Imperial Oil Limited (IMO) 10-Q 4 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page	9 Months Ended
	Sep. 30, 2024 shares
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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	523,402,540
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
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		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues and other income
Revenues	[1]	$ 13,215	$ 13,873	$ 38,812	$ 37,694
Investment and other income (note 3)		44	47	113	166
Total revenues and other income		13,259	13,920	38,925	37,860
Expenses
Exploration		1	1	3	3
Purchases of crude oil and products	[2]	8,734	8,748	25,296	24,082
Production and manufacturing	[3]	1,517	1,666	4,870	5,207
Selling and general	[3]	223	237	690	629
Federal excise tax and fuel charge		661	654	1,908	1,781
Depreciation and depletion		508	475	1,454	1,418
Non-service pension and postretirement benefit		1	20	3	60
Financing	[4]	11	19	37	51
Total expenses		11,656	11,820	34,261	33,231
Income (loss) before income taxes		1,603	2,100	4,664	4,629
Income taxes		366	499	1,099	1,105
Net income (loss)		$ 1,237	$ 1,601	$ 3,565	$ 3,524
Per share information (Canadian dollars)
Net income (loss) per common share - basic (note 9) (in CAD per share)		$ 2.33	$ 2.77	$ 6.67	$ 6.05
Net income (loss) per common share - diluted (note 9) (in CAD per share)		$ 2.33	$ 2.76	$ 6.66	$ 6.04
[1] (a) Amounts from related parties included in revenues. 2,999 3,553 8,674 10,245 (b) Amounts to related parties included in purchases of crude oil and products. 1,199 1,228 3,022 3,270 (c) Amounts to related parties included in production and manufacturing, and selling 121 121 406 381 (d) Amounts to related parties included in financing. 40 44 127 124

Consolidated statement of inc_2

Consolidated statement of income (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Amounts from related parties included in revenues	[1]	$ 13,215	$ 13,873	$ 38,812	$ 37,694
Amounts to related parties included in purchases of crude oil and products	[2]	8,734	8,748	25,296	24,082
Amounts to related parties included in financing	[3]	11	19	37	51
Related Party
Amounts from related parties included in revenues		2,999	3,553	8,674	10,245
Amounts to related parties included in purchases of crude oil and products		1,199	1,228	3,022	3,270
Amounts to related parties included in production and manufacturing, and selling and general expenses		121	121	406	381
Amounts to related parties included in financing		$ 40	$ 44	$ 127	$ 124
[1] (a) Amounts from related parties included in revenues. 2,999 3,553 8,674 10,245 (b) Amounts to related parties included in purchases of crude oil and products. 1,199 1,228 3,022 3,270 (d) Amounts to related parties included in financing. 40 44 127 124

Consolidated statement of compr

Consolidated statement of comprehensive income (U.S. GAAP, unaudited) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,237	$ 1,601	$ 3,565	$ 3,524
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	9	38	29
Total other comprehensive income (loss)	13	9	42	50
Comprehensive income (loss)	$ 1,250	$ 1,610	$ 3,607	$ 3,574

Consolidated balance sheet (U.S

Consolidated balance sheet (U.S. GAAP, unaudited) - CAD ($) $ in Millions		Sep. 30, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents		$ 1,490	$ 864
Accounts receivable - net	[1]	5,524	4,482
Inventories of crude oil and products		1,415	1,944
Materials, supplies and prepaid expenses		978	1,008
Total current assets		9,407	8,298
Investments and long-term receivables	[2]	1,072	1,062
Property, plant and equipment,		57,614	56,200
less accumulated depreciation and depletion		(26,789)	(25,365)
Property, plant and equipment - net		30,825	30,835
Goodwill		166	166
Other assets, including intangibles - net		1,059	838
Total assets		42,529	41,199
Current liabilities
Notes and loans payable		118	121
Accounts payable and accrued liabilities (note 7)	[1]	6,353	6,231
Income taxes payable		45	251
Total current liabilities		6,516	6,603
Long-term debt (note 6)	[3]	3,997	4,011
Other long-term obligations (note 7)		3,977	3,851
Deferred income tax liabilities		4,400	4,512
Total liabilities		18,890	18,977
Shareholders’ equity
Common shares at stated value (note 9)	[4]	969	992
Earnings reinvested		23,305	21,907
Accumulated other comprehensive income (loss) (note 10)		(635)	(677)
Total shareholders’ equity		23,639	22,222
Total liabilities and shareholders’ equity		$ 42,529	$ 41,199
[1] Accounts receivable - net included net amounts receivable from related parties. $ 820 1,048 Investments and long-term receivables included amounts from related parties. 267 283 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). 523 536

Consolidated balance sheet (U_2

Consolidated balance sheet (U.S. GAAP, unaudited) (Parenthetical) - CAD ($) shares in Thousands, $ in Millions		Sep. 30, 2024	Dec. 31, 2023
Investments and long-term receivables, related party amount	[1]	$ 1,072	$ 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)		523,000	536,000
Related Party
Accounts receivable, net, related party amount		$ 820	$ 1,048
Investments and long-term receivables, related party amount		267	283
Long-term debt, related party amount		$ 3,447	$ 3,447
[1] Investments and long-term receivables included amounts from related parties. 267 283

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		(32)
Net income (loss) for the period	$ 3,524		3,524
Share purchases in excess of stated value			(1,310)
Dividends declared			(837)
Other comprehensive income (loss)	50			50
At end of period at Sep. 30, 2023	23,808	1,047	23,223	(462)
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 Jun. 30, 2023		1,079	23,220	(471)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share purchases at stated value		(32)
Net income (loss) for the period	1,601		1,601
Share purchases in excess of stated value			(1,310)
Dividends declared			(288)
Other comprehensive income (loss)	9			9
At end of period at Sep. 30, 2023	23,808	1,047	23,223	(462)
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		(23)
Net income (loss) for the period	3,565		3,565
Share purchases in excess of stated value			(1,207)
Dividends declared			(960)
Other comprehensive income (loss)	42			42
At end of period at Sep. 30, 2024	23,639	969	23,305	(635)
At beginning of period at Jun. 30, 2024		992	23,592	(648)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share purchases at stated value		(23)
Net income (loss) for the period	1,237		1,237
Share purchases in excess of stated value			(1,207)
Dividends declared			(317)
Other comprehensive income (loss)	13			13
At end of period at Sep. 30, 2024	$ 23,639	$ 969	$ 23,305	$ (635)

Consolidated statement of cash

Consolidated statement of cash flows (U.S. GAAP, unaudited) - CAD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Operating activities
Net income (loss)		$ 1,237	$ 1,601	$ 3,565	$ 3,524
Adjustments for non-cash items:
Depreciation and depletion		508	475	1,454	1,418
(Gain) loss on asset sales (note 3)		(2)	3	(5)	(19)
Deferred income taxes and other		53	(168)	(186)	(239)
Changes in operating assets and liabilities:
Accounts receivable		548	(805)	(1,040)	(671)
Inventories, materials, supplies and prepaid expenses		502	(330)	552	(389)
Income taxes payable		(47)	234	(208)	(2,164)
Accounts payable and accrued liabilities		(1,313)	1,314	62	1,011
All other items - net	[1]	1	35	(2)	(48)
Cash flows from (used in) operating activities		1,487	2,359	4,192	2,423
Investing activities
Additions to property, plant and equipment		(486)	(387)	(1,444)	(1,315)
Proceeds from asset sales (note 3)		0	6	7	29
Loans to equity companies - net		2	1	16	3
Cash flows from (used in) investing activities		(484)	(380)	(1,421)	(1,283)
Financing activities
Finance lease obligations - reduction (note 6)		(5)	(5)	(18)	(16)
Dividends paid		(322)	(292)	(921)	(815)
Common shares purchased (note 9)		(1,206)	(1,342)	(1,206)	(1,342)
Cash flows from (used in) financing activities		(1,533)	(1,639)	(2,145)	(2,173)
Increase (decrease) in cash and cash equivalents		(530)	340	626	(1,033)
Cash and cash equivalents at beginning of period		2,020	2,376	864	3,749
Cash and cash equivalents at end of period	[2]	$ 1,490	$ 2,716	$ 1,490	$ 2,716
[1] (b) Includes contributions to registered pension plans. (37) (43) (112) (129) (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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Cash Flows [Abstract]
Included contributions to registered pension plans	$ (37)	$ (43)	$ (112)	$ (129)
Income taxes (paid) refunded.	(423)	(438)	(1,557)	(3,627)
Interest (paid), net of capitalization.	$ (11)	$ (15)	$ (37)	$ (52)

Basis of financial statement pr

Basis of financial statement preparation	9 Months Ended
	Sep. 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 nine months ended September 30, 2024, are not necessarily indicative of the operations to be expected for the full year.

Business segments

Business segments	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Business segments	Business segments Third Quarter Upstream Downstream (d) Chemical (d) millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 24 43 12,997 13,540 194 290 Intersegment sales 4,583 4,768 1,562 1,560 60 92 Investment and other income (note 3) 2 (4) 11 12 1 — 4,609 4,807 14,570 15,112 255 382 Expenses Exploration 1 1 — — — — Purchases of crude oil and products 1,766 1,852 13,014 13,061 157 254 Production and manufacturing 1,050 1,187 423 405 36 74 Selling and general — — 170 177 22 21 Federal excise tax and fuel charge — — 660 653 1 1 Depreciation and depletion 447 418 48 46 3 2 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 2 3 — — — — Total expenses 3,266 3,461 14,315 14,342 219 352 Income (loss) before income taxes 1,343 1,346 255 770 36 30 Income tax expense (benefit) 316 318 50 184 8 7 Net income (loss) 1,027 1,028 205 586 28 23 Cash flows from (used in) operating activities 1,298 1,771 164 378 49 74 Capital and exploration expenditures (c) 300 244 133 103 3 2 Third Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 13,215 13,873 Intersegment sales — — (6,205) (6,420) — — Investment and other income (note 3) 30 39 — — 44 47 30 39 (6,205) (6,420) 13,259 13,920 Expenses Exploration — — — — 1 1 Purchases of crude oil and products — — (6,203) (6,419) 8,734 8,748 Production and manufacturing 8 — — — 1,517 1,666 Selling and general 33 40 (2) (1) 223 237 Federal excise tax and fuel charge — — — — 661 654 Depreciation and depletion 10 9 — — 508 475 Non-service pension and postretirement benefit 1 20 — — 1 20 Financing (note 5) 9 16 — — 11 19 Total expenses 61 85 (6,205) (6,420) 11,656 11,820 Income (loss) before income taxes (31) (46) — — 1,603 2,100 Income tax expense (benefit) (8) (10) — — 366 499 Net income (loss) (23) (36) — — 1,237 1,601 Cash flows from (used in) operating activities (24) 136 — — 1,487 2,359 Capital and exploration expenditures (c) 50 38 — — 486 387 Includes export sales to the United States of $2,631 million (2023 - $2,180 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 Third Quarter millions of Canadian dollars 2024 2023 Revenue from contracts with customers 10,404 12,271 Revenue outside the scope of ASC 606 2,811 1,602 Total 13,215 13,873 (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. (d) In the third quarter of 2024, benzene and aromatic solvents are reported under the Downstream segment, whereas in the third quarter of 2023, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast. Nine Months to September 30 Upstream Downstream (d) Chemical (d) millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 95 180 37,862 36,534 855 980 Intersegment sales 13,227 11,909 4,949 4,748 235 272 Investment and other income (note 3) 7 8 32 47 2 — 13,329 12,097 42,843 41,329 1,092 1,252 Expenses Exploration 3 3 — — — — Purchases of crude oil and products 5,479 4,827 37,549 35,390 673 791 Production and manufacturing 3,441 3,730 1,279 1,291 137 186 Selling and general — — 503 494 71 69 Federal excise tax and fuel charge — — 1,905 1,778 3 3 Depreciation and depletion 1,275 1,250 139 135 11 10 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 4 3 — — — — Total expenses 10,202 9,813 41,375 39,088 895 1,059 Income (loss) before income taxes 3,127 2,284 1,468 2,241 197 193 Income tax expense (benefit) 743 542 338 535 47 46 Net income (loss) 2,384 1,742 1,130 1,706 150 147 Cash flows from (used in) operating activities 3,351 1,946 555 187 120 97 Capital and exploration expenditures (c) 857 868 435 329 11 11 Total assets as at September 30 28,186 28,356 11,104 10,912 452 441 Nine Months to September 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 38,812 37,694 Intersegment sales — — (18,411) (16,929) — — Investment and other income (note 3) 72 111 — — 113 166 72 111 (18,411) (16,929) 38,925 37,860 Expenses Exploration — — — — 3 3 Purchases of crude oil and products — — (18,405) (16,926) 25,296 24,082 Production and manufacturing 13 — — — 4,870 5,207 Selling and general 122 69 (6) (3) 690 629 Federal excise tax and fuel charge — — — — 1,908 1,781 Depreciation and depletion 29 23 — — 1,454 1,418 Non-service pension and postretirement benefit 3 60 — — 3 60 Financing (note 5) 33 48 — — 37 51 Total expenses 200 200 (18,411) (16,929) 34,261 33,231 Income (loss) before income taxes (128) (89) — — 4,664 4,629 Income tax expense (benefit) (29) (18) — — 1,099 1,105 Net income (loss) (99) (71) — — 3,565 3,524 Cash flows from (used in) operating activities 166 193 — — 4,192 2,423 Capital and exploration expenditures (c) 141 101 — — 1,444 1,309 Total assets as at September 30 2,942 4,346 (155) (469) 42,529 43,586 Includes export sales to the United States of $7,641 million (2023 - $6,589 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 Nine Months to September 30 millions of Canadian dollars 2024 2023 Revenue from contracts with customers 30,915 33,713 Revenue outside the scope of ASC 606 7,897 3,981 Total 38,812 37,694 (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. (d) In 2024, benzene and aromatic solvents are reported under the Downstream segment, whereas in 2023, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast.

Investment and other income

Investment and other income	9 Months Ended
	Sep. 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: Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Proceeds from asset sales — 6 7 29 Book value of asset sales (2) 9 2 10 Gain (loss) on asset sales, before tax 2 (3) 5 19 Gain (loss) on asset sales, after tax 2 (2) 5 16

Employee retirement benefits

Employee retirement benefits	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Employee retirement benefits	Employee retirement benefits The components of net benefit cost were as follows: Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Pension benefits: Service cost 47 41 139 122 Interest cost 91 94 274 280 Expected return on plan assets (113) (94) (340) (280) Amortization of prior service cost 7 5 21 13 Amortization of actuarial loss (gain) 11 10 35 32 Net benefit cost 43 56 129 167 Other postretirement benefits: Service cost 3 3 10 9 Interest cost 7 7 19 21 Amortization of actuarial loss (gain) (2) (2) (6) (6) Net benefit cost 8 8 23 24

Financing costs

Financing costs	9 Months Ended
	Sep. 30, 2024
Financing costs and additional notes and loans payable information [Abstract]
Financing costs	Financing costs Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Debt-related interest 48 53 152 148 Capitalized interest (39) (37) (119) (100) Net interest expense 9 16 33 48 Other interest 2 3 4 3 Total financing 11 19 37 51

Long-term debt

Long-term debt	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-term debt	Long-term debt As at Sep 30 As at Dec 31 millions of Canadian dollars 2024 2023 Long-term debt 3,447 3,447 Finance leases 550 564 Total long-term debt 3,997 4,011 As previously communicated, 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	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Other long-term obligations	Other long-term obligations As at Sep 30 As at Dec 31 millions of Canadian dollars 2024 2023 Employee retirement benefits (a) 934 954 Asset retirement obligations and other environmental liabilities (b) 2,604 2,564 Share-based incentive compensation liabilities 165 90 Operating lease liability (c) 149 111 Other obligations 125 132 Total other long-term obligations 3,977 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 $98 million in current liabilities (2023 - $87 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $58 million (2023 - $54 million).

Financial and derivative instru

Financial and derivative instruments	9 Months Ended
	Sep. 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 September 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 Sep 30 As at Dec 31 thousands of barrels 2024 2023 Crude 5,243 (4,450) Products (418) (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: Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Revenues (34) 6 (47) (7) The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement, were as follows: At September 30, 2024 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 87 17 — 104 (86) (1) 17 Liabilities Derivative liabilities (b) 86 37 — 123 (86) — 37 (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 September 30, 2024 and December 31, 2023, the company had $25 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	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Common shares	Common shares As at Sep 30 As at Dec 31 thousands of shares 2024 2023 Authorized 1,100,000 1,100,000 Outstanding 523,403 535,837 The current 12-month normal course issuer bid program came into effect June 29, 2024 under which Imperial has continued 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 (12,434) (23) Balance as at September 30, 2024 523,403 969 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: Third Quarter Nine Months to September 30 2024 2023 2024 2023 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 1,237 1,601 3,565 3,524 Weighted-average number of common shares outstanding (millions of shares) 530.6 578.0 534.1 582.1 Net income (loss) per common share (dollars) 2.33 2.77 6.67 6.05 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 1,237 1,601 3,565 3,524 Weighted-average number of common shares outstanding (millions of shares) 530.6 578.0 534.1 582.1 Effect of employee share-based awards (millions of shares) 1.3 1.3 1.2 1.2 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 531.9 579.3 535.3 583.3 Net income (loss) per common share (dollars) 2.33 2.76 6.66 6.04 Dividends per common share – declared (dollars) 0.60 0.50 1.80 1.44

Other comprehensive income (los

Other comprehensive income (loss) information	9 Months Ended
	Sep. 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 38 29 Balance at September 30 (635) (462) Amounts reclassified out of accumulated other comprehensive income (loss) – before-tax income (expense): Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (16) (13) (50) (39) (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): Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) 1 — 1 7 Amortization of postretirement benefits liability adjustment included in net benefit cost 3 4 12 10 Total 4 4 13 17

Pay vs Performance Disclosure

Pay vs Performance Disclosure - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income (loss)	$ 1,237	$ 1,601	$ 3,565	$ 3,524

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 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)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Business segments	Third Quarter Upstream Downstream (d) Chemical (d) millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 24 43 12,997 13,540 194 290 Intersegment sales 4,583 4,768 1,562 1,560 60 92 Investment and other income (note 3) 2 (4) 11 12 1 — 4,609 4,807 14,570 15,112 255 382 Expenses Exploration 1 1 — — — — Purchases of crude oil and products 1,766 1,852 13,014 13,061 157 254 Production and manufacturing 1,050 1,187 423 405 36 74 Selling and general — — 170 177 22 21 Federal excise tax and fuel charge — — 660 653 1 1 Depreciation and depletion 447 418 48 46 3 2 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 2 3 — — — — Total expenses 3,266 3,461 14,315 14,342 219 352 Income (loss) before income taxes 1,343 1,346 255 770 36 30 Income tax expense (benefit) 316 318 50 184 8 7 Net income (loss) 1,027 1,028 205 586 28 23 Cash flows from (used in) operating activities 1,298 1,771 164 378 49 74 Capital and exploration expenditures (c) 300 244 133 103 3 2 Third Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 13,215 13,873 Intersegment sales — — (6,205) (6,420) — — Investment and other income (note 3) 30 39 — — 44 47 30 39 (6,205) (6,420) 13,259 13,920 Expenses Exploration — — — — 1 1 Purchases of crude oil and products — — (6,203) (6,419) 8,734 8,748 Production and manufacturing 8 — — — 1,517 1,666 Selling and general 33 40 (2) (1) 223 237 Federal excise tax and fuel charge — — — — 661 654 Depreciation and depletion 10 9 — — 508 475 Non-service pension and postretirement benefit 1 20 — — 1 20 Financing (note 5) 9 16 — — 11 19 Total expenses 61 85 (6,205) (6,420) 11,656 11,820 Income (loss) before income taxes (31) (46) — — 1,603 2,100 Income tax expense (benefit) (8) (10) — — 366 499 Net income (loss) (23) (36) — — 1,237 1,601 Cash flows from (used in) operating activities (24) 136 — — 1,487 2,359 Capital and exploration expenditures (c) 50 38 — — 486 387 Includes export sales to the United States of $2,631 million (2023 - $2,180 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 Third Quarter millions of Canadian dollars 2024 2023 Revenue from contracts with customers 10,404 12,271 Revenue outside the scope of ASC 606 2,811 1,602 Total 13,215 13,873 (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. (d) In the third quarter of 2024, benzene and aromatic solvents are reported under the Downstream segment, whereas in the third quarter of 2023, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast. Nine Months to September 30 Upstream Downstream (d) Chemical (d) millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 95 180 37,862 36,534 855 980 Intersegment sales 13,227 11,909 4,949 4,748 235 272 Investment and other income (note 3) 7 8 32 47 2 — 13,329 12,097 42,843 41,329 1,092 1,252 Expenses Exploration 3 3 — — — — Purchases of crude oil and products 5,479 4,827 37,549 35,390 673 791 Production and manufacturing 3,441 3,730 1,279 1,291 137 186 Selling and general — — 503 494 71 69 Federal excise tax and fuel charge — — 1,905 1,778 3 3 Depreciation and depletion 1,275 1,250 139 135 11 10 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 4 3 — — — — Total expenses 10,202 9,813 41,375 39,088 895 1,059 Income (loss) before income taxes 3,127 2,284 1,468 2,241 197 193 Income tax expense (benefit) 743 542 338 535 47 46 Net income (loss) 2,384 1,742 1,130 1,706 150 147 Cash flows from (used in) operating activities 3,351 1,946 555 187 120 97 Capital and exploration expenditures (c) 857 868 435 329 11 11 Total assets as at September 30 28,186 28,356 11,104 10,912 452 441 Nine Months to September 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 38,812 37,694 Intersegment sales — — (18,411) (16,929) — — Investment and other income (note 3) 72 111 — — 113 166 72 111 (18,411) (16,929) 38,925 37,860 Expenses Exploration — — — — 3 3 Purchases of crude oil and products — — (18,405) (16,926) 25,296 24,082 Production and manufacturing 13 — — — 4,870 5,207 Selling and general 122 69 (6) (3) 690 629 Federal excise tax and fuel charge — — — — 1,908 1,781 Depreciation and depletion 29 23 — — 1,454 1,418 Non-service pension and postretirement benefit 3 60 — — 3 60 Financing (note 5) 33 48 — — 37 51 Total expenses 200 200 (18,411) (16,929) 34,261 33,231 Income (loss) before income taxes (128) (89) — — 4,664 4,629 Income tax expense (benefit) (29) (18) — — 1,099 1,105 Net income (loss) (99) (71) — — 3,565 3,524 Cash flows from (used in) operating activities 166 193 — — 4,192 2,423 Capital and exploration expenditures (c) 141 101 — — 1,444 1,309 Total assets as at September 30 2,942 4,346 (155) (469) 42,529 43,586 Includes export sales to the United States of $7,641 million (2023 - $6,589 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 Nine Months to September 30 millions of Canadian dollars 2024 2023 Revenue from contracts with customers 30,915 33,713 Revenue outside the scope of ASC 606 7,897 3,981 Total 38,812 37,694 (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. (d) In 2024, benzene and aromatic solvents are reported under the Downstream segment, whereas in 2023, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast.
Disaggregation of Revenue	Revenues Third Quarter millions of Canadian dollars 2024 2023 Revenue from contracts with customers 10,404 12,271 Revenue outside the scope of ASC 606 2,811 1,602 Total 13,215 13,873 Revenues Nine Months to September 30 millions of Canadian dollars 2024 2023 Revenue from contracts with customers 30,915 33,713 Revenue outside the scope of ASC 606 7,897 3,981 Total 38,812 37,694

Investment and other income (Ta

Investment and other income (Tables)	9 Months Ended
	Sep. 30, 2024
Other Income and Expenses [Abstract]
Investment and other income	Investment and other income included gains and losses on asset sales as follows: Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Proceeds from asset sales — 6 7 29 Book value of asset sales (2) 9 2 10 Gain (loss) on asset sales, before tax 2 (3) 5 19 Gain (loss) on asset sales, after tax 2 (2) 5 16

Employee retirement benefits (T

Employee retirement benefits (Tables)	9 Months Ended
	Sep. 30, 2024
Retirement Benefits [Abstract]
Schedule of net benefit costs	The components of net benefit cost were as follows: Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Pension benefits: Service cost 47 41 139 122 Interest cost 91 94 274 280 Expected return on plan assets (113) (94) (340) (280) Amortization of prior service cost 7 5 21 13 Amortization of actuarial loss (gain) 11 10 35 32 Net benefit cost 43 56 129 167 Other postretirement benefits: Service cost 3 3 10 9 Interest cost 7 7 19 21 Amortization of actuarial loss (gain) (2) (2) (6) (6) Net benefit cost 8 8 23 24

Financing costs (Tables)

Financing costs (Tables)	9 Months Ended
	Sep. 30, 2024
Financing costs and additional notes and loans payable information [Abstract]
Financing costs	Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Debt-related interest 48 53 152 148 Capitalized interest (39) (37) (119) (100) Net interest expense 9 16 33 48 Other interest 2 3 4 3 Total financing 11 19 37 51

Long-term debt (Tables)

Long-term debt (Tables)	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
Long-term debt	As at Sep 30 As at Dec 31 millions of Canadian dollars 2024 2023 Long-term debt 3,447 3,447 Finance leases 550 564 Total long-term debt 3,997 4,011

Other long-term obligations (Ta

Other long-term obligations (Tables)	9 Months Ended
	Sep. 30, 2024
Other Liabilities Disclosure [Abstract]
Other long-term obligations	As at Sep 30 As at Dec 31 millions of Canadian dollars 2024 2023 Employee retirement benefits (a) 934 954 Asset retirement obligations and other environmental liabilities (b) 2,604 2,564 Share-based incentive compensation liabilities 165 90 Operating lease liability (c) 149 111 Other obligations 125 132 Total other long-term obligations 3,977 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 $98 million in current liabilities (2023 - $87 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $58 million (2023 - $54 million).

Financial and derivative inst_2

Financial and derivative instruments (Tables)	9 Months Ended
	Sep. 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 Sep 30 As at Dec 31 thousands of barrels 2024 2023 Crude 5,243 (4,450) Products (418) (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: Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Revenues (34) 6 (47) (7)
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 September 30, 2024 millions of Canadian dollars Fair value Effect of Effect of Net Level 1 Level 2 Level 3 Total Assets Derivative assets (a) 87 17 — 104 (86) (1) 17 Liabilities Derivative liabilities (b) 86 37 — 123 (86) — 37 (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)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Summary of common shares	As at Sep 30 As at Dec 31 thousands of shares 2024 2023 Authorized 1,100,000 1,100,000 Outstanding 523,403 535,837
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 (12,434) (23) Balance as at September 30, 2024 523,403 969
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: Third Quarter Nine Months to September 30 2024 2023 2024 2023 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 1,237 1,601 3,565 3,524 Weighted-average number of common shares outstanding (millions of shares) 530.6 578.0 534.1 582.1 Net income (loss) per common share (dollars) 2.33 2.77 6.67 6.05 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 1,237 1,601 3,565 3,524 Weighted-average number of common shares outstanding (millions of shares) 530.6 578.0 534.1 582.1 Effect of employee share-based awards (millions of shares) 1.3 1.3 1.2 1.2 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 531.9 579.3 535.3 583.3 Net income (loss) per common share (dollars) 2.33 2.76 6.66 6.04 Dividends per common share – declared (dollars) 0.60 0.50 1.80 1.44

Other comprehensive income (l_2

Other comprehensive income (loss) information (Tables)	9 Months Ended
	Sep. 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 38 29 Balance at September 30 (635) (462)
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): Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) (16) (13) (50) (39) (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): Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) 1 — 1 7 Amortization of postretirement benefits liability adjustment included in net benefit cost 3 4 12 10 Total 4 4 13 17

Business segments (Detail)

Business segments (Detail) - CAD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues and other income
Revenues	[1]	$ 13,215	$ 13,873	$ 38,812	$ 37,694
Investment and other income (note 3)		44	47	113	166
Total revenues and other income		13,259	13,920	38,925	37,860
Expenses
Exploration		1	1	3	3
Purchases of crude oil and products	[2]	8,734	8,748	25,296	24,082
Production and manufacturing	[3]	1,517	1,666	4,870	5,207
Selling and general	[3]	223	237	690	629
Federal excise tax and fuel charge		661	654	1,908	1,781
Depreciation and depletion		508	475	1,454	1,418
Non-service pension and postretirement benefit		1	20	3	60
Financing (note 5)	[4]	11	19	37	51
Total expenses		11,656	11,820	34,261	33,231
Income (loss) before income taxes		1,603	2,100	4,664	4,629
Income taxes		366	499	1,099	1,105
Net income (loss)		1,237	1,601	3,565	3,524
Cash flows from (used in) operating activities		1,487	2,359	4,192	2,423
Capital and exploration expenditures		486	387	1,444	1,309
Total assets as at September 30		42,529	43,586	42,529	43,586	$ 41,199
Corporate and other
Revenues and other income
Revenues		0	0	0	0
Investment and other income (note 3)		30	39	72	111
Total revenues and other income		30	39	72	111
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		0	0	0	0
Production and manufacturing		8	0	13	0
Selling and general		33	40	122	69
Federal excise tax and fuel charge		0	0	0	0
Depreciation and depletion		10	9	29	23
Non-service pension and postretirement benefit		1	20	3	60
Financing (note 5)		9	16	33	48
Total expenses		61	85	200	200
Income (loss) before income taxes		(31)	(46)	(128)	(89)
Income taxes		(8)	(10)	(29)	(18)
Net income (loss)		(23)	(36)	(99)	(71)
Cash flows from (used in) operating activities		(24)	136	166	193
Capital and exploration expenditures		50	38	141	101
Total assets as at September 30		2,942	4,346	2,942	4,346
Eliminations
Revenues and other income
Revenues		(6,205)	(6,420)	(18,411)	(16,929)
Total revenues and other income		(6,205)	(6,420)	(18,411)	(16,929)
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		(6,203)	(6,419)	(18,405)	(16,926)
Production and manufacturing		0	0	0	0
Selling and general		(2)	(1)	(6)	(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		(6,205)	(6,420)	(18,411)	(16,929)
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 September 30		(155)	(469)	(155)	(469)
Upstream | Intersegment Eliminations
Revenues and other income
Revenues		4,583	4,768	13,227	11,909
Upstream | Operating Segments
Revenues and other income
Revenues		24	43	95	180
Investment and other income (note 3)		2	(4)	7	8
Total revenues and other income		4,609	4,807	13,329	12,097
Expenses
Exploration		1	1	3	3
Purchases of crude oil and products		1,766	1,852	5,479	4,827
Production and manufacturing		1,050	1,187	3,441	3,730
Selling and general		0	0	0	0
Federal excise tax and fuel charge		0	0	0	0
Depreciation and depletion		447	418	1,275	1,250
Non-service pension and postretirement benefit		0	0	0	0
Financing (note 5)		2	3	4	3
Total expenses		3,266	3,461	10,202	9,813
Income (loss) before income taxes		1,343	1,346	3,127	2,284
Income taxes		316	318	743	542
Net income (loss)		1,027	1,028	2,384	1,742
Cash flows from (used in) operating activities		1,298	1,771	3,351	1,946
Capital and exploration expenditures		300	244	857	868
Total assets as at September 30		28,186	28,356	28,186	28,356
Downstream (d) | Intersegment Eliminations
Revenues and other income
Revenues		1,562	1,560	4,949	4,748
Downstream (d) | Operating Segments
Revenues and other income
Revenues		12,997	13,540	37,862	36,534
Investment and other income (note 3)		11	12	32	47
Total revenues and other income		14,570	15,112	42,843	41,329
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		13,014	13,061	37,549	35,390
Production and manufacturing		423	405	1,279	1,291
Selling and general		170	177	503	494
Federal excise tax and fuel charge		660	653	1,905	1,778
Depreciation and depletion		48	46	139	135
Non-service pension and postretirement benefit		0	0	0	0
Financing (note 5)		0	0	0	0
Total expenses		14,315	14,342	41,375	39,088
Income (loss) before income taxes		255	770	1,468	2,241
Income taxes		50	184	338	535
Net income (loss)		205	586	1,130	1,706
Cash flows from (used in) operating activities		164	378	555	187
Capital and exploration expenditures		133	103	435	329
Total assets as at September 30		11,104	10,912	11,104	10,912
Chemical (d) | Intersegment Eliminations
Revenues and other income
Revenues		60	92	235	272
Chemical (d) | Operating Segments
Revenues and other income
Revenues		194	290	855	980
Investment and other income (note 3)		1	0	2	0
Total revenues and other income		255	382	1,092	1,252
Expenses
Exploration		0	0	0	0
Purchases of crude oil and products		157	254	673	791
Production and manufacturing		36	74	137	186
Selling and general		22	21	71	69
Federal excise tax and fuel charge		1	1	3	3
Depreciation and depletion		3	2	11	10
Non-service pension and postretirement benefit		0	0	0	0
Financing (note 5)		0	0	0	0
Total expenses		219	352	895	1,059
Income (loss) before income taxes		36	30	197	193
Income taxes		8	7	47	46
Net income (loss)		28	23	150	147
Cash flows from (used in) operating activities		49	74	120	97
Capital and exploration expenditures		3	2	11	11
Total assets as at September 30		$ 452	$ 441	$ 452	$ 441
[1] (a) Amounts from related parties included in revenues. 2,999 3,553 8,674 10,245 (b) Amounts to related parties included in purchases of crude oil and products. 1,199 1,228 3,022 3,270 (c) Amounts to related parties included in production and manufacturing, and selling 121 121 406 381 (d) Amounts to related parties included in financing. 40 44 127 124

Business segments - Table Narra

Business segments - Table Narrative (Detail) - CAD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Segment Reporting Information [Line Items]
Revenue from contracts with customers		$ 10,404	$ 12,271	$ 30,915	$ 33,713
Revenue outside the scope of ASC 606		2,811	1,602	7,897	3,981
Revenues including federal excise tax	[1]	13,215	13,873	38,812	37,694
United States Exports
Segment Reporting Information [Line Items]
Revenues including federal excise tax		$ 2,631	$ 2,180	$ 7,641	$ 6,589
[1] (a) Amounts from related parties included in revenues. 2,999 3,553 8,674 10,245

Investment and other income - G

Investment and other income - Gains and Losses on Asset Sales (Detail) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Other Income and Expenses [Abstract]
Proceeds from asset sales	$ 0	$ 6	$ 7	$ 29
Book value of asset sales	(2)	9	2	10
Gain (loss) on asset sales, before tax	2	(3)	5	19
Gain (loss) on asset sales, after tax	$ 2	$ (2)	$ 5	$ 16

Employee retirement benefits -

Employee retirement benefits - Components of Net Periodic Benefit Cost (Detail) - CAD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pension benefits:
Service cost	$ 47	$ 41	$ 139	$ 122
Interest cost	91	94	274	280
Expected return on plan assets	(113)	(94)	(340)	(280)
Amortization of prior service cost	7	5	21	13
Amortization of actuarial loss (gain)	11	10	35	32
Net benefit cost	43	56	129	167
Other postretirement benefits:
Service cost	3	3	10	9
Interest cost	7	7	19	21
Amortization of actuarial loss (gain)	(2)	(2)	(6)	(6)
Net benefit cost	$ 8	$ 8	$ 23	$ 24

Financing costs (Detail)

Financing costs (Detail) - CAD ($) $ in Millions		3 Months Ended		9 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Financing costs and additional notes and loans payable information [Abstract]
Debt-related interest		$ 48	$ 53	$ 152	$ 148
Capitalized interest		(39)	(37)	(119)	(100)
Net interest expense		9	16	33	48
Other interest		2	3	4	3
Total financing	[1]	$ 11	$ 19	$ 37	$ 51
[1] (d) Amounts to related parties included in financing. 40 44 127 124

Long-term debt (Detail)

Long-term debt (Detail) - CAD ($) $ in Millions		Sep. 30, 2024	Dec. 31, 2023
Debt Disclosure [Abstract]
Long-term debt		$ 3,447	$ 3,447
Finance leases		550	564
Total long-term debt	[1]	$ 3,997	$ 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	Sep. 30, 2024	Dec. 31, 2023
Other Liabilities Disclosure [Abstract]
Employee retirement benefits	$ 934	$ 954
Asset retirement obligations and other environmental liabilities	2,604	2,564
Share-based incentive compensation liabilities	165	90
Operating lease liability	149	111
Other obligations	125	132
Total other long-term obligations	$ 3,977	$ 3,851

Other long-term obligations - T

Other long-term obligations - Table Narrative (Detail) - CAD ($) $ in Millions	Sep. 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	98	87
Undiscounted commitments	$ 58	$ 54

Financial and derivative inst_3

Financial and derivative instruments - Narrative (Detail) - CAD ($) $ in Millions	Sep. 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	$ 25	$ 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	Sep. 30, 2024	Dec. 31, 2023
Crude Oil | Short
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume		4,450
Crude Oil | Long
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume	5,243
Products | Short
Derivative [Line Items]
Derivative, Nonmonetary Notional Amount, Volume	418	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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Revenues	$ (34)	$ 6	$ (47)	$ (7)

Financial and derivative inst_6

Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($) $ in Millions	Sep. 30, 2024	Dec. 31, 2023
Assets
Derivative Asset	$ 104	$ 46
Liabilities
Derivative liabilities	123	47
Effect of counterparty netting
Assets
Derivative Asset	(86)	(16)
Liabilities
Derivative liabilities	(86)	(16)
Effect of collateral netting
Assets
Derivative Asset	(1)	(12)
Liabilities
Derivative liabilities	0	0
Net carrying value
Assets
Derivative Asset	17	18
Liabilities
Derivative liabilities	37	31
Level 1
Assets
Derivative Asset	87	28
Liabilities
Derivative liabilities	86	16
Level 2
Assets
Derivative Asset	17	18
Liabilities
Derivative liabilities	37	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	Sep. 30, 2024	Dec. 31, 2023
Equity [Abstract]
Authorized (in shares)	1,100,000	1,100,000
Common shares outstanding (in shares)	523,403	535,837

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%

Common shares - Common Share Ac

Common shares - Common Share Activities (Detail) - CAD ($) shares in Thousands, $ in Millions		3 Months Ended		9 Months Ended		12 Months Ended
		Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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)		523,403		523,403		535,837
Common stock beginning balance	[1]			$ 992
Common stock, ending balance	[1]	$ 969		$ 969		$ 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)				(12,434)		(48,316)
Common stock, ending balance, (in shares)		523,403		523,403		535,837
Common stock beginning balance				$ 992	$ 1,079	$ 1,079
Purchases at stated value		$ (23)	$ (32)	(23)	$ (32)	(87)
Common stock, ending balance		$ 969		$ 969		$ 992
[1] Number of common shares authorized (millions). 1,100 1,100 Number of common shares outstanding (millions). 523 536

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Net income (loss) per common share – basic
Net income (loss)	$ 1,237	$ 1,601	$ 3,565	$ 3,524
Weighted-average number of common shares outstanding (millions of shares)	530.6	578	534.1	582.1
Net income (loss) per common share (dollars)	$ 2.33	$ 2.77	$ 6.67	$ 6.05
Net income (loss) per common share – diluted
Net income (loss)	$ 1,237	$ 1,601	$ 3,565	$ 3,524
Weighted-average number of common shares outstanding (millions of shares)	530.6	578	534.1	582.1
Effect of employee share-based awards (millions of shares)	1.3	1.3	1.2	1.2
Weighted-average number of common shares outstanding, assuming dilution (millions of shares)	531.9	579.3	535.3	583.3
Net income (loss) per common share (dollars)	$ 2.33	$ 2.76	$ 6.66	$ 6.04
Dividends per common share – declared (dollars)	$ 0.60	$ 0.50	$ 1.80	$ 1.44

Other comprehensive income (l_3

Other comprehensive income (loss) information - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Balance at January 1	$ (677)
Balance at September 30	(635)
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	38	29
Balance at September 30	$ (635)	$ (462)

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 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	$ (16)	$ (13)	$ (50)	$ (39)

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Postretirement benefits liability adjustment (excluding amortization)	$ 1	$ 0	$ 1	$ 7
Amortization of postretirement benefits liability adjustment included in net benefit cost	3	4	12	10
Total	$ 4	$ 4	$ 13	$ 17