Imperial Oil Limited (IMO) 10-Q 1 Aug 23 2023 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2023 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	0-12014
Entity Registrant Name	IMPERIAL OIL LIMITED
Entity Incorporation, State or Country Code	Z4
Entity Tax Identification Number	98-0017682
Entity Address, Address Line One	505 Quarry Park Boulevard S.E.
Entity Address, City or Town	Calgary
Entity Address, State or Province	AB
Entity Address, Country	CA
Entity Address, Postal Zip Code	T2C 5N1
City Area Code	800
Local Phone Number	567-3776
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	584,152,718
Amendment Flag	false
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Central Index Key	0000049938
Current Fiscal Year End Date	--12-31

Consolidated statement of incom

Consolidated statement of income (U.S. GAAP, unaudited) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues and other income
Revenues	[1]	$ 11,764	$ 17,285	$ 23,821	$ 29,942
Investment and other income (note 3)		55	22	119	51
Total revenues and other income		11,819	17,307	23,940	29,993
Expenses
Exploration		1	1	2	3
Purchases of crude oil and products	[2]	7,856	11,021	15,334	19,371
Production and manufacturing	[3]	1,785	1,908	3,541	3,567
Selling and general	[3]	206	191	392	416
Federal excise tax and fuel charge		598	553	1,127	1,032
Depreciation and depletion		453	451	943	877
Non-service pension and postretirement benefit		20	5	40	9
Financing	[4]	16	11	32	18
Total expenses		10,935	14,141	21,411	25,293
Income (loss) before income taxes		884	3,166	2,529	4,700
Income taxes		209	757	606	1,118
Net income (loss)		$ 675	$ 2,409	$ 1,923	$ 3,582
Per share information (Canadian dollars)
Net income (loss) per common share - basic (note 9) (in CAD per share)		$ 1.16	$ 3.63	$ 3.29	$ 5.37
Net income (loss) per common share - diluted (note 9) (in CAD per share)		$ 1.15	$ 3.63	$ 3.29	$ 5.36
[1] (a) Amounts from related parties included in revenues. 3,556 5,175 6,692 9,134 (b) Amounts to related parties included in purchases of crude oil and products. 964 1,129 2,042 1,779 (c) Amounts to related parties included in production and manufacturing, 125 116 260 234 (d) Amounts to related parties included in financing. 41 13 80 17

Consolidated statement of inc_2

Consolidated statement of income (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Amounts from related parties included in revenues	[1]	$ 11,764	$ 17,285	$ 23,821	$ 29,942
Amounts to related parties included in purchases of crude oil and products	[2]	7,856	11,021	15,334	19,371
Amounts to related parties included in financing	[3]	16	11	32	18
Related Party
Amounts from related parties included in revenues		3,556	5,175	6,692	9,134
Amounts to related parties included in purchases of crude oil and products		964	1,129	2,042	1,779
Amounts to related parties included in production and manufacturing, and selling and general expenses		125	116	260	234
Amounts to related parties included in financing		$ 41	$ 13	$ 80	$ 17
[1] (a) Amounts from related parties included in revenues. 3,556 5,175 6,692 9,134 (b) Amounts to related parties included in purchases of crude oil and products. 964 1,129 2,042 1,779 (d) Amounts to related parties included in financing. 41 13 80 17

Consolidated statement of compr

Consolidated statement of comprehensive income (U.S. GAAP, unaudited) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 675	$ 2,409	$ 1,923	$ 3,582
Other comprehensive income (loss), net of income taxes
Postretirement benefits liability adjustment (excluding amortization)	0	0	21	24
Amortization of postretirement benefits liability adjustment included in net benefit costs	10	21	20	42
Total other comprehensive income (loss)	10	21	41	66
Comprehensive income (loss)	$ 685	$ 2,430	$ 1,964	$ 3,648

Consolidated balance sheet (U.S

Consolidated balance sheet (U.S. GAAP, unaudited) - CAD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents		$ 2,376	$ 3,749
Accounts receivable - net	[1]	4,585	4,719
Inventories of crude oil and products		1,460	1,514
Materials, supplies and prepaid expenses		869	754
Total current assets		9,290	10,736
Investments and long-term receivables	[2]	998	893
Property, plant and equipment,		55,424	54,568
less accumulated depreciation and depletion		(24,945)	(24,062)
Property, plant and equipment, net		30,479	30,506
Goodwill		166	166
Other assets, including intangibles - net		1,193	1,223
Total assets		42,126	43,524
Current liabilities
Notes and loans payable		122	122
Accounts payable and accrued liabilities (note 7)	[1]	5,923	6,194
Income taxes payable		184	2,582
Total current liabilities		6,229	8,898
Long-term debt	[3]	4,022	4,033
Other long-term obligations (note 7)		3,418	3,467
Deferred income tax liabilities		4,629	4,713
Total liabilities		18,298	21,111
Shareholders’ equity
Common shares at stated value (note 9)	[4]	1,079	1,079
Earnings reinvested		23,220	21,846
Accumulated other comprehensive income (loss) (note 10)		(471)	(512)
Total shareholders’ equity		23,828	22,413
Total liabilities and shareholders’ equity		$ 42,126	$ 43,524
[1](a) Accounts receivable - net included net amounts receivable from related parties of $1,029 million (2022 - $1,108 million).[2](b) Investments and long-term receivables included amounts from related parties of $286 million (2022 - $288 million).[3](c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).[4](d) Number of common shares authorized and outstanding were 1,100 million and 584 million, respectively (2022 - 1,100 million and 584 million, respectively).

Consolidated balance sheet (U_2

Consolidated balance sheet (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) shares in Thousands, $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Investments and long-term receivables, related party amount	[1]	$ 998	$ 893
Long-term debt, related party amount	[2]	$ 4,022	$ 4,033
Common shares authorized		1,100,000	1,100,000
Common shares outstanding		584,000	584,000
Related Party
Accounts receivable, net		$ 1,029	$ 1,108
Investments and long-term receivables, related party amount		286	288
Long-term debt, related party amount		$ 3,447	$ 3,447
[1](b) Investments and long-term receivables included amounts from related parties of $286 million (2022 - $288 million).[2](c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).

Consolidated statement of share

Consolidated statement of shareholders' equity (U.S GAAP, unaudited) - CAD ($) $ in Millions	Total	Common shares at stated value (note 9)	Earnings reinvested	Accumulated other comprehensive income (loss) (note 10)
At beginning of period at Dec. 31, 2021		$ 1,252	$ 21,660	$ (1,177)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share purchases at stated value		(75)
Net income (loss) for the period	$ 3,582		3,582
Share purchases in excess of stated value			(2,874)
Dividends declared			(455)
Other comprehensive income (loss)	66			66
At end of period at Jun. 30, 2022	21,979	1,177	21,913	(1,111)
At beginning of period at Dec. 31, 2021		1,252	21,660	(1,177)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share purchases at stated value		(173)
At end of period at Dec. 31, 2022	22,413	1,079	21,846	(512)
At beginning of period at Mar. 31, 2022		1,237	22,171	(1,132)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share purchases at stated value		(60)
Net income (loss) for the period	2,409		2,409
Share purchases in excess of stated value			(2,440)
Dividends declared			(227)
Other comprehensive income (loss)	21			21
At end of period at Jun. 30, 2022	21,979	1,177	21,913	(1,111)
At beginning of period at Dec. 31, 2022	22,413	1,079	21,846	(512)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share purchases at stated value		0
Net income (loss) for the period	1,923		1,923
Share purchases in excess of stated value			0
Dividends declared			(549)
Other comprehensive income (loss)	41			41
At end of period at Jun. 30, 2023	23,828	1,079	23,220	(471)
At beginning of period at Mar. 31, 2023		1,079	22,837	(481)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share purchases at stated value		0
Net income (loss) for the period	675		675
Share purchases in excess of stated value			0
Dividends declared			(292)
Other comprehensive income (loss)	10			10
At end of period at Jun. 30, 2023	$ 23,828	$ 1,079	$ 23,220	$ (471)

Consolidated statement of cash

Consolidated statement of cash flows (U.S. GAAP, unaudited) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating activities
Net income (loss)		$ 675	$ 2,409	$ 1,923	$ 3,582
Adjustments for non-cash items:
Depreciation and depletion		453	451	943	877
(Gain) loss on asset sales (note 3)		(13)	(4)	(22)	(24)
Deferred income taxes and other		(15)	(149)	(71)	(480)
Changes in operating assets and liabilities:
Accounts receivable		(302)	(1,426)	134	(2,970)
Inventories, materials, supplies and prepaid expenses		420	(27)	(59)	(391)
Income taxes payable		(321)	853	(2,398)	1,312
Accounts payable and accrued liabilities		(48)	499	(303)	2,643
All other items - net	[1]	36	76	(83)	47
Cash flows from (used in) operating activities		885	2,682	64	4,596
Investing activities
Additions to property, plant and equipment		(499)	(333)	(928)	(637)
Proceeds from asset sales (note 3)	[2]	9	102	23	126
Loans to equity companies - net		1	1	2	2
Cash flows from (used in) investing activities		(489)	(230)	(903)	(509)
Financing activities
Finance lease obligations - reduction (note 6)		(6)	(6)	(11)	(11)
Dividends paid		(257)	(228)	(523)	(413)
Common shares purchased (note 9)		0	(2,500)	0	(2,949)
Cash flows from (used in) financing activities		(263)	(2,734)	(534)	(3,373)
Increase (decrease) in cash and cash equivalents		133	(282)	(1,373)	714
Cash and cash equivalents at beginning of period		2,243	3,149	3,749	2,153
Cash and cash equivalents at end of period	[3]	$ 2,376	$ 2,867	$ 2,376	$ 2,867
[1] (c)  Included contributions to registered pension plans. (44) (46) (86) (96)

Consolidated statement of cas_2

Consolidated statement of cash flows (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Proceeds from asset sales	[1]	$ 9	$ 102	$ 23	$ 126
Included contributions to registered pension plans		(44)	(46)	(86)	(96)
Income taxes (paid) refunded.		(557)	(52)	(3,189)	(275)
Interest (paid), net of capitalization.		$ (16)	(10)	$ (37)	(22)
XTO Energy Canada
Proceeds from asset sales			$ 94		$ 94
[1](b) In the second quarter of 2022, a deposit of $94 million was received for the pending sale of XTO Energy Canada.

Basis of financial statement pr

Basis of financial statement preparation	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of financial statement preparation	Basis of financial statement preparation These unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) in the company’s 2022 annual report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature. The company’s exploration and production activities are accounted for under the “successful efforts” method. The results for the six months ended June 30, 2023, are not necessarily indicative of the operations to be expected for the full year.

Business segments

Business segments	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business segments	Business segments Second Quarter Upstream Downstream Chemical millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) 61 119 11,355 16,752 348 414 Intersegment sales 3,519 5,827 1,365 2,024 89 149 Investment and other income (note 3) 10 3 15 9 — — 3,590 5,949 12,735 18,785 437 563 Expenses Exploration 1 1 — — — — Purchases of crude oil and products 1,432 2,357 11,133 16,261 263 401 Production and manufacturing 1,256 1,423 475 418 54 67 Selling and general — — 160 153 22 22 Federal excise tax and fuel charge — — 597 553 1 — Depreciation and depletion 398 395 44 45 4 4 Non-service pension and postretirement benefit — — — — — — Financing (note 5) — 1 — — — — Total expenses 3,087 4,177 12,409 17,430 344 494 Income (loss) before income taxes 503 1,772 326 1,355 93 69 Income tax expense (benefit) 119 426 76 322 22 16 Net income (loss) 384 1,346 250 1,033 71 53 Cash flows from (used in) operating activities 573 2,087 228 641 55 64 Capital and exploration expenditures (c) 303 233 152 69 5 2 Second Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) — — — — 11,764 17,285 Intersegment sales — — (4,973) (8,000) — — Investment and other income (note 3) 30 10 — — 55 22 30 10 (4,973) (8,000) 11,819 17,307 Expenses Exploration — — — — 1 1 Purchases of crude oil and products — — (4,972) (7,998) 7,856 11,021 Production and manufacturing — — — — 1,785 1,908 Selling and general 25 18 (1) (2) 206 191 Federal excise tax and fuel charge — — — — 598 553 Depreciation and depletion 7 7 — — 453 451 Non-service pension and postretirement benefit 20 5 — — 20 5 Financing (note 5) 16 10 — — 16 11 Total expenses 68 40 (4,973) (8,000) 10,935 14,141 Income (loss) before income taxes (38) (30) — — 884 3,166 Income tax expense (benefit) (8) (7) — — 209 757 Net income (loss) (30) (23) — — 675 2,409 Cash flows from (used in) operating activities 29 (110) — — 885 2,682 Capital and exploration expenditures (c) 33 10 — — 493 314 (b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it. Revenues Second Quarter millions of Canadian dollars 2023 2022 Revenue from contracts with customers 10,922 15,871 Revenue outside the scope of ASC 606 842 1,414 Total 11,764 17,285 (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. Six Months to June 30 Upstream Downstream Chemical millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) 137 218 22,994 28,943 690 781 Intersegment sales 7,141 10,258 3,188 3,857 180 253 Investment and other income (note 3) 12 7 35 30 — — 7,290 10,483 26,217 32,830 870 1,034 Expenses Exploration 2 3 — — — — Purchases of crude oil and products 2,975 4,247 22,329 28,773 537 716 Production and manufacturing 2,543 2,672 886 774 112 121 Selling and general — — 317 300 48 45 Federal excise tax and fuel charge — — 1,125 1,032 2 — Depreciation and depletion 832 768 89 86 8 9 Non-service pension and postretirement benefit — — — — — — Financing (note 5) — 1 — — — — Total expenses 6,352 7,691 24,746 30,965 707 891 Income (loss) before income taxes 938 2,792 1,471 1,865 163 143 Income tax expense (benefit) 224 664 351 443 39 34 Net income (loss) 714 2,128 1,120 1,422 124 109 Cash flows from (used in) operating activities 175 3,534 (191) 1,016 23 131 Capital and exploration expenditures (c) 624 455 226 137 9 3 Total assets as at June 30 28,603 28,961 9,629 11,649 482 505 Six Months to June 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) — — — — 23,821 29,942 Intersegment sales — — (10,509) (14,368) — — Investment and other income (note 3) 72 14 — — 119 51 72 14 (10,509) (14,368) 23,940 29,993 Expenses Exploration — — — — 2 3 Purchases of crude oil and products — — (10,507) (14,365) 15,334 19,371 Production and manufacturing — — — — 3,541 3,567 Selling and general 29 74 (2) (3) 392 416 Federal excise tax and fuel charge — — — — 1,127 1,032 Depreciation and depletion 14 14 — — 943 877 Non-service pension and postretirement benefit 40 9 — — 40 9 Financing (note 5) 32 17 — — 32 18 Total expenses 115 114 (10,509) (14,368) 21,411 25,293 Income (loss) before income taxes (43) (100) — — 2,529 4,700 Income tax expense (benefit) (8) (23) — — 606 1,118 Net income (loss) (35) (77) — — 1,923 3,582 Cash flows from (used in) operating activities 57 (85) — — 64 4,596 Capital and exploration expenditures (c) 63 15 — — 922 610 Total assets as at June 30 3,915 4,016 (503) (239) 42,126 44,892 (b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it. Revenues Six Months to June 30 millions of Canadian dollars 2023 2022 Revenue from contracts with customers 21,442 26,735 Revenue outside the scope of ASC 606 2,379 3,207 Total 23,821 29,942 (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.

Investment and other income

Investment and other income	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Investment and other income	Investment and other income Investment and other income included gains and losses on asset sales as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2023 2022 2023 2022 Proceeds from asset sales 9 8 23 32 Book value of asset sales (4) 4 1 8 Gain (loss) on asset sales, before tax 13 4 22 24 Gain (loss) on asset sales, after tax 10 3 18 19

Employee retirement benefits

Employee retirement benefits	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Employee retirement benefits	Employee retirement benefits The components of net benefit cost were as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2023 2022 2023 2022 Pension benefits: Service cost 40 70 81 140 Interest cost 93 74 186 147 Expected return on plan assets (93) (103) (186) (206) Amortization of prior service cost 4 4 8 8 Amortization of actuarial loss (gain) 11 21 22 43 Net benefit cost 55 66 111 132 Other postretirement benefits: Service cost 3 5 6 11 Interest cost 7 6 14 12 Amortization of actuarial loss (gain) (2) 3 (4) 5 Net benefit cost 8 14 16 28

Financing costs

Financing costs	6 Months Ended
	Jun. 30, 2023
Financing costs and additional notes and loans payable information [Abstract]
Financing costs	Financing costs Second Quarter Six Months to June 30 millions of Canadian dollars 2023 2022 2023 2022 Debt-related interest 49 20 95 32 Capitalized interest (33) (10) (63) (15) Net interest expense 16 10 32 17 Other interest — 1 — 1 Total financing 16 11 32 18

Long-term debt

Long-term debt	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-term debt	Long-term debt As at June 30 As at Dec 31 millions of Canadian dollars 2023 2022 Long-term debt 3,447 3,447 Finance leases 575 586 Total long-term debt 4,022 4,033

Other long-term obligations

Other long-term obligations	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Other long-term obligations	Other long-term obligations As at June 30 As at Dec 31 millions of Canadian dollars 2023 2022 Employee retirement benefits (a) 875 902 Asset retirement obligations and other environmental liabilities (b) 2,165 2,150 Share-based incentive compensation liabilities 107 101 Operating lease liability (c) 127 151 Other obligations 144 163 Total other long-term obligations 3,418 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).

Financial and derivative instru

Financial and derivative instruments	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Financial and derivative instruments	Financial and derivative instruments Financial instruments The fair value of the company’s financial instruments is determined by reference to various market data and other appropriate valuation techniques. There are no material differences between the fair value of the company’s financial instruments and the recorded carrying value. At June 30, 2023 and December 31, 2022, the fair value of long-term debt ($3,447 million, excluding finance lease obligations) was primarily a level 2 measurement. Derivative instruments The company’s size, strong capital structure and the complementary nature of its business segments reduce the company’s enterprise-wide risk from changes in commodity prices and currency exchange rates. In addition, the company uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated statement of income on a net basis in the line “Revenues”. The company does not designate derivative instruments as a hedge for hedge accounting purposes. Credit risk associated with the company’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The company maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity. The net notional long/(short) position of derivative instruments was: As at June 30 As at Dec 31 thousands of barrels 2023 2022 Crude 8,040 1,800 Products (670) (350) Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis: Second Quarter Six Months to June 30 millions of Canadian dollars 2023 2022 2023 2022 Revenues 10 (51) (13) (14) The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows: At June 30, 2023 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 11 31 — 42 (11) — 31 Liabilities Derivative liabilities (b) 13 26 — 39 (11) (2) 26 (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 Effect of Net 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”. At June 30, 2023 and December 31, 2022, the company had $8 million and $14 million, respectively, of collateral under a master netting arrangement not offset against the derivatives on the Consolidated balance sheet in “Accounts receivable - net”, primarily related to initial margin requirements.

Common shares

Common shares	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Common shares	Common shares thousands of shares As at June 30 2023 As at Dec 31 2022 Authorized 1,100,000 1,100,000 Outstanding 584,153 584,153 The current 12-month normal course issuer bid program came into effect June 29, 2023 under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 29,207,635 common shares (5 percent of the total shares on June 15, 2023) which includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. Imperial plans to accelerate its share purchases under the normal course issuer bid program, and anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice. The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested. The company’s common share activities are summarized below: Thousands of Millions of Balance as at December 31, 2021 678,080 1,252 Issued under employee share-based awards — — Purchases at stated value (93,927) (173) Balance as at December 31, 2022 584,153 1,079 Issued under employee share-based awards — — Purchases at stated value — — Balance as at June 30, 2023 584,153 1,079 The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares: Second Quarter Six Months to June 30 2023 2022 2023 2022 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 675 2,409 1,923 3,582 Weighted average number of common shares outstanding (millions of shares) 584.2 663.0 584.2 666.7 Net income (loss) per common share (dollars) 1.16 3.63 3.29 5.37 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 675 2,409 1,923 3,582 Weighted average number of common shares outstanding (millions of shares) 584.2 663.0 584.2 666.7 Effect of employee share-based awards (millions of shares) 1.1 1.4 1.1 1.4 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 585.3 664.4 585.3 668.1 Net income (loss) per common share (dollars) 1.15 3.63 3.29 5.36 Dividends per common share – declared (dollars) 0.50 0.34 0.94 0.68

Other comprehensive income (los

Other comprehensive income (loss) information	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Other comprehensive income (loss) information	Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2023 2022 Balance at January 1 (512) (1,177) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 21 24 Amounts reclassified from accumulated other comprehensive income 20 42 Balance at June 30 (471) (1,111) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): Second Quarter Six Months to June 30 millions of Canadian dollars 2023 2022 2023 2022 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (13) (27) (26) (55) (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 millions of Canadian dollars 2023 2022 2023 2022 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) — — 7 8 Amortization of postretirement benefits liability adjustment included in net benefit cost 3 6 6 13 Total 3 6 13 21

Pay vs Performance Disclosure

Pay vs Performance Disclosure - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income (loss)	$ 675	$ 2,409	$ 1,923	$ 3,582

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Business segments (Tables)

Business segments (Tables)	6 Months Ended
	Jun. 30, 2023
Segment Reporting [Abstract]
Business segments	Second Quarter Upstream Downstream Chemical millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) 61 119 11,355 16,752 348 414 Intersegment sales 3,519 5,827 1,365 2,024 89 149 Investment and other income (note 3) 10 3 15 9 — — 3,590 5,949 12,735 18,785 437 563 Expenses Exploration 1 1 — — — — Purchases of crude oil and products 1,432 2,357 11,133 16,261 263 401 Production and manufacturing 1,256 1,423 475 418 54 67 Selling and general — — 160 153 22 22 Federal excise tax and fuel charge — — 597 553 1 — Depreciation and depletion 398 395 44 45 4 4 Non-service pension and postretirement benefit — — — — — — Financing (note 5) — 1 — — — — Total expenses 3,087 4,177 12,409 17,430 344 494 Income (loss) before income taxes 503 1,772 326 1,355 93 69 Income tax expense (benefit) 119 426 76 322 22 16 Net income (loss) 384 1,346 250 1,033 71 53 Cash flows from (used in) operating activities 573 2,087 228 641 55 64 Capital and exploration expenditures (c) 303 233 152 69 5 2 Second Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) — — — — 11,764 17,285 Intersegment sales — — (4,973) (8,000) — — Investment and other income (note 3) 30 10 — — 55 22 30 10 (4,973) (8,000) 11,819 17,307 Expenses Exploration — — — — 1 1 Purchases of crude oil and products — — (4,972) (7,998) 7,856 11,021 Production and manufacturing — — — — 1,785 1,908 Selling and general 25 18 (1) (2) 206 191 Federal excise tax and fuel charge — — — — 598 553 Depreciation and depletion 7 7 — — 453 451 Non-service pension and postretirement benefit 20 5 — — 20 5 Financing (note 5) 16 10 — — 16 11 Total expenses 68 40 (4,973) (8,000) 10,935 14,141 Income (loss) before income taxes (38) (30) — — 884 3,166 Income tax expense (benefit) (8) (7) — — 209 757 Net income (loss) (30) (23) — — 675 2,409 Cash flows from (used in) operating activities 29 (110) — — 885 2,682 Capital and exploration expenditures (c) 33 10 — — 493 314 (b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it. Revenues Second Quarter millions of Canadian dollars 2023 2022 Revenue from contracts with customers 10,922 15,871 Revenue outside the scope of ASC 606 842 1,414 Total 11,764 17,285 (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits. Six Months to June 30 Upstream Downstream Chemical millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) 137 218 22,994 28,943 690 781 Intersegment sales 7,141 10,258 3,188 3,857 180 253 Investment and other income (note 3) 12 7 35 30 — — 7,290 10,483 26,217 32,830 870 1,034 Expenses Exploration 2 3 — — — — Purchases of crude oil and products 2,975 4,247 22,329 28,773 537 716 Production and manufacturing 2,543 2,672 886 774 112 121 Selling and general — — 317 300 48 45 Federal excise tax and fuel charge — — 1,125 1,032 2 — Depreciation and depletion 832 768 89 86 8 9 Non-service pension and postretirement benefit — — — — — — Financing (note 5) — 1 — — — — Total expenses 6,352 7,691 24,746 30,965 707 891 Income (loss) before income taxes 938 2,792 1,471 1,865 163 143 Income tax expense (benefit) 224 664 351 443 39 34 Net income (loss) 714 2,128 1,120 1,422 124 109 Cash flows from (used in) operating activities 175 3,534 (191) 1,016 23 131 Capital and exploration expenditures (c) 624 455 226 137 9 3 Total assets as at June 30 28,603 28,961 9,629 11,649 482 505 Six Months to June 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2023 2022 2023 2022 2023 2022 Revenues and other income Revenues (a) (b) — — — — 23,821 29,942 Intersegment sales — — (10,509) (14,368) — — Investment and other income (note 3) 72 14 — — 119 51 72 14 (10,509) (14,368) 23,940 29,993 Expenses Exploration — — — — 2 3 Purchases of crude oil and products — — (10,507) (14,365) 15,334 19,371 Production and manufacturing — — — — 3,541 3,567 Selling and general 29 74 (2) (3) 392 416 Federal excise tax and fuel charge — — — — 1,127 1,032 Depreciation and depletion 14 14 — — 943 877 Non-service pension and postretirement benefit 40 9 — — 40 9 Financing (note 5) 32 17 — — 32 18 Total expenses 115 114 (10,509) (14,368) 21,411 25,293 Income (loss) before income taxes (43) (100) — — 2,529 4,700 Income tax expense (benefit) (8) (23) — — 606 1,118 Net income (loss) (35) (77) — — 1,923 3,582 Cash flows from (used in) operating activities 57 (85) — — 64 4,596 Capital and exploration expenditures (c) 63 15 — — 922 610 Total assets as at June 30 3,915 4,016 (503) (239) 42,126 44,892 (b) Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606 . Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606 . Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it. Revenues Six Months to June 30 millions of Canadian dollars 2023 2022 Revenue from contracts with customers 21,442 26,735 Revenue outside the scope of ASC 606 2,379 3,207 Total 23,821 29,942 (c) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
Disaggregation of Revenue	Revenues Second Quarter millions of Canadian dollars 2023 2022 Revenue from contracts with customers 10,922 15,871 Revenue outside the scope of ASC 606 842 1,414 Total 11,764 17,285 Revenues Six Months to June 30 millions of Canadian dollars 2023 2022 Revenue from contracts with customers 21,442 26,735 Revenue outside the scope of ASC 606 2,379 3,207 Total 23,821 29,942

Investment and other income (Ta

Investment and other income (Tables)	6 Months Ended
	Jun. 30, 2023
Other Income and Expenses [Abstract]
Investment and other income	Investment and other income included gains and losses on asset sales as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2023 2022 2023 2022 Proceeds from asset sales 9 8 23 32 Book value of asset sales (4) 4 1 8 Gain (loss) on asset sales, before tax 13 4 22 24 Gain (loss) on asset sales, after tax 10 3 18 19

Employee retirement benefits (T

Employee retirement benefits (Tables)	6 Months Ended
	Jun. 30, 2023
Retirement Benefits [Abstract]
Schedule of net benefit costs	The components of net benefit cost were as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2023 2022 2023 2022 Pension benefits: Service cost 40 70 81 140 Interest cost 93 74 186 147 Expected return on plan assets (93) (103) (186) (206) Amortization of prior service cost 4 4 8 8 Amortization of actuarial loss (gain) 11 21 22 43 Net benefit cost 55 66 111 132 Other postretirement benefits: Service cost 3 5 6 11 Interest cost 7 6 14 12 Amortization of actuarial loss (gain) (2) 3 (4) 5 Net benefit cost 8 14 16 28

Financing costs (Tables)

Financing costs (Tables)	6 Months Ended
	Jun. 30, 2023
Financing costs and additional notes and loans payable information [Abstract]
Financing costs	Second Quarter Six Months to June 30 millions of Canadian dollars 2023 2022 2023 2022 Debt-related interest 49 20 95 32 Capitalized interest (33) (10) (63) (15) Net interest expense 16 10 32 17 Other interest — 1 — 1 Total financing 16 11 32 18

Long-term debt (Tables)

Long-term debt (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Long-term debt	As at June 30 As at Dec 31 millions of Canadian dollars 2023 2022 Long-term debt 3,447 3,447 Finance leases 575 586 Total long-term debt 4,022 4,033

Other long-term obligations (Ta

Other long-term obligations (Tables)	6 Months Ended
	Jun. 30, 2023
Other Liabilities Disclosure [Abstract]
Other long-term obligations	As at June 30 As at Dec 31 millions of Canadian dollars 2023 2022 Employee retirement benefits (a) 875 902 Asset retirement obligations and other environmental liabilities (b) 2,165 2,150 Share-based incentive compensation liabilities 107 101 Operating lease liability (c) 127 151 Other obligations 144 163 Total other long-term obligations 3,418 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).

Financial and derivative inst_2

Financial and derivative instruments (Tables)	6 Months Ended
	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of net long short position of derivative instruments	The net notional long/(short) position of derivative instruments was: As at June 30 As at Dec 31 thousands of barrels 2023 2022 Crude 8,040 1,800 Products (670) (350)
Summary of realized and unrealized gain or (loss) on derivative instruments	Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis: Second Quarter Six Months to June 30 millions of Canadian dollars 2023 2022 2023 2022 Revenues 10 (51) (13) (14)
Summary of estimated fair value of financial instruments	The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows: At June 30, 2023 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 11 31 — 42 (11) — 31 Liabilities Derivative liabilities (b) 13 26 — 39 (11) (2) 26 (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 Effect of Net 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”.

Common shares (Tables)

Common shares (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Summary of common shares	thousands of shares As at June 30 2023 As at Dec 31 2022 Authorized 1,100,000 1,100,000 Outstanding 584,153 584,153
Common share activities	The company’s common share activities are summarized below: Thousands of Millions of Balance as at December 31, 2021 678,080 1,252 Issued under employee share-based awards — — Purchases at stated value (93,927) (173) Balance as at December 31, 2022 584,153 1,079 Issued under employee share-based awards — — Purchases at stated value — — Balance as at June 30, 2023 584,153 1,079
Calculation of basic and diluted earnings per share	The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares: Second Quarter Six Months to June 30 2023 2022 2023 2022 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 675 2,409 1,923 3,582 Weighted average number of common shares outstanding (millions of shares) 584.2 663.0 584.2 666.7 Net income (loss) per common share (dollars) 1.16 3.63 3.29 5.37 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 675 2,409 1,923 3,582 Weighted average number of common shares outstanding (millions of shares) 584.2 663.0 584.2 666.7 Effect of employee share-based awards (millions of shares) 1.1 1.4 1.1 1.4 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 585.3 664.4 585.3 668.1 Net income (loss) per common share (dollars) 1.15 3.63 3.29 5.36 Dividends per common share – declared (dollars) 0.50 0.34 0.94 0.68

Other comprehensive income (l_2

Other comprehensive income (loss) information (Tables)	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
Changes in accumulated other comprehensive income (loss)	Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2023 2022 Balance at January 1 (512) (1,177) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 21 24 Amounts reclassified from accumulated other comprehensive income 20 42 Balance at June 30 (471) (1,111)
Amounts reclassified out of accumulated other comprehensive income (loss) - before tax income (expense)	Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): Second Quarter Six Months to June 30 millions of Canadian dollars 2023 2022 2023 2022 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (13) (27) (26) (55) (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)	Income tax expense (credit) for components of other comprehensive income (loss): Second Quarter Six Months to June 30 millions of Canadian dollars 2023 2022 2023 2022 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) — — 7 8 Amortization of postretirement benefits liability adjustment included in net benefit cost 3 6 6 13 Total 3 6 13 21

Business Segments (Detail)

Business Segments (Detail) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues and other income
Revenues	[1]	$ 11,764	$ 17,285	$ 23,821	$ 29,942
Investment and other income (note 3)		55	22	119	51
Total revenues and other income		11,819	17,307	23,940	29,993
Expenses
Exploration		1	1	2	3
Purchases of crude oil and products	[2]	7,856	11,021	15,334	19,371
Production and manufacturing	[3]	1,785	1,908	3,541	3,567
Selling and general	[3]	206	191	392	416
Federal excise tax and fuel charge		598	553	1,127	1,032
Depreciation and depletion		453	451	943	877
Non-service pension and postretirement benefit		20	5	40	9
Financing (note 5)	[4]	16	11	32	18
Total expenses		10,935	14,141	21,411	25,293
Income (loss) before income taxes		884	3,166	2,529	4,700
Income taxes		209	757	606	1,118
Net income (loss)		675	2,409	1,923	3,582
Cash flows from (used in) operating activities		885	2,682	64	4,596
Capital and exploration expenditures		493	314	922	610
Total assets as at June 30		42,126	44,892	42,126	44,892	$ 43,524
Corporate and other
Revenues and other income
Revenues		0	0	0	0
Investment and other income (note 3)		30	10	72	14
Total revenues and other income		30	10	72	14
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		0	0	0	0
Production and manufacturing		0	0	0	0
Selling and general		25	18	29	74
Federal excise tax and fuel charge		0	0	0	0
Depreciation and depletion		7	7	14	14
Non-service pension and postretirement benefit		20	5	40	9
Financing (note 5)		16	10	32	17
Total expenses		68	40	115	114
Income (loss) before income taxes		(38)	(30)	(43)	(100)
Income taxes		(8)	(7)	(8)	(23)
Net income (loss)		(30)	(23)	(35)	(77)
Cash flows from (used in) operating activities		29	(110)	57	(85)
Capital and exploration expenditures		33	10	63	15
Total assets as at June 30		3,915	4,016	3,915	4,016
Eliminations
Revenues and other income
Revenues		(4,973)	(8,000)	(10,509)	(14,368)
Total revenues and other income		(4,973)	(8,000)	(10,509)	(14,368)
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		(4,972)	(7,998)	(10,507)	(14,365)
Production and manufacturing		0	0	0	0
Selling and general		(1)	(2)	(2)	(3)
Federal excise tax and fuel charge		0	0	0	0
Depreciation and depletion		0	0	0	0
Non-service pension and postretirement benefit		0	0	0	0
Financing (note 5)		0	0	0	0
Total expenses		(4,973)	(8,000)	(10,509)	(14,368)
Income (loss) before income taxes		0	0	0	0
Income taxes		0	0	0	0
Net income (loss)		0	0	0	0
Cash flows from (used in) operating activities		0	0	0	0
Capital and exploration expenditures		0	0	0	0
Total assets as at June 30		(503)	(239)	(503)	(239)
Upstream
Revenues and other income
Revenues		61	119	137	218
Investment and other income (note 3)		10	3	12	7
Expenses
Exploration		1	1	2	3
Purchases of crude oil and products		1,432	2,357	2,975	4,247
Production and manufacturing		1,256	1,423	2,543	2,672
Selling and general		0	0	0	0
Federal excise tax and fuel charge		0	0	0	0
Depreciation and depletion		398	395	832	768
Non-service pension and postretirement benefit		0	0	0	0
Financing (note 5)		0	1	0	1
Total expenses		3,087	4,177	6,352	7,691
Income (loss) before income taxes		503	1,772	938	2,792
Income taxes		119	426	224	664
Net income (loss)		384	1,346	714	2,128
Cash flows from (used in) operating activities		573	2,087	175	3,534
Capital and exploration expenditures		303	233	624	455
Total assets as at June 30		28,603	28,961	28,603	28,961
Upstream | Intersegment Eliminations
Revenues and other income
Revenues		3,519	5,827	7,141	10,258
Upstream | Operating Segments
Revenues and other income
Total revenues and other income		3,590	5,949	7,290	10,483
Downstream
Revenues and other income
Revenues		11,355	16,752	22,994	28,943
Investment and other income (note 3)		15	9	35	30
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		11,133	16,261	22,329	28,773
Production and manufacturing		475	418	886	774
Selling and general		160	153	317	300
Federal excise tax and fuel charge		597	553	1,125	1,032
Depreciation and depletion		44	45	89	86
Non-service pension and postretirement benefit		0	0	0	0
Financing (note 5)		0	0	0	0
Total expenses		12,409	17,430	24,746	30,965
Income (loss) before income taxes		326	1,355	1,471	1,865
Income taxes		76	322	351	443
Net income (loss)		250	1,033	1,120	1,422
Cash flows from (used in) operating activities		228	641	(191)	1,016
Capital and exploration expenditures		152	69	226	137
Total assets as at June 30		9,629	11,649	9,629	11,649
Downstream | Intersegment Eliminations
Revenues and other income
Revenues		1,365	2,024	3,188	3,857
Downstream | Operating Segments
Revenues and other income
Total revenues and other income		12,735	18,785	26,217	32,830
Chemical
Revenues and other income
Revenues		348	414	690	781
Investment and other income (note 3)		0	0	0	0
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		263	401	537	716
Production and manufacturing		54	67	112	121
Selling and general		22	22	48	45
Federal excise tax and fuel charge		1	0	2	0
Depreciation and depletion		4	4	8	9
Non-service pension and postretirement benefit		0	0	0	0
Financing (note 5)		0	0	0	0
Total expenses		344	494	707	891
Income (loss) before income taxes		93	69	163	143
Income taxes		22	16	39	34
Net income (loss)		71	53	124	109
Cash flows from (used in) operating activities		55	64	23	131
Capital and exploration expenditures		5	2	9	3
Total assets as at June 30		482	505	482	505
Chemical | Intersegment Eliminations
Revenues and other income
Revenues		89	149	180	253
Chemical | Operating Segments
Revenues and other income
Total revenues and other income		$ 437	$ 563	$ 870	$ 1,034
[1] (a) Amounts from related parties included in revenues. 3,556 5,175 6,692 9,134 (b) Amounts to related parties included in purchases of crude oil and products. 964 1,129 2,042 1,779 (c) Amounts to related parties included in production and manufacturing, 125 116 260 234 (d) Amounts to related parties included in financing. 41 13 80 17

Business Segments - Table Narra

Business Segments - Table Narrative (Detail) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Segment Reporting Information [Line Items]
Revenue from contracts with customers		$ 10,922	$ 15,871	$ 21,442	$ 26,735
Revenue outside the scope of ASC 606		842	1,414	2,379	3,207
Revenues Including Federal Excise Tax	[1]	11,764	17,285	23,821	29,942
United States Exports
Segment Reporting Information [Line Items]
Operating revenues		$ 2,034	$ 3,871	$ 4,409	$ 6,375
[1] (a) Amounts from related parties included in revenues. 3,556 5,175 6,692 9,134

Investment and other income - G

Investment and other income - Gains and Losses on Asset Sales (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Schedule of Investments [Abstract]
Proceeds from asset sales	$ 9	$ 8	$ 23	$ 32
Book value of asset sales	(4)	4	1	8
Gain (loss) on asset sales, before tax	13	4	22	24
Gain (loss) on asset sales, after tax	$ 10	$ 3	$ 18	$ 19

Employee retirement benefits -

Employee retirement benefits - Components of Net Periodic Benefit Cost (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Pension benefits:
Service cost	$ 40	$ 70	$ 81	$ 140
Interest cost	93	74	186	147
Expected return on plan assets	(93)	(103)	(186)	(206)
Amortization of prior service cost	4	4	8	8
Amortization of actuarial loss (gain)	11	21	22	43
Net benefit cost	55	66	111	132
Other postretirement benefits:
Service cost	3	5	6	11
Interest cost	7	6	14	12
Amortization of actuarial loss (gain)	(2)	3	(4)	5
Net benefit cost	$ 8	$ 14	$ 16	$ 28

Financing costs (Detail)

Financing costs (Detail) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Financing costs and additional notes and loans payable information [Abstract]
Debt-related interest		$ 49	$ 20	$ 95	$ 32
Capitalized interest		(33)	(10)	(63)	(15)
Net interest expense		16	10	32	17
Other interest		0	1	0	1
Total financing	[1]	$ 16	$ 11	$ 32	$ 18
[1] (d) Amounts to related parties included in financing. 41 13 80 17

Long-term debt (Detail)

Long-term debt (Detail) - CAD ($) $ in Millions		Jun. 30, 2023	Dec. 31, 2022
Debt Disclosure [Abstract]
Long-term debt		$ 3,447	$ 3,447
Finance leases		575	586
Total long-term debt	[1]	$ 4,022	$ 4,033
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Total long-term debt	Total long-term debt
[1](c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).

Other long-term obligations - S

Other long-term obligations - Summary of Other Long-Term Obligations (Detail) - CAD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Other Liabilities Disclosure [Abstract]
Employee retirement benefits	$ 875	$ 902
Asset retirement obligations and other environmental liabilities	2,165	2,150
Share-based incentive compensation liabilities	107	101
Operating lease liability	127	151
Other obligations	144	163
Total other long-term obligations	$ 3,418	$ 3,467

Other long-term obligations - T

Other long-term obligations - Table Narrative (Detail) - CAD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Schedule of Other Liabilities [Line Items]
Employee retirement benefit obligations in current liabilities	$ 63	$ 63
Asset retirement obligations and other environmental liabilities in current liabilities	116	116
Undiscounted commitments	60	14
Accounts Payable and Accrued Liabilities
Schedule of Other Liabilities [Line Items]
Lease liability due within one year, Operating leases	$ 106	$ 100

Financial and derivative inst_3

Financial and derivative instruments - Narrative (Detail) - CAD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Financial Instruments And Derivatives [Line Items]
Long-term debt	$ 3,447	$ 3,447
Master netting arrangements
Financial Instruments And Derivatives [Line Items]
Derivative collateral receivable	$ 8	$ 14

Financial and derivative inst_4

Financial and derivative instruments - Summary of net notional long/(short) position of derivative instruments (Detail) - bbl bbl in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Crude
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	8,040	1,800
Products
Derivative [Line Items]
Derivative, nonmonetary notional amount, volume	670	350

Financial and derivative inst_5

Financial and derivative instruments - Summary of realized and unrealized gain or (loss) on derivative instruments (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Revenues	$ 10	$ (51)	$ (13)	$ (14)

Financial and derivative inst_6

Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($) $ in Millions	Jun. 30, 2023	Dec. 31, 2022
Assets
Derivative Asset	$ 42	$ 49
Liabilities
Derivative liabilities	39	41
Effect of counterparty netting
Assets
Derivative Asset	(11)	(27)
Liabilities
Derivative liabilities	(11)	(27)
Effect of collateral netting
Assets
Derivative Asset	0	0
Liabilities
Derivative liabilities	(2)	(4)
Net carrying value
Assets
Derivative Asset	31	22
Liabilities
Derivative liabilities	26	10
Level 1
Assets
Derivative Asset	11	17
Liabilities
Derivative liabilities	13	21
Level 2
Assets
Derivative Asset	31	32
Liabilities
Derivative liabilities	26	20
Level 3
Assets
Derivative Asset	0	0
Liabilities
Derivative liabilities	$ 0	$ 0

Common shares - Summary of Comm

Common shares - Summary of Common Shares (Detail) - shares shares in Thousands	Jun. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Authorized (in shares)	1,100,000	1,100,000
Common shares outstanding (in shares)	584,153	584,153

Common shares - Narrative (Deta

Common shares - Narrative (Detail) - shares	Jun. 29, 2023	Jun. 15, 2023
Class of Stock [Line Items]
Normal course issuer bid share repurchase term, months	12 months
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Three
Class of Stock [Line Items]
Normal course issuer bid share repurchase shares authorized	29,207,635
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Three | Exxon Mobil Corporation
Class of Stock [Line Items]
Percent of total shares		5%
Exxon Mobil Corporation's ownership interest in Imperial	69.60%

Common shares - Common Share Ac

Common shares - Common Share Activities (Detail) - CAD ($) shares in Thousands, $ in Millions		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance, (in shares)				584,153
Common stock, ending balance, (in shares)		584,153		584,153		584,153
Common stock beginning balance	[1]			$ 1,079
Common stock, ending balance	[1]	$ 1,079		$ 1,079		$ 1,079
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance, (in shares)				584,153	678,080	678,080
Issued under employee share-based awards, (in shares)				0		0
Purchases at stated value, (in shares)				0		(93,927)
Common stock, ending balance, (in shares)		584,153		584,153		584,153
Common stock beginning balance				$ 1,079	$ 1,252	$ 1,252
Issued under employee share-based awards				0		0
Purchases at stated value		$ 0	$ (60)	0	$ (75)	(173)
Common stock, ending balance		$ 1,079		$ 1,079		$ 1,079
[1](d) Number of common shares authorized and outstanding were 1,100 million and 584 million, respectively (2022 - 1,100 million and 584 million, respectively).

Common shares - Calculation of

Common shares - Calculation of basic and diluted earnings per common share and the dividend declared by the company on its outstanding common shares (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Net income (loss) per common share – basic
Net income (loss)	$ 675	$ 2,409	$ 1,923	$ 3,582
Weighted average number of common shares outstanding (millions of shares)	584.2	663	584.2	666.7
Net income (loss) per common share (dollars)	$ 1.16	$ 3.63	$ 3.29	$ 5.37
Net income (loss) per common share – diluted
Net income (loss)	$ 675	$ 2,409	$ 1,923	$ 3,582
Weighted average number of common shares outstanding (millions of shares)	584.2	663	584.2	666.7
Effect of employee share-based awards (millions of shares)	1.1	1.4	1.1	1.4
Weighted-average number of common shares outstanding, assuming dilution (millions of shares)	585.3	664.4	585.3	668.1
Net income (loss) per common share (dollars)	$ 1.15	$ 3.63	$ 3.29	$ 5.36
Dividends per common share – declared (dollars)	$ 0.50	$ 0.34	$ 0.94	$ 0.68

Other comprehensive income (l_3

Other comprehensive income (loss) information - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at January 1	$ (512)
Balance at June 30	(471)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at January 1	(512)	$ (1,177)
Current period change excluding amounts reclassified from accumulated other comprehensive income	21	24
Amounts reclassified from accumulated other comprehensive income	20	42
Balance at June 30	$ (471)	$ (1,111)

Other comprehensive income (l_4

Other comprehensive income (loss) information - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of postretirement benefits liability adjustment included in net benefit cost	$ (13)	$ (27)	$ (26)	$ (55)

Other comprehensive income (l_5

Other comprehensive income (loss) information - Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Equity [Abstract]
Postretirement benefits liability adjustment (excluding amortization)	$ 0	$ 0	$ 7	$ 8
Amortization of postretirement benefits liability adjustment included in net benefit cost	3	6	6	13
Total	$ 3	$ 6	$ 13	$ 21