Imperial Oil Limited (IMO) 10-Q 5 Aug 24 2024 Q2 Quarterly report Financial data

Cover Page

Cover Page	6 Months Ended
	Jun. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
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	535,836,803
Amendment Flag	false
Document Fiscal Year Focus	2024
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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues and other income
Revenues	[1]	$ 13,348	$ 11,764	$ 25,597	$ 23,821
Investment and other income (note 3)		35	55	69	119
Total revenues and other income		13,383	11,819	25,666	23,940
Expenses
Exploration		1	1	2	2
Purchases of crude oil and products	[2]	8,856	7,856	16,562	15,334
Production and manufacturing	[3]	1,689	1,785	3,353	3,541
Selling and general	[3]	221	206	467	392
Federal excise tax and fuel charge		656	598	1,247	1,127
Depreciation and depletion		456	453	946	943
Non-service pension and postretirement benefit		1	20	2	40
Financing	[4]	14	16	26	32
Total expenses		11,894	10,935	22,605	21,411
Income (loss) before income taxes		1,489	884	3,061	2,529
Income taxes		356	209	733	606
Net income (loss)		$ 1,133	$ 675	$ 2,328	$ 1,923
Per share information (Canadian dollars)
Net income (loss) per common share - basic (note 9) (in CAD per share)		$ 2.11	$ 1.16	$ 4.34	$ 3.29
Net income (loss) per common share - diluted (note 9) (in CAD per share)		$ 2.11	$ 1.15	$ 4.34	$ 3.29
[1] (a) Amounts from related parties included in revenues. 2,946 3,556 5,675 6,692 (b) Amounts to related parties included in purchases of crude oil and products. 838 964 1,823 2,042 (c) Amounts to related parties included in production and manufacturing, and selling 135 125 285 260 (d) Amounts to related parties included in financing. 43 41 87 80

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Amounts from related parties included in revenues	[1]	$ 13,348	$ 11,764	$ 25,597	$ 23,821
Amounts to related parties included in purchases of crude oil and products	[2]	8,856	7,856	16,562	15,334
Amounts to related parties included in financing	[3]	14	16	26	32
Related Party
Amounts from related parties included in revenues		2,946	3,556	5,675	6,692
Amounts to related parties included in purchases of crude oil and products		838	964	1,823	2,042
Amounts to related parties included in production and manufacturing, and selling and general expenses		135	125	285	260
Amounts to related parties included in financing		$ 43	$ 41	$ 87	$ 80
[1] (a) Amounts from related parties included in revenues. 2,946 3,556 5,675 6,692 (b) Amounts to related parties included in purchases of crude oil and products. 838 964 1,823 2,042 (d) Amounts to related parties included in financing. 43 41 87 80

Consolidated statement of compr

Consolidated statement of comprehensive income (U.S. GAAP, unaudited) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,133	$ 675	$ 2,328	$ 1,923
Other comprehensive income (loss), net of income taxes
Postretirement benefits liability adjustment (excluding amortization)	0	0	4	21
Amortization of postretirement benefits liability adjustment included in net benefit costs	13	10	25	20
Total other comprehensive income (loss)	13	10	29	41
Comprehensive income (loss)	$ 1,146	$ 685	$ 2,357	$ 1,964

Consolidated balance sheet (U.S

Consolidated balance sheet (U.S. GAAP, unaudited) - CAD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents		$ 2,020	$ 864
Accounts receivable - net	[1]	6,070	4,482
Inventories of crude oil and products		1,889	1,944
Materials, supplies and prepaid expenses		1,017	1,008
Total current assets		10,996	8,298
Investments and long-term receivables	[2]	1,076	1,062
Property, plant and equipment,		57,134	56,200
less accumulated depreciation and depletion		(26,291)	(25,365)
Property, plant and equipment, net		30,843	30,835
Goodwill		166	166
Other assets, including intangibles - net		1,054	838
Total assets		44,135	41,199
Current liabilities
Notes and loans payable		118	121
Accounts payable and accrued liabilities (note 7)	[1]	7,665	6,231
Income taxes payable		90	251
Total current liabilities		7,873	6,603
Long-term debt (note 6)	[3]	4,001	4,011
Other long-term obligations (note 7)		3,943	3,851
Deferred income tax liabilities		4,382	4,512
Total liabilities		20,199	18,977
Shareholders’ equity
Common shares at stated value (note 9)	[4]	992	992
Earnings reinvested		23,592	21,907
Accumulated other comprehensive income (loss) (note 10)		(648)	(677)
Total shareholders’ equity		23,936	22,222
Total liabilities and shareholders’ equity		$ 44,135	$ 41,199
[1] Accounts receivable - net included net amounts receivable from related parties. 1,344 1,048 Investments and long-term receivables included amounts from related parties. 269 283 Long-term debt included amounts to related parties. 3,447 3,447 Number of common shares authorized (millions). 1,100 1,100 Number of common shares outstanding (millions). 536 536

Consolidated balance sheet (U_2

Consolidated balance sheet (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) shares in Thousands, $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Investments and long-term receivables, related party amount	[1]	$ 1,076	$ 1,062
Long-term debt, related party amount		$ 3,447	$ 3,447
Common shares authorized (in shares)		1,100,000	1,100,000
Common shares outstanding (in shares)		536,000	536,000
Related Party
Accounts receivable, net, related party amount		$ 1,344	$ 1,048
Investments and long-term receivables, related party amount		269	283
Long-term debt, related party amount		$ 3,447	$ 3,447
[1] Investments and long-term receivables included amounts from related parties. 269 283

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, 2022		$ 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 Dec. 31, 2022		1,079	21,846	(512)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share purchases at stated value		(87)
At end of period at Dec. 31, 2023	22,222	992	21,907	(677)
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)
At beginning of period at Dec. 31, 2023	22,222	992	21,907	(677)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share purchases at stated value		0
Net income (loss) for the period	2,328		2,328
Share purchases in excess of stated value			0
Dividends declared			(643)
Other comprehensive income (loss)	29			29
At end of period at Jun. 30, 2024	23,936	992	23,592	(648)
At beginning of period at Mar. 31, 2024		992	22,781	(661)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share purchases at stated value		0
Net income (loss) for the period	1,133		1,133
Share purchases in excess of stated value			0
Dividends declared			(322)
Other comprehensive income (loss)	13			13
At end of period at Jun. 30, 2024	$ 23,936	$ 992	$ 23,592	$ (648)

Consolidated statement of cash

Consolidated statement of cash flows (U.S. GAAP, unaudited) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net income (loss)		$ 1,133	$ 675	$ 2,328	$ 1,923
Adjustments for non-cash items:
Depreciation and depletion		456	453	946	943
(Gain) loss on asset sales (note 3)		(1)	(13)	(3)	(22)
Deferred income taxes and other		(75)	(15)	(239)	(71)
Changes in operating assets and liabilities:
Accounts receivable		(866)	(302)	(1,588)	134
Inventories, materials, supplies and prepaid expenses		246	420	50	(59)
Income taxes payable		73	(321)	(161)	(2,398)
Accounts payable and accrued liabilities		668	(48)	1,375	(303)
All other items - net	[1]	(5)	36	(3)	(83)
Cash flows from (used in) operating activities		1,629	885	2,705	64
Investing activities
Additions to property, plant and equipment		(461)	(499)	(958)	(928)
Proceeds from asset sales (note 3)		3	9	7	23
Loans to equity companies - net		2	1	14	2
Cash flows from (used in) investing activities		(456)	(489)	(937)	(903)
Financing activities
Finance lease obligations - reduction (note 6)		(8)	(6)	(13)	(11)
Dividends paid		(321)	(257)	(599)	(523)
Common shares purchased (note 9)		0	0	0	0
Cash flows from (used in) financing activities		(329)	(263)	(612)	(534)
Increase (decrease) in cash and cash equivalents		844	133	1,156	(1,373)
Cash and cash equivalents at beginning of period		1,176	2,243	864	3,749
Cash and cash equivalents at end of period	[2]	$ 2,020	$ 2,376	$ 2,020	$ 2,376
[1] (b) Includes contributions to registered pension plans. (38) (44) (75) (86) (a) Cash equivalents are all highly liquid securities with maturity of three months or less.

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Statement of Cash Flows [Abstract]
Includes contributions to registered pension plans	$ (38)	$ (44)	$ (75)	$ (86)
Income taxes (paid) refunded.	(434)	(557)	(1,134)	(3,189)
Interest (paid), net of capitalization.	$ (15)	$ (16)	$ (26)	$ (37)

Basis of financial statement pr

Basis of financial statement preparation	6 Months Ended
	Jun. 30, 2024
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 2023 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, 2024, are not necessarily indicative of the operations to be expected for the full year.

Business segments

Business segments	6 Months Ended
	Jun. 30, 2024
Segment Reporting [Abstract]
Business segments	Business segments Second Quarter Upstream Downstream Chemical millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 29 61 12,986 11,355 333 348 Intersegment sales 4,522 3,519 1,639 1,365 85 89 Investment and other income (note 3) 1 10 9 15 — — 4,552 3,590 14,634 12,735 418 437 Expenses Exploration 1 1 — — — — Purchases of crude oil and products 1,900 1,432 12,944 11,133 256 263 Production and manufacturing 1,203 1,256 435 475 48 54 Selling and general — — 171 160 23 22 Federal excise tax and fuel charge — — 655 597 1 1 Depreciation and depletion 396 398 46 44 4 4 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 1 — — — — — Total expenses 3,501 3,087 14,251 12,409 332 344 Income (loss) before income taxes 1,051 503 383 326 86 93 Income tax expense (benefit) 252 119 89 76 21 22 Net income (loss) 799 384 294 250 65 71 Cash flows from (used in) operating activities 1,162 573 384 228 74 55 Capital and exploration expenditures (c) 267 303 149 152 3 5 Second Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 13,348 11,764 Intersegment sales — — (6,246) (4,973) — — Investment and other income (note 3) 25 30 — — 35 55 25 30 (6,246) (4,973) 13,383 11,819 Expenses Exploration — — — — 1 1 Purchases of crude oil and products — — (6,244) (4,972) 8,856 7,856 Production and manufacturing 3 — — — 1,689 1,785 Selling and general 29 25 (2) (1) 221 206 Federal excise tax and fuel charge — — — — 656 598 Depreciation and depletion 10 7 — — 456 453 Non-service pension and postretirement benefit 1 20 — — 1 20 Financing (note 5) 13 16 — — 14 16 Total expenses 56 68 (6,246) (4,973) 11,894 10,935 Income (loss) before income taxes (31) (38) — — 1,489 884 Income tax expense (benefit) (6) (8) — — 356 209 Net income (loss) (25) (30) — — 1,133 675 Cash flows from (used in) operating activities 9 29 — — 1,629 885 Capital and exploration expenditures (c) 43 33 — — 462 493 Includes export sales to the United States of $2,632 million (2023 - $2,034 million). (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 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 contracts within the scope of ASC 606 and those outside it. Revenues Second Quarter millions of Canadian dollars 2024 2023 Revenue from contracts with customers 10,782 10,922 Revenue outside the scope of ASC 606 2,566 842 Total 13,348 11,764 (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 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 71 137 24,865 22,994 661 690 Intersegment sales 8,644 7,141 3,387 3,188 175 180 Investment and other income (note 3) 5 12 21 35 1 — 8,720 7,290 28,273 26,217 837 870 Expenses Exploration 2 2 — — — — Purchases of crude oil and products 3,713 2,975 24,535 22,329 516 537 Production and manufacturing 2,391 2,543 856 886 101 112 Selling and general — — 333 317 49 48 Federal excise tax and fuel charge — — 1,245 1,125 2 2 Depreciation and depletion 828 832 91 89 8 8 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 2 — — — — — Total expenses 6,936 6,352 27,060 24,746 676 707 Income (loss) before income taxes 1,784 938 1,213 1,471 161 163 Income tax expense (benefit) 427 224 288 351 39 39 Net income (loss) 1,357 714 925 1,120 122 124 Cash flows from (used in) operating activities 2,053 175 391 (191) 71 23 Capital and exploration expenditures (c) 557 624 302 226 8 9 Total assets as at June 30 28,505 28,603 12,016 9,629 503 482 Six Months to June 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 25,597 23,821 Intersegment sales — — (12,206) (10,509) — — Investment and other income (note 3) 42 72 — — 69 119 42 72 (12,206) (10,509) 25,666 23,940 Expenses Exploration — — — — 2 2 Purchases of crude oil and products — — (12,202) (10,507) 16,562 15,334 Production and manufacturing 5 — — — 3,353 3,541 Selling and general 89 29 (4) (2) 467 392 Federal excise tax and fuel charge — — — — 1,247 1,127 Depreciation and depletion 19 14 — — 946 943 Non-service pension and postretirement benefit 2 40 — — 2 40 Financing (note 5) 24 32 — — 26 32 Total expenses 139 115 (12,206) (10,509) 22,605 21,411 Income (loss) before income taxes (97) (43) — — 3,061 2,529 Income tax expense (benefit) (21) (8) — — 733 606 Net income (loss) (76) (35) — — 2,328 1,923 Cash flows from (used in) operating activities 190 57 — — 2,705 64 Capital and exploration expenditures (c) 91 63 — — 958 922 Total assets as at June 30 3,528 3,915 (417) (503) 44,135 42,126 Includes export sales to the United States of $5,010 million (2023 - $4,409 million). (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 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 contracts within the scope of ASC 606 and those outside it. Revenues Six Months to June 30 millions of Canadian dollars 2024 2023 Revenue from contracts with customers 20,511 21,442 Revenue outside the scope of ASC 606 5,086 2,379 Total 25,597 23,821 (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, 2024
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 2024 2023 2024 2023 Proceeds from asset sales 3 9 7 23 Book value of asset sales 2 (4) 4 1 Gain (loss) on asset sales, before tax 1 13 3 22 Gain (loss) on asset sales, after tax 1 10 3 18

Employee retirement benefits

Employee retirement benefits	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Pension benefits: Service cost 46 40 92 81 Interest cost 92 93 183 186 Expected return on plan assets (114) (93) (227) (186) Amortization of prior service cost 7 4 14 8 Amortization of actuarial loss (gain) 12 11 24 22 Net benefit cost 43 55 86 111 Other postretirement benefits: Service cost 3 3 7 6 Interest cost 6 7 12 14 Amortization of actuarial loss (gain) (2) (2) (4) (4) Net benefit cost 7 8 15 16

Financing costs

Financing costs	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Debt-related interest 52 49 104 95 Capitalized interest (39) (33) (80) (63) Net interest expense 13 16 24 32 Other interest 1 — 2 — Total financing 14 16 26 32

Long-term debt

Long-term debt	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-term debt	Long-term debt As at Jun 30 As at Dec 31 millions of Canadian dollars 2024 2023 Long-term debt 3,447 3,447 Finance leases 554 564 Total long-term debt 4,001 4,011 In June 2024, the company extended the maturity date of its existing long-term, variable-rate, Canadian dollar loan from ExxonMobil to June 30, 2035. All other terms and conditions remain unchanged.

Other long-term obligations

Other long-term obligations	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other long-term obligations	Other long-term obligations As at Jun 30 As at Dec 31 millions of Canadian dollars 2024 2023 Employee retirement benefits (a) 932 954 Asset retirement obligations and other environmental liabilities (b) 2,590 2,564 Share-based incentive compensation liabilities 144 90 Operating lease liability (c) 153 111 Other obligations 124 132 Total other long-term obligations 3,943 3,851 (a) Total recorded employee retirement benefits obligations also included $62 million in current liabilities (2023 - $62 million). (b) Total asset retirement obligations and other environmental liabilities also included $221 million in current liabilities (2023 - $235 million). (c) Total operating lease liability also included $102 million in current liabilities (2023 - $87 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $62 million (2023 - $54 million).

Financial and derivative instru

Financial and derivative instruments	6 Months Ended
	Jun. 30, 2024
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, 2024 and December 31, 2023, 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, currency rates and interest 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" and in the Consolidated statement of cash flows in "Cash flows from (used in) operating activities". The company’s commodity derivatives are not accounted for under hedge accounting. 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 Jun 30 As at Dec 31 thousands of barrels 2024 2023 Crude 10,620 (4,450) Products (1,880) (490) 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 2024 2023 2024 2023 Revenues 11 10 (13) (13) The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows: At June 30, 2024 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 58 41 — 99 (58) — 41 Liabilities Derivative liabilities (b) 58 33 — 91 (58) — 33 (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, 2023 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 28 18 — 46 (16) (12) 18 Liabilities Derivative liabilities (b) 16 31 — 47 (16) — 31 (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, 2024 and December 31, 2023, the company had $17 million and $24 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, 2024
Equity [Abstract]
Common shares	Common shares As at Jun 30 As at Dec 31 thousands of shares 2024 2023 Authorized 1,100,000 1,100,000 Outstanding 535,837 535,837 The current 12-month normal course issuer bid program came into effect June 29, 2024 under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 26,791,840 common shares (5 percent of the total shares on June 15, 2024) which includes shares purchased under the normal course issuer bid from Exxon Mobil Corporation. 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, 2022 584,153 1,079 Purchases at stated value (48,316) (87) Balance as at December 31, 2023 535,837 992 Purchases at stated value — — Balance as at June 30, 2024 535,837 992 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 2024 2023 2024 2023 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 1,133 675 2,328 1,923 Weighted-average number of common shares outstanding (millions of shares) 535.8 584.2 535.8 584.2 Net income (loss) per common share (dollars) 2.11 1.16 4.34 3.29 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 1,133 675 2,328 1,923 Weighted-average number of common shares outstanding (millions of shares) 535.8 584.2 535.8 584.2 Effect of employee share-based awards (millions of shares) 1.2 1.1 1.2 1.1 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 537.0 585.3 537.0 585.3 Net income (loss) per common share (dollars) 2.11 1.15 4.34 3.29 Dividends per common share – declared (dollars) 0.60 0.50 1.20 0.94

Other comprehensive income (los

Other comprehensive income (loss) information	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Other comprehensive income (loss) information	Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2024 2023 Balance at January 1 (677) (512) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 4 21 Amounts reclassified from accumulated other comprehensive income 25 20 Balance at June 30 (648) (471) Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): Second Quarter Six Months to June 30 millions of Canadian dollars 2024 2023 2024 2023 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (17) (13) (34) (26) (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 2024 2023 2024 2023 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) (1) — — 7 Amortization of postretirement benefits liability adjustment included in net benefit cost 4 3 9 6 Total 3 3 9 13

Pay vs Performance Disclosure

Pay vs Performance Disclosure - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 1,133	$ 675	$ 2,328	$ 1,923

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2024
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, 2024
Segment Reporting [Abstract]
Business segments	Second Quarter Upstream Downstream Chemical millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 29 61 12,986 11,355 333 348 Intersegment sales 4,522 3,519 1,639 1,365 85 89 Investment and other income (note 3) 1 10 9 15 — — 4,552 3,590 14,634 12,735 418 437 Expenses Exploration 1 1 — — — — Purchases of crude oil and products 1,900 1,432 12,944 11,133 256 263 Production and manufacturing 1,203 1,256 435 475 48 54 Selling and general — — 171 160 23 22 Federal excise tax and fuel charge — — 655 597 1 1 Depreciation and depletion 396 398 46 44 4 4 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 1 — — — — — Total expenses 3,501 3,087 14,251 12,409 332 344 Income (loss) before income taxes 1,051 503 383 326 86 93 Income tax expense (benefit) 252 119 89 76 21 22 Net income (loss) 799 384 294 250 65 71 Cash flows from (used in) operating activities 1,162 573 384 228 74 55 Capital and exploration expenditures (c) 267 303 149 152 3 5 Second Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 13,348 11,764 Intersegment sales — — (6,246) (4,973) — — Investment and other income (note 3) 25 30 — — 35 55 25 30 (6,246) (4,973) 13,383 11,819 Expenses Exploration — — — — 1 1 Purchases of crude oil and products — — (6,244) (4,972) 8,856 7,856 Production and manufacturing 3 — — — 1,689 1,785 Selling and general 29 25 (2) (1) 221 206 Federal excise tax and fuel charge — — — — 656 598 Depreciation and depletion 10 7 — — 456 453 Non-service pension and postretirement benefit 1 20 — — 1 20 Financing (note 5) 13 16 — — 14 16 Total expenses 56 68 (6,246) (4,973) 11,894 10,935 Income (loss) before income taxes (31) (38) — — 1,489 884 Income tax expense (benefit) (6) (8) — — 356 209 Net income (loss) (25) (30) — — 1,133 675 Cash flows from (used in) operating activities 9 29 — — 1,629 885 Capital and exploration expenditures (c) 43 33 — — 462 493 Includes export sales to the United States of $2,632 million (2023 - $2,034 million). (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 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 contracts within the scope of ASC 606 and those outside it. Revenues Second Quarter millions of Canadian dollars 2024 2023 Revenue from contracts with customers 10,782 10,922 Revenue outside the scope of ASC 606 2,566 842 Total 13,348 11,764 (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 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 71 137 24,865 22,994 661 690 Intersegment sales 8,644 7,141 3,387 3,188 175 180 Investment and other income (note 3) 5 12 21 35 1 — 8,720 7,290 28,273 26,217 837 870 Expenses Exploration 2 2 — — — — Purchases of crude oil and products 3,713 2,975 24,535 22,329 516 537 Production and manufacturing 2,391 2,543 856 886 101 112 Selling and general — — 333 317 49 48 Federal excise tax and fuel charge — — 1,245 1,125 2 2 Depreciation and depletion 828 832 91 89 8 8 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 2 — — — — — Total expenses 6,936 6,352 27,060 24,746 676 707 Income (loss) before income taxes 1,784 938 1,213 1,471 161 163 Income tax expense (benefit) 427 224 288 351 39 39 Net income (loss) 1,357 714 925 1,120 122 124 Cash flows from (used in) operating activities 2,053 175 391 (191) 71 23 Capital and exploration expenditures (c) 557 624 302 226 8 9 Total assets as at June 30 28,505 28,603 12,016 9,629 503 482 Six Months to June 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 25,597 23,821 Intersegment sales — — (12,206) (10,509) — — Investment and other income (note 3) 42 72 — — 69 119 42 72 (12,206) (10,509) 25,666 23,940 Expenses Exploration — — — — 2 2 Purchases of crude oil and products — — (12,202) (10,507) 16,562 15,334 Production and manufacturing 5 — — — 3,353 3,541 Selling and general 89 29 (4) (2) 467 392 Federal excise tax and fuel charge — — — — 1,247 1,127 Depreciation and depletion 19 14 — — 946 943 Non-service pension and postretirement benefit 2 40 — — 2 40 Financing (note 5) 24 32 — — 26 32 Total expenses 139 115 (12,206) (10,509) 22,605 21,411 Income (loss) before income taxes (97) (43) — — 3,061 2,529 Income tax expense (benefit) (21) (8) — — 733 606 Net income (loss) (76) (35) — — 2,328 1,923 Cash flows from (used in) operating activities 190 57 — — 2,705 64 Capital and exploration expenditures (c) 91 63 — — 958 922 Total assets as at June 30 3,528 3,915 (417) (503) 44,135 42,126 Includes export sales to the United States of $5,010 million (2023 - $4,409 million). (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 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 contracts within the scope of ASC 606 and those outside it. Revenues Six Months to June 30 millions of Canadian dollars 2024 2023 Revenue from contracts with customers 20,511 21,442 Revenue outside the scope of ASC 606 5,086 2,379 Total 25,597 23,821 (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 2024 2023 Revenue from contracts with customers 10,782 10,922 Revenue outside the scope of ASC 606 2,566 842 Total 13,348 11,764 Revenues Six Months to June 30 millions of Canadian dollars 2024 2023 Revenue from contracts with customers 20,511 21,442 Revenue outside the scope of ASC 606 5,086 2,379 Total 25,597 23,821

Investment and other income (Ta

Investment and other income (Tables)	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Proceeds from asset sales 3 9 7 23 Book value of asset sales 2 (4) 4 1 Gain (loss) on asset sales, before tax 1 13 3 22 Gain (loss) on asset sales, after tax 1 10 3 18

Employee retirement benefits (T

Employee retirement benefits (Tables)	6 Months Ended
	Jun. 30, 2024
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 2024 2023 2024 2023 Pension benefits: Service cost 46 40 92 81 Interest cost 92 93 183 186 Expected return on plan assets (114) (93) (227) (186) Amortization of prior service cost 7 4 14 8 Amortization of actuarial loss (gain) 12 11 24 22 Net benefit cost 43 55 86 111 Other postretirement benefits: Service cost 3 3 7 6 Interest cost 6 7 12 14 Amortization of actuarial loss (gain) (2) (2) (4) (4) Net benefit cost 7 8 15 16

Financing costs (Tables)

Financing costs (Tables)	6 Months Ended
	Jun. 30, 2024
Financing costs and additional notes and loans payable information [Abstract]
Financing costs	Second Quarter Six Months to June 30 millions of Canadian dollars 2024 2023 2024 2023 Debt-related interest 52 49 104 95 Capitalized interest (39) (33) (80) (63) Net interest expense 13 16 24 32 Other interest 1 — 2 — Total financing 14 16 26 32

Long-term debt (Tables)

Long-term debt (Tables)	6 Months Ended
	Jun. 30, 2024
Debt Disclosure [Abstract]
Long-term debt	As at Jun 30 As at Dec 31 millions of Canadian dollars 2024 2023 Long-term debt 3,447 3,447 Finance leases 554 564 Total long-term debt 4,001 4,011

Other long-term obligations (Ta

Other long-term obligations (Tables)	6 Months Ended
	Jun. 30, 2024
Other Liabilities Disclosure [Abstract]
Other long-term obligations	As at Jun 30 As at Dec 31 millions of Canadian dollars 2024 2023 Employee retirement benefits (a) 932 954 Asset retirement obligations and other environmental liabilities (b) 2,590 2,564 Share-based incentive compensation liabilities 144 90 Operating lease liability (c) 153 111 Other obligations 124 132 Total other long-term obligations 3,943 3,851 (a) Total recorded employee retirement benefits obligations also included $62 million in current liabilities (2023 - $62 million). (b) Total asset retirement obligations and other environmental liabilities also included $221 million in current liabilities (2023 - $235 million). (c) Total operating lease liability also included $102 million in current liabilities (2023 - $87 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $62 million (2023 - $54 million).

Financial and derivative inst_2

Financial and derivative instruments (Tables)	6 Months Ended
	Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Notional Amounts of Outstanding Derivative Positions	The net notional long/(short) position of derivative instruments was: As at Jun 30 As at Dec 31 thousands of barrels 2024 2023 Crude 10,620 (4,450) Products (1,880) (490)
Derivative Instruments, Gain (Loss)	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 2024 2023 2024 2023 Revenues 11 10 (13) (13)
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, 2024 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 58 41 — 99 (58) — 41 Liabilities Derivative liabilities (b) 58 33 — 91 (58) — 33 (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, 2023 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 28 18 — 46 (16) (12) 18 Liabilities Derivative liabilities (b) 16 31 — 47 (16) — 31 (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, 2024
Equity [Abstract]
Summary of common shares	As at Jun 30 As at Dec 31 thousands of shares 2024 2023 Authorized 1,100,000 1,100,000 Outstanding 535,837 535,837
Common share activities	The company’s common share activities are summarized below: Thousands of Millions of Balance as at December 31, 2022 584,153 1,079 Purchases at stated value (48,316) (87) Balance as at December 31, 2023 535,837 992 Purchases at stated value — — Balance as at June 30, 2024 535,837 992
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 2024 2023 2024 2023 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 1,133 675 2,328 1,923 Weighted-average number of common shares outstanding (millions of shares) 535.8 584.2 535.8 584.2 Net income (loss) per common share (dollars) 2.11 1.16 4.34 3.29 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 1,133 675 2,328 1,923 Weighted-average number of common shares outstanding (millions of shares) 535.8 584.2 535.8 584.2 Effect of employee share-based awards (millions of shares) 1.2 1.1 1.2 1.1 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 537.0 585.3 537.0 585.3 Net income (loss) per common share (dollars) 2.11 1.15 4.34 3.29 Dividends per common share – declared (dollars) 0.60 0.50 1.20 0.94

Other comprehensive income (l_2

Other comprehensive income (loss) information (Tables)	6 Months Ended
	Jun. 30, 2024
Equity [Abstract]
Changes in accumulated other comprehensive income (loss)	Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2024 2023 Balance at January 1 (677) (512) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 4 21 Amounts reclassified from accumulated other comprehensive income 25 20 Balance at June 30 (648) (471)
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 2024 2023 2024 2023 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (17) (13) (34) (26) (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 2024 2023 2024 2023 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) (1) — — 7 Amortization of postretirement benefits liability adjustment included in net benefit cost 4 3 9 6 Total 3 3 9 13

Business segments (Detail)

Business segments (Detail) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenues and other income
Revenues	[1]	$ 13,348	$ 11,764	$ 25,597	$ 23,821
Investment and other income (note 3)		35	55	69	119
Total revenues and other income		13,383	11,819	25,666	23,940
Expenses
Exploration		1	1	2	2
Purchases of crude oil and products	[2]	8,856	7,856	16,562	15,334
Production and manufacturing	[3]	1,689	1,785	3,353	3,541
Selling and general	[3]	221	206	467	392
Federal excise tax and fuel charge		656	598	1,247	1,127
Depreciation and depletion		456	453	946	943
Non-service pension and postretirement benefit		1	20	2	40
Financing (note 5)	[4]	14	16	26	32
Total expenses		11,894	10,935	22,605	21,411
Income (loss) before income taxes		1,489	884	3,061	2,529
Income taxes		356	209	733	606
Net income (loss)		1,133	675	2,328	1,923
Cash flows from (used in) operating activities		1,629	885	2,705	64
Capital and exploration expenditures		462	493	958	922
Total assets as at June 30		44,135	42,126	44,135	42,126	$ 41,199
Corporate and other
Revenues and other income
Revenues		0	0	0	0
Investment and other income (note 3)		25	30	42	72
Total revenues and other income		25	30	42	72
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		0	0	0	0
Production and manufacturing		3	0	5	0
Selling and general		29	25	89	29
Federal excise tax and fuel charge		0	0	0	0
Depreciation and depletion		10	7	19	14
Non-service pension and postretirement benefit		1	20	2	40
Financing (note 5)		13	16	24	32
Total expenses		56	68	139	115
Income (loss) before income taxes		(31)	(38)	(97)	(43)
Income taxes		(6)	(8)	(21)	(8)
Net income (loss)		(25)	(30)	(76)	(35)
Cash flows from (used in) operating activities		9	29	190	57
Capital and exploration expenditures		43	33	91	63
Total assets as at June 30		3,528	3,915	3,528	3,915
Eliminations
Revenues and other income
Revenues		(6,246)	(4,973)	(12,206)	(10,509)
Total revenues and other income		(6,246)	(4,973)	(12,206)	(10,509)
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		(6,244)	(4,972)	(12,202)	(10,507)
Production and manufacturing		0	0	0	0
Selling and general		(2)	(1)	(4)	(2)
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		(6,246)	(4,973)	(12,206)	(10,509)
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		(417)	(503)	(417)	(503)
Upstream | Intersegment Eliminations
Revenues and other income
Revenues		4,522	3,519	8,644	7,141
Upstream | Operating Segments
Revenues and other income
Revenues		29	61	71	137
Investment and other income (note 3)		1	10	5	12
Total revenues and other income		4,552	3,590	8,720	7,290
Expenses
Exploration		1	1	2	2
Purchases of crude oil and products		1,900	1,432	3,713	2,975
Production and manufacturing		1,203	1,256	2,391	2,543
Selling and general		0	0	0	0
Federal excise tax and fuel charge		0	0	0	0
Depreciation and depletion		396	398	828	832
Non-service pension and postretirement benefit		0	0	0	0
Financing (note 5)		1	0	2	0
Total expenses		3,501	3,087	6,936	6,352
Income (loss) before income taxes		1,051	503	1,784	938
Income taxes		252	119	427	224
Net income (loss)		799	384	1,357	714
Cash flows from (used in) operating activities		1,162	573	2,053	175
Capital and exploration expenditures		267	303	557	624
Total assets as at June 30		28,505	28,603	28,505	28,603
Downstream | Intersegment Eliminations
Revenues and other income
Revenues		1,639	1,365	3,387	3,188
Downstream | Operating Segments
Revenues and other income
Revenues		12,986	11,355	24,865	22,994
Investment and other income (note 3)		9	15	21	35
Total revenues and other income		14,634	12,735	28,273	26,217
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		12,944	11,133	24,535	22,329
Production and manufacturing		435	475	856	886
Selling and general		171	160	333	317
Federal excise tax and fuel charge		655	597	1,245	1,125
Depreciation and depletion		46	44	91	89
Non-service pension and postretirement benefit		0	0	0	0
Financing (note 5)		0	0	0	0
Total expenses		14,251	12,409	27,060	24,746
Income (loss) before income taxes		383	326	1,213	1,471
Income taxes		89	76	288	351
Net income (loss)		294	250	925	1,120
Cash flows from (used in) operating activities		384	228	391	(191)
Capital and exploration expenditures		149	152	302	226
Total assets as at June 30		12,016	9,629	12,016	9,629
Chemical | Intersegment Eliminations
Revenues and other income
Revenues		85	89	175	180
Chemical | Operating Segments
Revenues and other income
Revenues		333	348	661	690
Investment and other income (note 3)		0	0	1	0
Total revenues and other income		418	437	837	870
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		256	263	516	537
Production and manufacturing		48	54	101	112
Selling and general		23	22	49	48
Federal excise tax and fuel charge		1	1	2	2
Depreciation and depletion		4	4	8	8
Non-service pension and postretirement benefit		0	0	0	0
Financing (note 5)		0	0	0	0
Total expenses		332	344	676	707
Income (loss) before income taxes		86	93	161	163
Income taxes		21	22	39	39
Net income (loss)		65	71	122	124
Cash flows from (used in) operating activities		74	55	71	23
Capital and exploration expenditures		3	5	8	9
Total assets as at June 30		$ 503	$ 482	$ 503	$ 482
[1] (a) Amounts from related parties included in revenues. 2,946 3,556 5,675 6,692 (b) Amounts to related parties included in purchases of crude oil and products. 838 964 1,823 2,042 (c) Amounts to related parties included in production and manufacturing, and selling 135 125 285 260 (d) Amounts to related parties included in financing. 43 41 87 80

Business segments - Table Narra

Business segments - Table Narrative (Detail) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Segment Reporting Information [Line Items]
Revenue from contracts with customers		$ 10,782	$ 10,922	$ 20,511	$ 21,442
Revenue outside the scope of ASC 606		2,566	842	5,086	2,379
Total	[1]	13,348	11,764	25,597	23,821
United States Exports
Segment Reporting Information [Line Items]
Operating revenues		$ 2,632	$ 2,034	$ 5,010	$ 4,409
[1] (a) Amounts from related parties included in revenues. 2,946 3,556 5,675 6,692

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Schedule of Investments [Abstract]
Proceeds from asset sales	$ 3	$ 9	$ 7	$ 23
Book value of asset sales	2	(4)	4	1
Gain (loss) on asset sales, before tax	1	13	3	22
Gain (loss) on asset sales, after tax	$ 1	$ 10	$ 3	$ 18

Employee retirement benefits -

Employee retirement benefits - Components of Net Periodic Benefit Cost (Detail) - CAD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Pension benefits:
Service cost	$ 46	$ 40	$ 92	$ 81
Interest cost	92	93	183	186
Expected return on plan assets	(114)	(93)	(227)	(186)
Amortization of prior service cost	7	4	14	8
Amortization of actuarial loss (gain)	12	11	24	22
Net benefit cost	43	55	86	111
Other postretirement benefits:
Service cost	3	3	7	6
Interest cost	6	7	12	14
Amortization of actuarial loss (gain)	(2)	(2)	(4)	(4)
Net benefit cost	$ 7	$ 8	$ 15	$ 16

Financing costs (Detail)

Financing costs (Detail) - CAD ($) $ in Millions		3 Months Ended		6 Months Ended
		Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Financing costs and additional notes and loans payable information [Abstract]
Debt-related interest		$ 52	$ 49	$ 104	$ 95
Capitalized interest		(39)	(33)	(80)	(63)
Net interest expense		13	16	24	32
Other interest		1	0	2	0
Total financing	[1]	$ 14	$ 16	$ 26	$ 32
[1] (d) Amounts to related parties included in financing. 43 41 87 80

Long-term debt (Detail)

Long-term debt (Detail) - CAD ($) $ in Millions		Jun. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-term debt		$ 3,447	$ 3,447
Finance leases		554	564
Total long-term debt	[1]	$ 4,001	$ 4,011
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Total long-term debt	Total long-term debt
[1] Long-term debt included amounts to related parties. 3,447 3,447

Other long-term obligations - S

Other long-term obligations - Summary of Other Long-Term Obligations (Detail) - CAD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Employee retirement benefits	$ 932	$ 954
Asset retirement obligations and other environmental liabilities	2,590	2,564
Share-based incentive compensation liabilities	144	90
Operating lease liability	153	111
Other obligations	124	132
Total other long-term obligations	$ 3,943	$ 3,851

Other long-term obligations - T

Other long-term obligations - Table Narrative (Detail) - CAD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Employee retirement benefit obligations in current liabilities	$ 62	$ 62
Asset retirement obligations and other environmental liabilities in current liabilities	221	235
Lease liability due within one year, Operating leases	102	87
Undiscounted commitments	$ 62	$ 54

Financial and derivative inst_3

Financial and derivative instruments - Narrative (Detail) - CAD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Financial Instruments And Derivatives [Line Items]
Long-term debt, fair value	$ 3,447	$ 3,447
Master netting arrangements
Financial Instruments And Derivatives [Line Items]
Derivative collateral receivable	$ 17	$ 24

Financial and derivative inst_4

Financial and derivative instruments - Summary of net notional long/(short) position of derivative instruments (Detail) - bbl bbl in Thousands	Jun. 30, 2024	Dec. 31, 2023
Crude Oil | Long
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume	10,620
Crude Oil | Short
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume		4,450
Products | Short
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume	1,880	490

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Revenues	$ 11	$ 10	$ (13)	$ (13)

Financial and derivative inst_6

Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($) $ in Millions	Jun. 30, 2024	Dec. 31, 2023
Assets
Derivative Asset	$ 99	$ 46
Liabilities
Derivative liabilities	91	47
Effect of counterparty netting
Assets
Derivative Asset	(58)	(16)
Liabilities
Derivative liabilities	(58)	(16)
Effect of collateral netting
Assets
Derivative Asset	0	(12)
Liabilities
Derivative liabilities	0	0
Net carrying value
Assets
Derivative Asset	41	18
Liabilities
Derivative liabilities	33	31
Level 1
Assets
Derivative Asset	58	28
Liabilities
Derivative liabilities	58	16
Level 2
Assets
Derivative Asset	41	18
Liabilities
Derivative liabilities	33	31
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, 2024	Dec. 31, 2023
Equity [Abstract]
Authorized (in shares)	1,100,000	1,100,000
Common shares outstanding (in shares)	535,837	535,837

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance, (in shares)				535,837
Common stock, ending balance, (in shares)		535,837		535,837		535,837
Common stock beginning balance	[1]			$ 992
Common stock, ending balance	[1]	$ 992		$ 992		$ 992
Common Stock
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Common stock beginning balance, (in shares)				535,837	584,153	584,153
Purchases at stated value, (in shares)				0		(48,316)
Common stock, ending balance, (in shares)		535,837		535,837		535,837
Common stock beginning balance				$ 992	$ 1,079	$ 1,079
Purchases at stated value		$ 0	$ 0	0	$ 0	(87)
Common stock, ending balance		$ 992		$ 992		$ 992
[1] Number of common shares authorized (millions). 1,100 1,100 Number of common shares outstanding (millions). 536 536

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Net income (loss) per common share – basic
Net income (loss)	$ 1,133	$ 675	$ 2,328	$ 1,923
Weighted-average number of common shares outstanding (millions of shares)	535.8	584.2	535.8	584.2
Net income (loss) per common share (dollars)	$ 2.11	$ 1.16	$ 4.34	$ 3.29
Net income (loss) per common share – diluted
Net income (loss)	$ 1,133	$ 675	$ 2,328	$ 1,923
Weighted-average number of common shares outstanding (millions of shares)	535.8	584.2	535.8	584.2
Effect of employee share-based awards (millions of shares)	1.2	1.1	1.2	1.1
Weighted-average number of common shares outstanding, assuming dilution (millions of shares)	537	585.3	537	585.3
Net income (loss) per common share (dollars)	$ 2.11	$ 1.15	$ 4.34	$ 3.29
Dividends per common share – declared (dollars)	$ 0.60	$ 0.50	$ 1.20	$ 0.94

Common shares - Narrative (Deta

Common shares - Narrative (Detail) - shares	Jun. 29, 2024	Jun. 15, 2024
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 Four
Class of Stock [Line Items]
Normal course issuer bid share repurchase shares authorized	26,791,840
Percent of total shares		5%
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Four | Exxon Mobil Corporation
Class of Stock [Line Items]
Exxon Mobil Corporation's ownership interest in Imperial	69.60%

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, 2024	Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at January 1	$ (677)
Balance at June 30	(648)
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at January 1	(677)	$ (512)
Current period change excluding amounts reclassified from accumulated other comprehensive income	4	21
Amounts reclassified from accumulated other comprehensive income	25	20
Balance at June 30	$ (648)	$ (471)

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Accumulated Defined Benefit Plans Adjustment Attributable to Parent
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]
Amortization of postretirement benefits liability adjustment included in net benefit cost	$ (17)	$ (13)	$ (34)	$ (26)

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, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Equity [Abstract]
Postretirement benefits liability adjustment (excluding amortization)	$ (1)	$ 0	$ 0	$ 7
Amortization of postretirement benefits liability adjustment included in net benefit cost	4	3	9	6
Total	$ 3	$ 3	$ 9	$ 13