Imperial Oil Limited (IMO) 10-Q/A 5 Aug 09 2009 Q2 Quarterly report (amended) Financial data

Consolidated Statement of Incom

Consolidated Statement of Income. U.S. GAAP, Unaudited (CAD $)
In Millions, except Per Share data	3 Months Ended Jun. 30, 2009		3 Months Ended Jun. 30, 2008		6 Months Ended Jun. 30, 2009		6 Months Ended Jun. 30, 2008
REVENUES AND OTHER INCOME
Operating revenues	$5,261	[1],[4]	$8,618	[1],[4]	$9,914	[1],[4]	$15,849	[1],[4]
Investment and other income (4)	42		241		59		273
TOTAL REVENUES AND OTHER INCOME	5,303		8,859		9,973		16,122
EXPENSES
Exploration	22		17		105		57
Purchases of crude oil and products	3,131	[3]	5,312	[3]	5,451	[3]	9,808	[3]
Production and manufacturing (5)	1,077	[2]	1,114	[2]	2,107	[2]	2,091	[2]
Selling and general (5)	271		324		601		619
Federal excise tax	314	[4]	328	[4]	620	[4]	640	[4]
Depreciation and depletion	193		181		390		362
Financing costs	1		0		3		(3)
TOTAL EXPENSES	5,009		7,276		9,277		13,574
INCOME BEFORE INCOME TAXES	294		1,583		696		2,548
INCOME TAXES	85		435		198		719
NET INCOME (3)	$209		$1,148		$498		$1,829
NET INCOME PER COMMON SHARE - BASIC (dollars) (7)	0.25		1.29		0.59		2.05
NET INCOME PER COMMON SHARE - DILUTED (dollars) (7)	0.25		1.28		0.58		2.03
DIVIDENDS PER COMMON SHARE (dollars)	0.1		0.09		0.2		0.18
[1]Amounts from related parties included in operating revenues of $452 million for the second quarter (2008 - $628 million) and $766 million for six months (2008 - $1,219).
[2]Amounts to related parties included in production and manufacturing expenses of $52 million for the second quarter (2008 - $40 million) and $111 million for six months (2008 - $81 million).
[3]Amounts to related parties included in purchases of crude oil and products of $651 million for the second quarter (2008 - $1,250 million) and $1,348 million for six months (2008 - $2,509 million).
[4]Federal excise tax included in operating revenues of $314 million for the second quarter (2008 - $328 million) and $620 million for six months (2008 - $640 million).

Consolidated Balance Sheet. U.S

Consolidated Balance Sheet. U.S. GAAP, Unaudited (CAD $)
In Millions	Jun. 30, 2009		Dec. 31, 2008
Current assets
Cash	$390		$1,974
Accounts receivable, less estimated doubtful accounts	1,823		1,455
Inventories of crude oil and products	725		673
Materials, supplies and prepaid expenses	317		180
Deferred income tax assets	450		361
Total current assets	3,705		4,643
Long-term receivables, investments and other long-term assets	917		881
Property, plant and equipment,	25,020		24,165
less accumulated depreciation and depletion	13,241		12,917
Property, plant and equipment, net	11,779		11,248
Goodwill	204		204
Other intangible assets, net	58		59
TOTAL ASSETS	16,663		17,035
Current liabilities
Notes and loans payable	109		109
Accounts payable and accrued liabilities (6)	2,909	[1]	2,542	[1]
Income taxes payable	913		1,498
Total current liabilities	3,931		4,149
Capitalized lease obligations	32		34
Other long-term obligations (6)	2,232		2,298
Deferred income tax liabilities	1,544		1,489
TOTAL LIABILITIES	7,739		7,970
SHAREHOLDERS' EQUITY
Common shares at stated value (7)	1,507	[2]	1,528	[2]
Earnings reinvested	8,343		8,484
Accumulated other comprehensive income (8)	(926)		(947)
TOTAL SHAREHOLDERS' EQUITY	8,924		9,065
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$16,663		$17,035
[1]Accounts payable and accrued liabilities include amounts to related parties of $179 million (2008 - $127 million).
[2]Number of common shares outstanding was 848 million (2008 - 859 million).

Consolidated Statement of Cash

Consolidated Statement of Cash Flows. U.S. GAAP, Unaudited (CAD $)
In Millions	3 Months Ended Jun. 30, 2009		3 Months Ended Jun. 30, 2008		6 Months Ended Jun. 30, 2009		6 Months Ended Jun. 30, 2008
OPERATING ACTIVITIES
Net income	$209		$1,148		$498		$1,829
Adjustment for non-cash items:
Depreciation and depletion	193		181		390		362
(Gain)/loss on asset sales (4)	(31)		(221)		(32)		(232)
Deferred income taxes and other	(71)		(177)		(43)		(242)
Changes in operating assets and liabilities:
Accounts receivable	(244)		(366)		(369)		(764)
Inventories and prepaids	107		103		(190)		(469)
Income taxes payable	(25)		370		(585)		359
Accounts payable	81		479		369		1,063
All other items - net	43	[1]	(90)	[1]	(72)	[1]	(190)	[1]
CASH FROM (USED IN) OPERATING ACTIVITIES	262		1,427		(34)		1,716
INVESTING ACTIVITIES
Additions to property, plant and equipment and intangibles	(513)		(262)		(924)		(513)
Proceeds from asset sales	35		228		37		241
Loans to equity company	(1)		(2)		1		(2)
CASH FROM (USED IN) INVESTING ACTIVITIES	(479)		(36)		(886)		(274)
FINANCING ACTIVITIES
Reduction in capitalized lease obligations	(1)		(1)		(2)		(2)
Issuance of common shares under stock option plan	0		2		0		6
Common shares purchased (7)	(61)		(606)		(490)		(1,196)
Dividends paid	(86)		(81)		(172)		(163)
CASH FROM (USED IN) FINANCING ACTIVITIES	(148)		(686)		(664)		(1,355)
INCREASE (DECREASE) IN CASH	(365)		705		(1,584)		87
CASH AT BEGINNING OF PERIOD	755		590		1,974		1,208
CASH AT END OF PERIOD	$390		$1,295		$390		$1,295
[1]Includes contribution to registered pension plans of ($6) million for the second quarter (2008 - ($6) million) and ($167) million for six months (2008 - ($153) million).

Notes to Consolidated Financial

Notes to Consolidated Financial Statements. U.S. GAAP, Unaudited
	6 Months Ended Jun. 30, 2009 CAD ($) CAD / shares
Notes to Financial Statements [Abstract]
1.Basis of financial statement presentation	1. Basis of financial statement presentation These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America 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. In the opinion of the management, the information furnished herein reflects all known accruals and adjustments necessary for a fair presentation of the financial position of the company as at June30, 2009, and December31, 2008, and the results of operations and changes in cash flows for the six months ended June30, 2009 and 2008. All such adjustments are of a normal recurring nature. Subsequent events have been evaluated through July30, 2009, the date the financial statements were issued. The companys exploration and production activities are accounted for under the successful efforts method. Certain reclassifications to the prior year have been made to conform to the 2009 presentation. The results for the six months ended June30, 2009, are not necessarily indicative of the operations to be expected for the full year. All amounts are in Canadian dollars unless otherwise indicated.
2.Accounting change for fair value measurements	2. Accounting change for fair value measurements Effective January1, 2009, the company adopted the Financial Accounting Standards Boards (FASB) Statement No.157 (SFAS 157), Fair Value Measurements for nonfinancial assets and liabilities that are measured at fair value on a nonrecurring basis. SFAS 157 defines fair value, establishes a framework for measuring fair value when an entity is required to use a fair value measure for recognition or disclosure purposes and expands the disclosures about fair value measures. The adoption did not have a material impact on the companys financial statements. The company previously adopted SFAS 157 for financial assets and liabilities that are measured at fair value and for nonfinancial assets and liabilities that are measured at fair value on a recurring basis.
3.Business Segments	3. Business Segments Second Quarter Upstream Downstream Chemical millions of dollars 2009 2008 2009 2008 2009 2008 REVENUES AND OTHER INCOME External sales (a) 879 1,836 4,152 6,401 230 381 Intersegment sales 698 1,554 355 892 83 141 Investment and other income 19 5 23 228 - - 1,596 3,395 4,530 7,521 313 522 EXPENSES Exploration (b) 22 17 - - - - Purchases of crude oil and products 468 1,261 3,566 6,209 233 429 Production and manufacturing 630 675 400 382 47 57 Selling and general 1 1 234 243 19 19 Federal excise tax - - 314 328 - - Depreciation and depletion 129 118 59 59 3 3 Financing costs 1 - - (1 ) - - TOTAL EXPENSES 1,251 2,072 4,573 7,220 302 508 INCOME BEFORE INCOME TAXES 345 1,323 (43 ) 301 11 14 INCOME TAXES 93 385 (5 ) 62 3 4 NET INCOME 252 938 (38 ) 239 8 10 Export sales to the United States 422 915 322 368 111 230 Cash flows from (used in) operating activities 38 1,025 240 417 11 18 CAPEX (b) 471 212 61 63 2 2 Second Quarter Corporate and Other Eliminations Consolidated millions of dollars 2009 2008 2009 2008 2009 2008 REVENUES AND OTHER INCOME External sales (a) - - - - 5,261 8,618 Intersegment sales - - (1,136 ) (2,587 ) - - Investment and other income - 8 - - 42 241 - 8 (1,136 ) (2,587 ) 5,303 8,859 EXPENSES Exploration (b) - - - - 22 17 Purchases of crude oil and products - - (1,136 ) (2,587 ) 3,131 5,312 Production and manufacturing - - - - 1,077 1,114 Selling and general 17 61 - - 271 324 Federal excise tax - - - - 314 328 Depreciation and depletion 2 1 - - 193 181 Financing costs - 1 - - 1 - TOTAL EXPENSES 19 63 (1,136 ) (2,587 ) 5,009 7,276 INCOME BEFORE INCOME TAXES (19 ) (55 ) - - 294 1,583 INCOME TAXES (6 ) (16 ) - - 85 435
4.Investment and other income	4. Investment and other income Investment and other income includes gains and losses on asset sales as follows: SecondQuarter Six Months to June30 millions of dollars 2009 2008 2009 2008 Proceeds from asset sales 35 228 37 241 Book value of assets sold 4 7 5 9 Gain/(loss) on asset sales, before tax (a) 31 221 32 232 Gain/(loss) on asset sales, after tax (a) 25 192 26 201 (a) The second quarter of 2008 included a gain of $219 million ($187 million, after tax) from the sale of Rainbow Pipe Line Co. Ltd., an equity company.
5.Employee retirement benefits	5. Employee retirement benefits The components of net benefit cost included in production and manufacturing and selling and general expenses in the consolidated statement of income are as follows: SecondQuarter Six Months toJune30 millions of dollars 2009 2008 2009 2008 Pension benefits: Current service cost 14 23 40 47 Interest cost 79 70 152 136 Expected return on plan assets (66 ) (83 ) (134 ) (165 ) Amortization of prior service cost 5 4 9 9 Recognized actuarial loss 28 26 56 46 Net benefit cost 60 40 123 73 Other post-retirement benefits: Current service cost 1 2 2 3 Interest cost 6 6 13 12 Recognized actuarial loss/(gain) (1 ) 2 (1 ) 3 Net benefit cost 6 10 14 18
6.Other long-term obligations	6. Other long-term obligations millions of dollars As at June30 2009 As at Dec.31 2008 Employee retirement benefits (a) 1,051 1,151 Asset retirement obligations and other environmental liabilities (b) 712 728 Share-based incentive compensation liabilities 260 203 Other obligations 209 216 Total other long-term obligations 2,232 2,298 (a) Total recorded employee retirement benefits obligations also include $45 million in current liabilities (December 31, 2008 - $45 million). (b) Total asset retirement obligations and other environmental liabilities also include $84 million in current liabilities (December 31, 2008 - $83 million).
7.Common shares	7. Common shares thousands of shares As at June 30 2009 As at Dec. 31 2008 Authorized 1,100,000 1,100,000 Common shares outstanding 847,599 859,402 From 1995 through 2008, the company purchased shares under fourteen 12-month normal course issuer bid share repurchase programs, as well as an auction tender. On June25, 2009, another 12-month normal course issuer bid program was implemented with an allowable purchase of 42.4million shares (five percent of the total on June15, 2009), less shares purchased from Exxon Mobil Corporation and shares purchased by the employee savings plan and company pension fund. The results of these activities are as shown below: millions of Year Shares Dollars 1995 - 2007 846.1 12,811 2008 - Second Quarter 10.6 606 - Full year 44.3 2,210 2009 - Second Quarter 1.3 61 - Year-to-date 11.8 490 Cumulative purchases to date 902.2 15,511 Exxon Mobil Corporations participation in the above share repurchase maintained its ownership interest in Imperial at 69.6 percent. The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested. The following table provides the calculation of net income per common share: SecondQuarter Six Months to June30 2009 2008 2009 2008 Net income per common share - basic Net income (millions of dollars) 209 1,148 498 1,829 Weighted average number of common shares outstanding (millions of shares) 847.8 888.1 851.9 893.9 Net income per common share (dollars) 0.25 1.29 0.59 2.05 Net income per common share - diluted Net income (millions of dollars) 209 1,148 498 1,829 Weighted average number of common shares outstanding (millions of shares) 847.8 888.1 851.9 893.9 Effect of employee share-based awards (millions of shares) 7.1 6.5 6.9 6.4 Weighted average number of common shares outstanding, assuming dilution (millions of shares) 854.9 894.6 858.8 900.3 Net income per common share (dollars) 0.25 1.28 0.58 2.03
8.Comprehensive income	8. Comprehensive income Six Months SecondQuarter to June30 millions of dollars 2009 2008 2009 2008 Net income 209 1,148 498 1,829 Post-retirement benefit liability adjustment (excluding amortization) (25 ) (105 ) (25 ) (105 ) Amortization of post retirement benefit liability adjustment included in net periodic benefit costs 24 23 47 42 Other comprehensive income (net of income taxes) (1 ) (82 ) 22 (63 ) Total comprehensive income 208 1,066 520 1,766

Document Information

Document Information
	6 Months Ended Jun. 30, 2009 CAD ($) CAD / shares
Document Information [Text Block]
Document Type	10-Q
Amendment Flag	false
Amendment Description	N.A.
Document Period End Date	2009-06-30

Entity Information

Entity Information (CAD $)
	6 Months Ended Jun. 30, 2009	Jun. 30, 2008
Entity [Text Block]
Trading Symbol	IMO
Entity Registrant Name	IMPERIAL OIL LTD
Entity Central Index Key	0000049938
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding	847,599,011
Entity Public Float		$15,059,343,761