED |
IMPERIAL OIL LIMITED |
Imperial Oil Limited | ||||||||
(Registrant) | ||||||||
Date: | /s/ Daniel E. Lyons | |||||||
(Signature) | ||||||||
Daniel E. Lyons | ||||||||
Senior vice-president, finance and administration, and controller | ||||||||
(Principal accounting officer) | ||||||||
Date: | /s/ Cathryn Walker | |||||||
(Signature) | ||||||||
Cathryn Walker | ||||||||
Assistant corporate secretary |