FALSE2023Q2000004993812/31
(a) Amounts from related parties included in revenues.3,556 5,175 6,692 9,134 
(b) Amounts to related parties included in purchases of crude oil and products.964 1,129 2,042 1,779 
(c) Amounts to related parties included in production and manufacturing,
and selling and general expenses.		125 116 260 234 
(d) Amounts to related parties included in financing.41 13 80 17 
(c)  Included contributions to registered pension plans.(44)(46)(86)(96)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 0-12014
IMPERIAL OIL LIMITED
(Exact name of registrant as specified in its charter)
Canada 98-0017682
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
505 Quarry Park Boulevard S.E. Calgary, Alberta, Canada
 T2C 5N1
(Address of principal executive offices) (Postal Code)
1-800-567-3776
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol
Name of each exchange on
which registered
NoneNone
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
 ✓
No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
 ✓
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act of 1934.
 Large accelerated filer
 ✓
 Smaller reporting company
 Non-accelerated filer Emerging growth company
 Accelerated filer  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act of 1934).
Yes
 
No ✓

The number of common shares outstanding, as of June 30, 2023 was 584,152,718.


IMPERIAL OIL LIMITED
Table of contents
Page
PART I. FINANCIAL INFORMATION
Item 1. Financial statements
Consolidated statement of income
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated statement of shareholders’ equity
Consolidated statement of cash flows
Notes to consolidated financial statements
Item 2. Management’s discussion and analysis of financial condition and results of operations
Item 3. Quantitative and qualitative disclosures about market risk
Item 4. Controls and procedures
PART II. OTHER INFORMATION
Item 1. Legal proceedings
Item 2. Unregistered sales of equity securities and use of proceeds
Item 5. Other information
Item 6. Exhibits
SIGNATURES
In this report, all dollar amounts are expressed in Canadian dollars unless otherwise stated. This report should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2022. Note that numbers may not add due to rounding.
The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
In this report, unless the context otherwise indicates, reference to “the company” or “Imperial” includes Imperial Oil Limited and its subsidiaries.
2

IMPERIAL OIL LIMITED
PART I. FINANCIAL INFORMATION
Item 1. Financial statements
Consolidated statement of income (U.S. GAAP, unaudited)
 
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2023 2022 2023 2022 
Revenues and other income  
Revenues (a)
11,764 17,285 23,821 29,942 
Investment and other income (note 3)
55 22 119 51 
Total revenues and other income11,819 17,307 23,940 29,993 
 
Expenses  
Exploration1 1 2 3 
Purchases of crude oil and products (b)
7,856 11,021 15,334 19,371 
Production and manufacturing (c)
1,785 1,908 3,541 3,567 
Selling and general (c)
206 191 392 416 
Federal excise tax and fuel charge598 553 1,127 1,032 
Depreciation and depletion453 451 943 877 
Non-service pension and postretirement benefit20 5 40 9 
Financing (d) (note 5)
16 11 32 18 
Total expenses10,935 14,141 21,411 25,293 
 
Income (loss) before income taxes884 3,166 2,529 4,700 
Income taxes209 757 606 1,118 
Net income (loss)675 2,409 1,923 3,582 
Per share information (Canadian dollars)
 
Net income (loss) per common share - basic (note 9)
1.16 3.63 3.29 5.37 
Net income (loss) per common share - diluted (note 9)
1.15 3.63 3.29 5.36 
(a) Amounts from related parties included in revenues.3,556 5,175 6,692 9,134 
(b) Amounts to related parties included in purchases of crude oil and products.964 1,129 2,042 1,779 
(c) Amounts to related parties included in production and manufacturing,
       and selling and general expenses.
125 116 260 234 
(d) Amounts to related parties included in financing.41 13 80 17 
The information in the notes to consolidated financial statements is an integral part of these statements.

3

IMPERIAL OIL LIMITED
Consolidated statement of comprehensive income (U.S. GAAP, unaudited)

 
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2023 2022 2023 2022 
Net income (loss)675 2,409 1,923 3,582 
Other comprehensive income (loss), net of income taxes  
Postretirement benefits liability adjustment (excluding amortization)— — 21 24 
Amortization of postretirement benefits liability adjustment
       included in net benefit costs
10 21 20 42 
Total other comprehensive income (loss)10 21 41 66 
Comprehensive income (loss)685 2,430 1,964 3,648 
The information in the notes to consolidated financial statements is an integral part of these statements.
4

IMPERIAL OIL LIMITED
Consolidated balance sheet (U.S. GAAP, unaudited)
millions of Canadian dollars
As at
June 30
2023
As at
Dec 31
2022
Assets  
Current assets  
Cash and cash equivalents2,376 3,749 
Accounts receivable - net (a)
4,585 4,719 
Inventories of crude oil and products1,460 1,514 
Materials, supplies and prepaid expenses869 754 
Total current assets9,290 10,736 
Investments and long-term receivables (b)
998 893 
Property, plant and equipment,55,424 54,568 
less accumulated depreciation and depletion(24,945)(24,062)
Property, plant and equipment, net
30,479 30,506 
Goodwill166 166 
Other assets, including intangibles - net1,193 1,223 
Total assets42,126 43,524 
Liabilities  
Current liabilities  
Notes and loans payable122 122 
Accounts payable and accrued liabilities (a) (note 7)
5,923 6,194 
Income taxes payable184 2,582 
Total current liabilities6,229 8,898 
Long-term debt (c) (note 6)
4,022 4,033 
Other long-term obligations (note 7)
3,418 3,467 
Deferred income tax liabilities4,629 4,713 
Total liabilities18,298 21,111 
Shareholders’ equity  
Common shares at stated value (d) (note 9)
1,079 1,079 
Earnings reinvested23,220 21,846 
Accumulated other comprehensive income (loss) (note 10)
(471)(512)
Total shareholders’ equity23,828 22,413 
 
Total liabilities and shareholders’ equity42,126 43,524 
(a) Accounts receivable - net included net amounts receivable from related parties of $1,029 million (2022 - $1,108 million).
(b) Investments and long-term receivables included amounts from related parties of $286 million (2022 - $288 million).
(c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).
(d) Number of common shares authorized and outstanding were 1,100 million and 584 million, respectively (2022 - 1,100 million and 584 million, respectively).
The information in the notes to consolidated financial statements is an integral part of these statements.

5

IMPERIAL OIL LIMITED
Consolidated statement of shareholders’ equity (U.S. GAAP, unaudited)
 
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2023 2022 2023 2022 
Common shares at stated value (note 9)
  
At beginning of period1,079 1,237 1,079 1,252 
Share purchases at stated value— (60)— (75)
At end of period1,079 1,177 1,079 1,177 
Earnings reinvested
At beginning of period22,837 22,171 21,846 21,660 
Net income (loss) for the period675 2,409 1,923 3,582 
Share purchases in excess of stated value— (2,440)— (2,874)
Dividends declared(292)(227)(549)(455)
At end of period23,220 21,913 23,220 21,913 
 
Accumulated other comprehensive income (loss) (note 10)
  
At beginning of period(481)(1,132)(512)(1,177)
Other comprehensive income (loss)10 21 41 66 
At end of period(471)(1,111)(471)(1,111)
Shareholders’ equity at end of period23,828 21,979 23,828 21,979 
The information in the notes to consolidated financial statements is an integral part of these statements.

6

IMPERIAL OIL LIMITED
Consolidated statement of cash flows (U.S. GAAP, unaudited)
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2023 2022 2023 2022 
Operating activities  
Net income (loss)675 2,409 1,923 3,582 
Adjustments for non-cash items:
Depreciation and depletion453 451 943 877 
(Gain) loss on asset sales (note 3)
(13)(4)(22)(24)
Deferred income taxes and other(15)(149)(71)(480)
Changes in operating assets and liabilities:  
Accounts receivable(302)(1,426)134 (2,970)
Inventories, materials, supplies and prepaid expenses420 (27)(59)(391)
Income taxes payable(321)853 (2,398)1,312 
Accounts payable and accrued liabilities(48)499 (303)2,643 
All other items - net (c)
36 76 (83)47 
Cash flows from (used in) operating activities885 2,682 64 4,596 
 
Investing activities  
Additions to property, plant and equipment(499)(333)(928)(637)
Proceeds from asset sales (note 3) (b)
9 102 23 126 
Loans to equity companies - net1 1 2 2 
Cash flows from (used in) investing activities(489)(230)(903)(509)
Financing activities  
Finance lease obligations - reduction (note 6)
(6)(6)(11)(11)
Dividends paid(257)(228)(523)(413)
Common shares purchased (note 9)
— (2,500)— (2,949)
Cash flows from (used in) financing activities(263)(2,734)(534)(3,373)
 
Increase (decrease) in cash and cash equivalents133 (282)(1,373)714 
Cash and cash equivalents at beginning of period2,243 3,149 3,749 2,153 
Cash and cash equivalents at end of period (a)
2,376 2,867 2,376 2,867 
(a) Cash equivalents are all highly liquid securities with maturity of three months or less.
(b) In the second quarter of 2022, a deposit of $94 million was received for the pending sale of XTO Energy Canada.
(c)  Included contributions to registered pension plans.(44)(46)(86)(96)
 
Income taxes (paid) refunded.(557)(52)(3,189)(275)
Interest (paid), net of capitalization.(16)(10)(37)(22)
The information in the notes to consolidated financial statements is an integral part of these statements.
7

IMPERIAL OIL LIMITED
Notes to consolidated financial statements (unaudited)
1.    Basis of financial statement preparation
These unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) in the company’s 2022 annual report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature.
The company’s exploration and production activities are accounted for under the “successful efforts” method.
The results for the six months ended June 30, 2023, are not necessarily indicative of the operations to be expected for the full year.
All amounts are in Canadian dollars unless otherwise indicated.
8

IMPERIAL OIL LIMITED
2.    Business segments
Second Quarter
      Upstream
      Downstream
       Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
61 119 11,355 16,752 348 414 
Intersegment sales
3,519 5,827 1,365 2,024 89 149 
Investment and other income (note 3)
10 3 15 9 — — 
 3,590 5,949 12,735 18,785 437 563 
Expenses      
Exploration1 1 — — — — 
Purchases of crude oil and products
1,432 2,357 11,133 16,261 263 401 
Production and manufacturing1,256 1,423 475 418 54 67 
Selling and general— — 160 153 22 22 
Federal excise tax and fuel charge— — 597 553 1 — 
Depreciation and depletion398 395 44 45 4 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
— 1 — — — — 
Total expenses3,087 4,177 12,409 17,430 344 494 
Income (loss) before income taxes503 1,772 326 1,355 93 69 
Income tax expense (benefit)119 426 76 322 22 16 
Net income (loss)
384 1,346 250 1,033 71 53 
Cash flows from (used in) operating activities
573 2,087 228 641 55 64 
Capital and exploration expenditures (c)
303 233 152 69 5 2 
Second Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 11,764 17,285 
Intersegment sales
— — (4,973)(8,000)— — 
Investment and other income (note 3)
30 10 — — 55 22 
 30 10 (4,973)(8,000)11,819 17,307 
Expenses      
Exploration— — — — 1 1 
Purchases of crude oil and products
— — (4,972)(7,998)7,856 11,021 
Production and manufacturing— — — — 1,785 1,908 
Selling and general25 18 (1)(2)206 191 
Federal excise tax and fuel charge— — — — 598 553 
Depreciation and depletion7 7 — — 453 451 
Non-service pension and postretirement benefit20 5 — — 20 5 
Financing (note 5)
16 10 — — 16 11 
Total expenses68 40 (4,973)(8,000)10,935 14,141 
Income (loss) before income taxes(38)(30)— — 884 3,166 
Income tax expense (benefit)(8)(7)— — 209 757 
Net income (loss)
(30)(23)— — 675 2,409 
Cash flows from (used in) operating activities
29 (110)— — 885 2,682 
Capital and exploration expenditures (c)
33 10 — — 493 314 

9

IMPERIAL OIL LIMITED
(a)Includes export sales to the United States of $2,034 million (2022 - $3,871 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 those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
        Second Quarter
millions of Canadian dollars2023 2022 
Revenue from contracts with customers10,922 15,871 
Revenue outside the scope of ASC 606
842 1,414 
Total11,764 17,285 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.



10

IMPERIAL OIL LIMITED
Six Months to June 30
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
137 218 22,994 28,943 690 781 
Intersegment sales
7,141 10,258 3,188 3,857 180 253 
Investment and other income (note 3)
12 7 35 30 — — 
7,290 10,483 26,217 32,830 870 1,034 
Expenses
Exploration2 3 — — — — 
Purchases of crude oil and products
2,975 4,247 22,329 28,773 537 716 
Production and manufacturing2,543 2,672 886 774 112 121 
Selling and general— — 317 300 48 45 
Federal excise tax and fuel charge— — 1,125 1,032 2 — 
Depreciation and depletion832 768 89 86 8 9 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
— 1 — — — — 
Total expenses6,352 7,691 24,746 30,965 707 891 
Income (loss) before income taxes938 2,792 1,471 1,865 163 143 
Income tax expense (benefit)224 664 351 443 39 34 
Net income (loss)
714 2,128 1,120 1,422 124 109 
Cash flows from (used in) operating activities
175 3,534 (191)1,016 23 131 
Capital and exploration expenditures (c)
624 455 226 137 9 3 
Total assets as at June 30
28,603 28,961 9,629 11,649 482 505 
Six Months to June 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 23,821 29,942 
Intersegment sales
— — (10,509)(14,368)— — 
Investment and other income (note 3)
72 14 — — 119 51 
72 14 (10,509)(14,368)23,940 29,993 
Expenses
Exploration— — — — 2 3 
Purchases of crude oil and products
— — (10,507)(14,365)15,334 19,371 
Production and manufacturing— — — — 3,541 3,567 
Selling and general29 74 (2)(3)392 416 
Federal excise tax and fuel charge— — — — 1,127 1,032 
Depreciation and depletion14 14 — — 943 877 
Non-service pension and postretirement benefit40 9 — — 40 9 
Financing (note 5)
32 17 — — 32 18 
Total expenses115 114 (10,509)(14,368)21,411 25,293 
Income (loss) before income taxes(43)(100)— — 2,529 4,700 
Income tax expense (benefit)(8)(23)— — 606 1,118 
Net income (loss)
(35)(77)— — 1,923 3,582 
Cash flows from (used in) operating activities
57 (85)— — 64 4,596 
Capital and exploration expenditures (c)
63 15 — — 922 610 
Total assets as at June 30
3,915 4,016 (503)(239)42,126 44,892 
11

IMPERIAL OIL LIMITED
(a)Includes export sales to the United States of $4,409 million (2022 - $6,375 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 those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
       Six Months
       to June 30
millions of Canadian dollars2023 2022 
Revenue from contracts with customers21,442 26,735 
Revenue outside the scope of ASC 606
2,379 3,207 
Total23,821 29,942 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.

12

IMPERIAL OIL LIMITED
3.    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 dollars2023 2022 2023 2022 
Proceeds from asset sales9 8 23 32 
Book value of asset sales(4)4 1 8 
Gain (loss) on asset sales, before tax
13 4 22 24 
Gain (loss) on asset sales, after tax
10 3 18 19 
4.    Employee retirement benefits
The components of net benefit cost were as follows:
 
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2023 2022 2023 2022 
Pension benefits:
Service cost40 70 81 140 
Interest cost93 74 186 147 
Expected return on plan assets(93)(103)(186)(206)
Amortization of prior service cost4 4 8 8 
Amortization of actuarial loss (gain)11 21 22 43 
Net benefit cost55 66 111 132 
Other postretirement benefits:   
Service cost3 5 6 11 
Interest cost7 6 14 12 
Amortization of actuarial loss (gain)(2)3 (4)5 
Net benefit cost8 14 16 28 
5.    Financing costs
       Second Quarter
        Six Months
        to June 30
millions of Canadian dollars2023 2022 2023 2022 
Debt-related interest
49 20 95 32 
Capitalized interest
(33)(10)(63)(15)
Net interest expense
16 10 32 17 
Other interest
— 1 — 1 
Total financing
16 11 32 18 


13

IMPERIAL OIL LIMITED
6.    Long-term debt
As at
June 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Long-term debt
3,447 3,447 
Finance leases
575 586 
Total long-term debt4,022 4,033 
7.    Other long-term obligations

 
As at
June 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Employee retirement benefits (a)
875 902 
Asset retirement obligations and other environmental liabilities (b)
2,165 2,150 
Share-based incentive compensation liabilities
107 101 
Operating lease liability (c)
127 151 
Other obligations
144 163 
Total other long-term obligations3,418 3,467 
(a)Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million).
(b)Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million).
(c)Total operating lease liability also included $106 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $60 million (2022 - $14 million).


14

IMPERIAL OIL LIMITED
8.    Financial and derivative instruments
Financial instruments
The fair value of the company’s financial instruments is determined by reference to various market data and other appropriate valuation techniques. There are no material differences between the fair value of the company’s financial instruments and the recorded carrying value. At June 30, 2023 and December 31, 2022, the fair value of long-term debt ($3,447 million, excluding finance lease obligations) was primarily a level 2 measurement.
Derivative instruments
The company’s size, strong capital structure and the complementary nature of its business segments reduce the company’s enterprise-wide risk from changes in commodity prices and currency exchange rates. In addition, the company uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated statement of income on a net basis in the line “Revenues”. The company does not designate derivative instruments as a hedge for hedge accounting purposes.
Credit risk associated with the company’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The company maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments was:
 
As at
June 30
As at Dec 31
thousands of barrels20232022
Crude8,040 1,800 
Products(670)(350)
Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis:
 
      Second Quarter
    Six Months
    to June 30
millions of Canadian dollars2023 2022 2023 2022 
Revenues10 (51)(13)(14)


15

IMPERIAL OIL LIMITED
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows:
At June 30, 2023
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
11 31 — 42 (11)— 31 
Liabilities
Derivative liabilities (b)
13 26 — 39 (11)(2)26 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At December 31, 2022
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
17 32 — 49 (27)— 22 
Liabilities
Derivative liabilities (b)
21 20 — 41 (27)(4)10 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At June 30, 2023 and December 31, 2022, the company had $8 million and $14 million, respectively, of collateral under a master netting arrangement not offset against the derivatives on the Consolidated balance sheet in “Accounts receivable - net”, primarily related to initial margin requirements.
16

IMPERIAL OIL LIMITED
9.    Common shares
thousands of shares
As at
June 30
2023
As at
Dec 31
2022
Authorized1,100,000 1,100,000 
Outstanding584,153 584,153 
The current 12-month normal course issuer bid program came into effect June 29, 2023 under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 29,207,635 common shares (5 percent of the total shares on June 15, 2023) which includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. Imperial plans to accelerate its share purchases under the normal course issuer bid program, and anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.
The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.
The company’s common share activities are summarized below:
 Thousands of
 shares 		Millions of
 dollars
Balance as at December 31, 2021
678,080 1,252 
Issued under employee share-based awards— — 
Purchases at stated value(93,927)(173)
Balance as at December 31, 2022
584,153 1,079 
Issued under employee share-based awards— — 
Purchases at stated value— — 
Balance as at June 30, 2023
584,153 1,079 
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
 
      Second Quarter
    Six Months
    to June 30
2023202220232022
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
6752,4091,9233,582
Weighted average number of common shares outstanding (millions of shares)
584.2663.0584.2666.7
Net income (loss) per common share (dollars)
1.163.633.295.37
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
6752,4091,9233,582
Weighted average number of common shares outstanding (millions of shares)
584.2663.0584.2666.7
Effect of employee share-based awards (millions of shares)
1.11.41.11.4
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
585.3664.4585.3668.1
Net income (loss) per common share (dollars)
1.153.633.295.36
Dividends per common share – declared (dollars)
0.500.340.940.68
17

IMPERIAL OIL LIMITED
10. Other comprehensive income (loss) information

Changes in accumulated other comprehensive income (loss):

millions of Canadian dollars2023 2022 
Balance at January 1(512)(1,177)
Postretirement benefits liability adjustment:
Current period change excluding amounts reclassified
       from accumulated other comprehensive income
21 24 
Amounts reclassified from accumulated other comprehensive income20 42 
Balance at June 30(471)(1,111)

Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
 
      Second Quarter
        Six Months
        to June 30
millions of Canadian dollars2023 2022 2023 2022 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost (a)
(13)(27)(26)(55)
(a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4).

Income tax expense (credit) for components of other comprehensive income (loss):
      Second Quarter
        Six Months
        to June 30
millions of Canadian dollars2023 2022 2023 2022 
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization)— — 7 8 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost
3 6 6 13 
Total3 6 13 21 

18

IMPERIAL OIL LIMITED
Item 2. Management’s discussion and analysis of financial condition and results of operations
Non-GAAP financial measures and other specified financial measures
Certain measures included in this document are not prescribed by U.S. Generally Accepted Accounting Principles (GAAP). These measures constitute “non-GAAP financial measures” under Securities and Exchange Commission Regulation G and Item 10(e) of Regulation S-K, and “specified financial measures” under National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators.

Reconciliation of these non-GAAP financial measures to the most comparable GAAP measure, and other information required by these regulations, have been provided. Non-GAAP financial measures and specified financial measures are not standardized financial measures under GAAP and do not have a standardized definition. As such, these measures may not be directly comparable to measures presented by other companies, and should not be considered a substitute for GAAP financial measures.
Net income (loss) excluding identified items
Net income (loss) excluding identified items is a non-GAAP financial measure that is total net income (loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $100 million in a given quarter. The net income (loss) impact of an identified item for an individual segment in a given quarter may be less than $100 million when the item impacts several segments or several periods. The most directly comparable financial measure that is disclosed in the financial statements is "Net income (loss)" within the company’s Consolidated statement of income. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The company believes this view provides investors increased transparency into business results and trends, and provides investors with a view of the business as seen through the eyes of management. Net income (loss) excluding identified items is not meant to be viewed in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. All identified items are presented on an after-tax basis.
Reconciliation of net income (loss) excluding identified items
There were no identified items in the second quarter or year-to-date 2023 and 2022.
19

IMPERIAL OIL LIMITED
Recent business environment

During the first half of 2023, the price of crude oil decreased as the global oil market saw higher inventory levels. In addition, the Canadian WTI/WCS spread continued to recover in the second quarter, but remains weaker than the first half of 2022. Refining margins declined on steady supply of diesel.
Operating results
Second quarter 2023 vs. second quarter 2022
 
        Second Quarter
millions of Canadian dollars, unless noted20232022
Net income (loss) (U.S. GAAP)
6752,409
Net income (loss) per common share, assuming dilution (dollars)
1.153.63
Upstream
Net income (loss) factor analysis
millions of Canadian dollars
78

Price – Lower bitumen realizations were primarily driven by lower marker prices and the widening WTI/WCS spread. Average bitumen realizations decreased by $43.63 per barrel, generally in line with WCS, and synthetic crude oil realizations decreased by $43.75 per barrel, generally in line with WTI.

Volumes – Lower volumes were primarily driven by the timing of planned turnaround activities at Syncrude, and production and steam cycle timing at Cold Lake.

Royalty – Lower royalties were primarily driven by weakened commodity prices.

Other – Includes favourable foreign exchange impacts of about $180 million, and lower operating expenses of about $130 million, resulting primarily from lower energy prices.

Marker prices and average realizations
 
       Second Quarter
Canadian dollars, unless noted2023 2022 
West Texas Intermediate (US$ per barrel)
73.56 108.52 
Western Canada Select (US$ per barrel)
58.49 95.80 
WTI/WCS Spread (US$ per barrel)
15.07 12.72 
Bitumen (per barrel)
68.64 112.27 
Synthetic crude oil (per barrel)
100.92 144.67 
Average foreign exchange rate (US$)
0.74 0.78 

20

IMPERIAL OIL LIMITED
Production
 
      Second Quarter
thousands of barrels per day2023 2022 
Kearl (Imperial's share)
154 159 
Cold Lake
132 144 
Syncrude (a)
66 81 
Kearl total gross production (thousands of barrels per day)
217 224 
(a)In the second quarter of 2023, Syncrude gross production included about 0 thousand barrels per day of bitumen and other products (2022 - 2 thousand barrels per day) that were exported to the operator's facilities using an existing interconnect pipeline.

Lower production at Cold Lake was primarily driven by timing of production and steam cycles.

Lower production at Syncrude was primarily driven by the timing of the annual coker turnaround.
Downstream
Net income (loss) factor analysis
millions of Canadian dollars
81

Margins – Lower margins primarily reflect weaker market conditions.

Other – Includes higher turnaround impacts of about $230 million, reflecting the planned turnaround activities at Strathcona refinery, partially offset by favourable foreign exchange impacts of about $110 million.
Refinery utilization and petroleum product sales
 
       Second Quarter
thousands of barrels per day, unless noted2023 2022 
Refinery throughput388 412 
Refinery capacity utilization (percent)
90 96 
Petroleum product sales475 480 

Lower refinery throughput in the second quarter of 2023 reflects the impact of planned turnaround activities at the Strathcona refinery.
Chemicals
Net income (loss) factor analysis
millions of Canadian dollars
7696581394516
21

IMPERIAL OIL LIMITED
Corporate and other
 
       Second Quarter
millions of Canadian dollars2023 2022 
Net income (loss) (U.S. GAAP)
(30)(23)
Liquidity and capital resources
 
        Second Quarter
millions of Canadian dollars2023 2022 
Cash flow generated from (used in):  
Operating activities885 2,682 
Investing activities(489)(230)
Financing activities(263)(2,734)
Increase (decrease) in cash and cash equivalents133 (282)
Cash and cash equivalents at period end2,376 2,867 

Cash flow generated from operating activities primarily reflects lower Upstream realizations and Downstream margins.

Cash flow used in investing activities primarily reflects higher additions to property, plant and equipment, and lower proceeds from asset sales.

Cash flow used in financing activities primarily reflects:
 
       Second Quarter
millions of Canadian dollars, unless noted2023 2022 
Dividends paid
257 228 
Per share dividend paid (dollars)
0.44 0.34 
Share repurchases (a)
— 2,500 
  Number of shares purchased (millions) (a)
— 32.5 
(a)The company did not purchase shares during the second quarter of 2023. In the second quarter of 2022, share repurchases were made under the company's substantial issuer bid that commenced on May 6, 2022 and expired on June 10, 2022, and included shares purchased from Exxon Mobil Corporation by way of a proportionate tender to maintain its ownership percentage at approximately 69.6 percent.

On June 27, 2023, the company announced by news release that it had received final approval from the Toronto Stock Exchange for a new normal course issuer bid and will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 29,207,635 common shares during the period June 29, 2023 to June 28, 2024. This maximum includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. The program will end should the company purchase the maximum allowable number of shares or on June 28, 2024. 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.

Contractual obligations

In the second quarter of 2023, the company entered into a long-term purchase agreement with a third party for about $3 billion. It has no impact on the 2023 and 2024 obligations disclosed in Imperial's 2022 annual report on Form 10-K. The company does not believe that the increased obligation will have a material effect on Imperial's operations, financial condition or financial statements.
22

IMPERIAL OIL LIMITED
Six months 2023 vs. six months 2022
 
        Six Months
millions of Canadian dollars, unless noted20232022
Net income (loss) (U.S. GAAP)
1,9233,582
Net income (loss) per common share, assuming dilution (dollars)
3.295.36
Upstream
Net income (loss) factor analysis
millions of Canadian dollars
79

Price – Lower bitumen realizations were primarily driven by lower marker prices and the widening WTI/WCS spread. Average bitumen realizations decreased by $42.59 per barrel, generally in line with WCS, and synthetic crude oil realizations decreased by $29.68 per barrel, generally in line with WTI.

Volumes – Lower volumes were primarily driven by the timing of planned turnaround activities at Syncrude, and production and steam cycle timing at Cold Lake, partially offset by the absence of extreme cold weather and reduced unplanned downtime at Kearl.

Royalty – Lower royalties were primarily driven by weakened commodity prices.

Other – Includes favourable foreign exchange impacts of about $330 million, and lower operating expenses of about $50 million.
Marker prices and average realizations
 
     Six Months
Canadian dollars, unless noted2023 2022 
West Texas Intermediate (US$ per barrel)
74.77 101.77 
Western Canada Select (US$ per barrel)
54.92 88.13 
WTI/WCS Spread (US$ per barrel)
19.85 13.64 
Bitumen (per barrel)
58.94 101.53 
Synthetic crude oil (per barrel)
101.73 131.41 
Average foreign exchange rate (US$)
0.74 0.79 
23

IMPERIAL OIL LIMITED
Production
 
       Six Months
thousands of barrels per day2023 2022 
Kearl (Imperial's share)
169 146 
Cold Lake
137 142 
Syncrude (a)
71 79 
Kearl total gross production (thousands of barrels per day)
238 205 
(a)In 2023, Syncrude gross production included about 1 thousand barrels per day of bitumen and other products (2022 - 2 thousand barrels per day) that were exported to the operator's facilities using an existing interconnect pipeline.

Higher production at Kearl was primarily driven by the absence of extreme cold weather, and reduced unplanned downtime as a result of the successful rollout of the winterization strategy.
Downstream
Net income (loss) factor analysis
millions of Canadian dollars

7696581394585

Margins – Lower margins primarily reflect weaker market conditions.

Other – Favourable foreign exchange impacts of about $190 million and improved volumes of about $110 million, partially offset by higher turnaround impacts of about $250 million, reflecting the planned turnaround activities at Strathcona refinery.
Refinery utilization and petroleum product sales
 
        Six Months
thousands of barrels per day, unless noted2023 2022 
Refinery throughput403 406 
Refinery capacity utilization (percent)
93 95 
Petroleum product sales465 464 

Lower refinery throughput in 2023 reflects the impact of planned turnaround activities at the Strathcona refinery.
Chemicals
Net income (loss) factor analysis
millions of Canadian dollars

7696581394531
24

IMPERIAL OIL LIMITED
Corporate and other
        Six Months
millions of Canadian dollars2023 2022 
Net income (loss) (U.S. GAAP)
(35)(77)
Liquidity and capital resources

 
        Six Months
millions of Canadian dollars2023 2022 
Cash flow generated from (used in):  
Operating activities64 4,596 
Investing activities(903)(509)
Financing activities(534)(3,373)
Increase (decrease) in cash and cash equivalents(1,373)714 

Cash flow generated from operating activities primarily reflects unfavourable working capital impacts, including an income tax catch-up payment of $2.1 billion, as well as lower Upstream realizations and Downstream margins.

Cash flow used in investing activities primarily reflects higher additions to property, plant and equipment, and lower proceeds from asset sales.

Cash flow used in financing activities primarily reflects:
        Six Months
millions of Canadian dollars, unless noted2023 2022 
Dividends paid
523 413 
Per share dividend paid (dollars)
0.88 0.61 
Share repurchases (a)
— 2,949 
  Number of shares purchased (millions) (a)
— 41.4 
(a)The company did not purchase shares during the six months ended June 30, 2023. In the six months ended June 30, 2022, share repurchases were made under the company's normal course issuer bid program and substantial issuer bid that commenced on May 6, 2022 and expired on June 10, 2022. Includes shares purchased from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid, and by way of a proportionate tender under the company's substantial issuer bid.





25

IMPERIAL OIL LIMITED
Forward-looking statements

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, references to the use of derivative instruments and effectiveness of risk mitigation; The company’s purchases under the normal course issuer bid and plans to accelerate completion prior to year end; and the company’s belief that the commitment related to long-term purchase agreement will not have a material adverse effect on the company.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; production rates, growth and mix; for shareholder returns, assumptions such as cash flow forecasts, financing sources and capital structure, participation of the company’s majority shareholder and the results of periodic and ongoing evaluation of alternate uses of capital; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets; capital and environmental expenditures; and commodity prices, foreign exchange rates and general market conditions could differ materially depending on a number of factors.

These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices, the impact of COVID-19 on demand and the occurrence of wars; availability and allocation of capital; project management and schedules and timely completion of projects; unanticipated technical or operational difficulties; availability and performance of third-party service providers; environmental risks inherent in oil and gas exploration and production activities; political or regulatory events, including changes in law or government policy; management effectiveness and disaster response preparedness; operational hazards and risks; cybersecurity incidents, including increased reliance on remote working arrangements; currency exchange rates; general economic conditions; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form 10-K and subsequent interim reports.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

The term "project" as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
26

IMPERIAL OIL LIMITED
Item 3. Quantitative and qualitative disclosures about market risk
Information about market risks for the six months ended June 30, 2023, does not differ materially from that discussed on page 32 of the company’s annual report on Form 10-K for the year ended December 31, 2022.
Item 4. Controls and procedures
As indicated in the certifications in Exhibit 31 of this report, the company’s principal executive officer and principal financial officer have evaluated the company’s disclosure controls and procedures as of June 30, 2023. Based on that evaluation, these officers have concluded that the company’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There has not been any change in the company’s internal control over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting.
27

IMPERIAL OIL LIMITED
PART II. OTHER INFORMATION
Item 1. Legal proceedings
Imperial has elected to use a $1 million (U.S. dollars) threshold for disclosing environmental proceedings.
Item 2. Unregistered sales of equity securities and use of proceeds
Issuer purchases of equity securities
 
Total number of
shares purchased
Average price paid
per share
(Canadian dollars)
Total number of
shares purchased
as part of publicly
announced plans
or programs
Maximum number
of shares that may
yet be purchased
under the plans or
programs (a) (b)
April 2023
    
(April 1 - April 30)
— — — — 
May 2023
(May 1 - May 31)
— — — — 
June 2023
  
(June 1 - June 30)— — — — 
(a)On June 27, 2022, the company announced by news release that it had received final approval from the Toronto Stock Exchange for a new normal course issuer bid and to continue its existing share purchase program. The program enabled the company to purchase up to a maximum of 31,833,809 common shares during the period June 29, 2022 to June 28, 2023. This maximum included shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid. As in the past, Exxon Mobil Corporation advised the company that it intended to participate to maintain its ownership percentage at approximately 69.6 percent. The program ended on October 21, 2022 as a result of the company purchasing the maximum allowable number of shares under the program.

(b)On June 27, 2023, the company announced by news release that it had received final approval from the Toronto Stock Exchange for a new normal course issuer bid and will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 29,207,635 common shares during the period June 29, 2023 to June 28, 2024. This maximum includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. The program will end should the company purchase the maximum allowable number of shares or on June 28, 2024. 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.

The company will continue to evaluate its share purchase program in the context of its overall capital activities. Purchase plans may be modified at any time without prior notice.

Item 5. Other information

During the three months ended June 30, 2023, none of the Company's directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
28

IMPERIAL OIL LIMITED
Item 6. Exhibits
(31.1) Certification by the principal executive officer of the company pursuant to Rule 13a-14(a).
(31.2) Certification by the principal financial officer of the company pursuant to Rule 13a-14(a).
(32.1) Certification by the chief executive officer of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350.
(32.2) Certification by the chief financial officer of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350.
(101) Interactive Data Files (formatted as Inline XBRL).
(104) Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
29

IMPERIAL OIL LIMITED
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Imperial Oil Limited
(Registrant)
Date:August 1, 2023
/s/ Daniel E. Lyons
(Signature)
Daniel E. Lyons
Senior vice-president, finance and
administration, and controller
(Principal accounting officer)
Date:August 1, 2023
/s/ Cathryn Walker
(Signature)
Cathryn Walker
Assistant corporate secretary
30


IMPERIAL OIL LIMITED


Exhibit (31.1)
Certification
Pursuant to Securities Exchange Act Rule 13a-14(a)
I, Bradley W. Corson, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Imperial Oil Limited;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 1, 2023
/s/ Bradley W. Corson
Bradley W. Corson
Chairman, president and
chief executive officer
(Principal executive officer)



IMPERIAL OIL LIMITED
Exhibit (31.2)
Certification
Pursuant to Securities Exchange Act Rule 13a-14(a)
I, Daniel E. Lyons, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Imperial Oil Limited;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: August 1, 2023
/s/ Daniel E. Lyons
Daniel E. Lyons
Senior vice-president, finance and
administration, and controller
(Principal financial officer)



IMPERIAL OIL LIMITED
Exhibit (32.1)
Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Bradley W. Corson, the chief executive officer of Imperial Oil Limited (the “company”), hereby certifies that, to his knowledge:
(i)The quarterly report on Form 10-Q of the company for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii)The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the company.
Date: August 1, 2023
/s/ Bradley W. Corson
Bradley W. Corson
Chairman, president and
chief executive officer
(Principal executive officer)



IMPERIAL OIL LIMITED
Exhibit (32.2)
Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Daniel E. Lyons, the chief financial officer of Imperial Oil Limited (the “company”), hereby certifies that, to his knowledge:
(i)The quarterly report on Form 10-Q of the company for the quarter ended June 30, 2023 as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii)The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the company.
Date: August 1, 2023
/s/ Daniel E. Lyons
Daniel E. Lyons
Senior vice-president, finance and
administration, and controller
(Chief financial officer)

v3.23.2
Cover Page
 6 Months Ended
Jun. 30, 2023
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Jun. 30, 2023
Document Transition Report false
Entity File Number 0-12014
Entity Registrant Name IMPERIAL OIL LIMITED
Entity Incorporation, State or Country Code Z4
Entity Tax Identification Number 98-0017682
Entity Address, Address Line One 505 Quarry Park Boulevard S.E.
Entity Address, City or Town Calgary
Entity Address, State or Province AB
Entity Address, Country CA
Entity Address, Postal Zip Code T2C 5N1
City Area Code 800
Local Phone Number 567-3776
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 584,152,718
Amendment Flag false
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q2
Entity Central Index Key 0000049938
Current Fiscal Year End Date --12-31
v3.23.2
Consolidated statement of income (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Revenues and other income        
Revenues [1] $ 11,764 $ 17,285 $ 23,821 $ 29,942
Investment and other income (note 3) 55 22 119 51
Total revenues and other income 11,819 17,307 23,940 29,993
Expenses        
Exploration 1 1 2 3
Purchases of crude oil and products [2] 7,856 11,021 15,334 19,371
Production and manufacturing [3] 1,785 1,908 3,541 3,567
Selling and general [3] 206 191 392 416
Federal excise tax and fuel charge 598 553 1,127 1,032
Depreciation and depletion 453 451 943 877
Non-service pension and postretirement benefit 20 5 40 9
Financing [4] 16 11 32 18
Total expenses 10,935 14,141 21,411 25,293
Income (loss) before income taxes 884 3,166 2,529 4,700
Income taxes 209 757 606 1,118
Net income (loss) $ 675 $ 2,409 $ 1,923 $ 3,582
Per share information (Canadian dollars)        
Net income (loss) per common share - basic (note 9) (in CAD per share) $ 1.16 $ 3.63 $ 3.29 $ 5.37
Net income (loss) per common share - diluted (note 9) (in CAD per share) $ 1.15 $ 3.63 $ 3.29 $ 5.36
[1]
(a) Amounts from related parties included in revenues.3,556 5,175 6,692 9,134 
[2]
(b) Amounts to related parties included in purchases of crude oil and products.964 1,129 2,042 1,779 
[3]
(c) Amounts to related parties included in production and manufacturing,
and selling and general expenses.		125 116 260 234 
[4]
(d) Amounts to related parties included in financing.41 13 80 17 
v3.23.2
Consolidated statement of income (U.S. GAAP, unaudited) (Parenthetical) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Amounts from related parties included in revenues [1] $ 11,764 $ 17,285 $ 23,821 $ 29,942
Amounts to related parties included in purchases of crude oil and products [2] 7,856 11,021 15,334 19,371
Amounts to related parties included in financing [3] 16 11 32 18
Related Party        
Amounts from related parties included in revenues 3,556 5,175 6,692 9,134
Amounts to related parties included in purchases of crude oil and products 964 1,129 2,042 1,779
Amounts to related parties included in production and manufacturing, and selling and general expenses 125 116 260 234
Amounts to related parties included in financing $ 41 $ 13 $ 80 $ 17
[1]
(a) Amounts from related parties included in revenues.3,556 5,175 6,692 9,134 
[2]
(b) Amounts to related parties included in purchases of crude oil and products.964 1,129 2,042 1,779 
[3]
(d) Amounts to related parties included in financing.41 13 80 17 
v3.23.2
Consolidated statement of comprehensive income (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 675 $ 2,409 $ 1,923 $ 3,582
Other comprehensive income (loss), net of income taxes        
Postretirement benefits liability adjustment (excluding amortization) 0 0 21 24
Amortization of postretirement benefits liability adjustment included in net benefit costs 10 21 20 42
Total other comprehensive income (loss) 10 21 41 66
Comprehensive income (loss) $ 685 $ 2,430 $ 1,964 $ 3,648
v3.23.2
Consolidated balance sheet (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 2,376 $ 3,749
Accounts receivable - net [1] 4,585 4,719
Inventories of crude oil and products 1,460 1,514
Materials, supplies and prepaid expenses 869 754
Total current assets 9,290 10,736
Investments and long-term receivables [2] 998 893
Property, plant and equipment, 55,424 54,568
less accumulated depreciation and depletion (24,945) (24,062)
Property, plant and equipment, net 30,479 30,506
Goodwill 166 166
Other assets, including intangibles - net 1,193 1,223
Total assets 42,126 43,524
Current liabilities    
Notes and loans payable 122 122
Accounts payable and accrued liabilities (note 7) [1] 5,923 6,194
Income taxes payable 184 2,582
Total current liabilities 6,229 8,898
Long-term debt [3] 4,022 4,033
Other long-term obligations (note 7) 3,418 3,467
Deferred income tax liabilities 4,629 4,713
Total liabilities 18,298 21,111
Shareholders’ equity    
Common shares at stated value (note 9) [4] 1,079 1,079
Earnings reinvested 23,220 21,846
Accumulated other comprehensive income (loss) (note 10) (471) (512)
Total shareholders’ equity 23,828 22,413
Total liabilities and shareholders’ equity $ 42,126 $ 43,524
[1] (a) Accounts receivable - net included net amounts receivable from related parties of $1,029 million (2022 - $1,108 million).
[2] (b) Investments and long-term receivables included amounts from related parties of $286 million (2022 - $288 million).
[3] (c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).
[4] (d) Number of common shares authorized and outstanding were 1,100 million and 584 million, respectively (2022 - 1,100 million and 584 million, respectively).
v3.23.2
Consolidated balance sheet (U.S. GAAP, unaudited) (Parenthetical) - CAD ($)
shares in Thousands, $ in Millions
Jun. 30, 2023
Dec. 31, 2022
Investments and long-term receivables, related party amount [1] $ 998 $ 893
Long-term debt, related party amount [2] $ 4,022 $ 4,033
Common shares authorized 1,100,000 1,100,000
Common shares outstanding 584,000 584,000
Related Party    
Accounts receivable, net $ 1,029 $ 1,108
Investments and long-term receivables, related party amount 286 288
Long-term debt, related party amount $ 3,447 $ 3,447
[1] (b) Investments and long-term receivables included amounts from related parties of $286 million (2022 - $288 million).
[2] (c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).
v3.23.2
Consolidated statement of shareholders' equity (U.S GAAP, unaudited) - CAD ($)
$ in Millions
Total
Common shares at stated value (note 9)
Earnings reinvested
Accumulated other comprehensive income (loss) (note 10)
At beginning of period at Dec. 31, 2021   $ 1,252 $ 21,660 $ (1,177)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   (75)    
Net income (loss) for the period $ 3,582   3,582  
Share purchases in excess of stated value     (2,874)  
Dividends declared     (455)  
Other comprehensive income (loss) 66     66
At end of period at Jun. 30, 2022 21,979 1,177 21,913 (1,111)
At beginning of period at Dec. 31, 2021   1,252 21,660 (1,177)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   (173)    
At end of period at Dec. 31, 2022 22,413 1,079 21,846 (512)
At beginning of period at Mar. 31, 2022   1,237 22,171 (1,132)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   (60)    
Net income (loss) for the period 2,409   2,409  
Share purchases in excess of stated value     (2,440)  
Dividends declared     (227)  
Other comprehensive income (loss) 21     21
At end of period at Jun. 30, 2022 21,979 1,177 21,913 (1,111)
At beginning of period at Dec. 31, 2022 22,413 1,079 21,846 (512)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   0    
Net income (loss) for the period 1,923   1,923  
Share purchases in excess of stated value     0  
Dividends declared     (549)  
Other comprehensive income (loss) 41     41
At end of period at Jun. 30, 2023 23,828 1,079 23,220 (471)
At beginning of period at Mar. 31, 2023   1,079 22,837 (481)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   0    
Net income (loss) for the period 675   675  
Share purchases in excess of stated value     0  
Dividends declared     (292)  
Other comprehensive income (loss) 10     10
At end of period at Jun. 30, 2023 $ 23,828 $ 1,079 $ 23,220 $ (471)
v3.23.2
Consolidated statement of cash flows (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating activities        
Net income (loss) $ 675 $ 2,409 $ 1,923 $ 3,582
Adjustments for non-cash items:        
Depreciation and depletion 453 451 943 877
(Gain) loss on asset sales (note 3) (13) (4) (22) (24)
Deferred income taxes and other (15) (149) (71) (480)
Changes in operating assets and liabilities:        
Accounts receivable (302) (1,426) 134 (2,970)
Inventories, materials, supplies and prepaid expenses 420 (27) (59) (391)
Income taxes payable (321) 853 (2,398) 1,312
Accounts payable and accrued liabilities (48) 499 (303) 2,643
All other items - net [1] 36 76 (83) 47
Cash flows from (used in) operating activities 885 2,682 64 4,596
Investing activities        
Additions to property, plant and equipment (499) (333) (928) (637)
Proceeds from asset sales (note 3) [2] 9 102 23 126
Loans to equity companies - net 1 1 2 2
Cash flows from (used in) investing activities (489) (230) (903) (509)
Financing activities        
Finance lease obligations - reduction (note 6) (6) (6) (11) (11)
Dividends paid (257) (228) (523) (413)
Common shares purchased (note 9) 0 (2,500) 0 (2,949)
Cash flows from (used in) financing activities (263) (2,734) (534) (3,373)
Increase (decrease) in cash and cash equivalents 133 (282) (1,373) 714
Cash and cash equivalents at beginning of period 2,243 3,149 3,749 2,153
Cash and cash equivalents at end of period [3] $ 2,376 $ 2,867 $ 2,376 $ 2,867
[1]
(c)  Included contributions to registered pension plans.(44)(46)(86)(96)
[2] (b) In the second quarter of 2022, a deposit of $94 million was received for the pending sale of XTO Energy Canada.
[3] (a) Cash equivalents are all highly liquid securities with maturity of three months or less.
v3.23.2
Consolidated statement of cash flows (U.S. GAAP, unaudited) (Parenthetical) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Proceeds from asset sales [1] $ 9 $ 102 $ 23 $ 126
Included contributions to registered pension plans (44) (46) (86) (96)
Income taxes (paid) refunded. (557) (52) (3,189) (275)
Interest (paid), net of capitalization. $ (16) (10) $ (37) (22)
XTO Energy Canada        
Proceeds from asset sales   $ 94   $ 94
[1] (b) In the second quarter of 2022, a deposit of $94 million was received for the pending sale of XTO Energy Canada.
v3.23.2
Basis of financial statement preparation
 6 Months Ended
Jun. 30, 2023
Accounting Policies [Abstract]  
Basis of financial statement preparation Basis of financial statement preparation
These unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) in the company’s 2022 annual report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature.
The company’s exploration and production activities are accounted for under the “successful efforts” method.
The results for the six months ended June 30, 2023, are not necessarily indicative of the operations to be expected for the full year.
All amounts are in Canadian dollars unless otherwise indicated.
v3.23.2
Business segments
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Business segments Business segments
Second Quarter
      Upstream
      Downstream
       Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
61 119 11,355 16,752 348 414 
Intersegment sales
3,519 5,827 1,365 2,024 89 149 
Investment and other income (note 3)
10 3 15 9 — — 
 3,590 5,949 12,735 18,785 437 563 
Expenses      
Exploration1 1 — — — — 
Purchases of crude oil and products
1,432 2,357 11,133 16,261 263 401 
Production and manufacturing1,256 1,423 475 418 54 67 
Selling and general— — 160 153 22 22 
Federal excise tax and fuel charge— — 597 553 1 — 
Depreciation and depletion398 395 44 45 4 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
— 1 — — — — 
Total expenses3,087 4,177 12,409 17,430 344 494 
Income (loss) before income taxes503 1,772 326 1,355 93 69 
Income tax expense (benefit)119 426 76 322 22 16 
Net income (loss)
384 1,346 250 1,033 71 53 
Cash flows from (used in) operating activities
573 2,087 228 641 55 64 
Capital and exploration expenditures (c)
303 233 152 69 5 2 
Second Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 11,764 17,285 
Intersegment sales
— — (4,973)(8,000)— — 
Investment and other income (note 3)
30 10 — — 55 22 
 30 10 (4,973)(8,000)11,819 17,307 
Expenses      
Exploration— — — — 1 1 
Purchases of crude oil and products
— — (4,972)(7,998)7,856 11,021 
Production and manufacturing— — — — 1,785 1,908 
Selling and general25 18 (1)(2)206 191 
Federal excise tax and fuel charge— — — — 598 553 
Depreciation and depletion7 7 — — 453 451 
Non-service pension and postretirement benefit20 5 — — 20 5 
Financing (note 5)
16 10 — — 16 11 
Total expenses68 40 (4,973)(8,000)10,935 14,141 
Income (loss) before income taxes(38)(30)— — 884 3,166 
Income tax expense (benefit)(8)(7)— — 209 757 
Net income (loss)
(30)(23)— — 675 2,409 
Cash flows from (used in) operating activities
29 (110)— — 885 2,682 
Capital and exploration expenditures (c)
33 10 — — 493 314 
Includes export sales to the United States of $2,034 million (2022 - $3,871 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 those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
        Second Quarter
millions of Canadian dollars2023 2022 
Revenue from contracts with customers10,922 15,871 
Revenue outside the scope of ASC 606
842 1,414 
Total11,764 17,285 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
Six Months to June 30
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
137 218 22,994 28,943 690 781 
Intersegment sales
7,141 10,258 3,188 3,857 180 253 
Investment and other income (note 3)
12 7 35 30 — — 
7,290 10,483 26,217 32,830 870 1,034 
Expenses
Exploration2 3 — — — — 
Purchases of crude oil and products
2,975 4,247 22,329 28,773 537 716 
Production and manufacturing2,543 2,672 886 774 112 121 
Selling and general— — 317 300 48 45 
Federal excise tax and fuel charge— — 1,125 1,032 2 — 
Depreciation and depletion832 768 89 86 8 9 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
— 1 — — — — 
Total expenses6,352 7,691 24,746 30,965 707 891 
Income (loss) before income taxes938 2,792 1,471 1,865 163 143 
Income tax expense (benefit)224 664 351 443 39 34 
Net income (loss)
714 2,128 1,120 1,422 124 109 
Cash flows from (used in) operating activities
175 3,534 (191)1,016 23 131 
Capital and exploration expenditures (c)
624 455 226 137 9 3 
Total assets as at June 30
28,603 28,961 9,629 11,649 482 505 
Six Months to June 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 23,821 29,942 
Intersegment sales
— — (10,509)(14,368)— — 
Investment and other income (note 3)
72 14 — — 119 51 
72 14 (10,509)(14,368)23,940 29,993 
Expenses
Exploration— — — — 2 3 
Purchases of crude oil and products
— — (10,507)(14,365)15,334 19,371 
Production and manufacturing— — — — 3,541 3,567 
Selling and general29 74 (2)(3)392 416 
Federal excise tax and fuel charge— — — — 1,127 1,032 
Depreciation and depletion14 14 — — 943 877 
Non-service pension and postretirement benefit40 9 — — 40 9 
Financing (note 5)
32 17 — — 32 18 
Total expenses115 114 (10,509)(14,368)21,411 25,293 
Income (loss) before income taxes(43)(100)— — 2,529 4,700 
Income tax expense (benefit)(8)(23)— — 606 1,118 
Net income (loss)
(35)(77)— — 1,923 3,582 
Cash flows from (used in) operating activities
57 (85)— — 64 4,596 
Capital and exploration expenditures (c)
63 15 — — 922 610 
Total assets as at June 30
3,915 4,016 (503)(239)42,126 44,892 
Includes export sales to the United States of $4,409 million (2022 - $6,375 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 those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
       Six Months
       to June 30
millions of Canadian dollars2023 2022 
Revenue from contracts with customers21,442 26,735 
Revenue outside the scope of ASC 606
2,379 3,207 
Total23,821 29,942 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
v3.23.2
Investment and other income
 6 Months Ended
Jun. 30, 2023
Other Income and Expenses [Abstract]  
Investment and other income Investment and other income
Investment and other income included gains and losses on asset sales as follows:
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2023 2022 2023 2022 
Proceeds from asset sales9 8 23 32 
Book value of asset sales(4)4 1 8 
Gain (loss) on asset sales, before tax
13 4 22 24 
Gain (loss) on asset sales, after tax
10 3 18 19 
v3.23.2
Employee retirement benefits
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
Employee retirement benefits Employee retirement benefits
The components of net benefit cost were as follows:
 
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2023 2022 2023 2022 
Pension benefits:
Service cost40 70 81 140 
Interest cost93 74 186 147 
Expected return on plan assets(93)(103)(186)(206)
Amortization of prior service cost4 4 8 8 
Amortization of actuarial loss (gain)11 21 22 43 
Net benefit cost55 66 111 132 
Other postretirement benefits:   
Service cost3 5 6 11 
Interest cost7 6 14 12 
Amortization of actuarial loss (gain)(2)3 (4)5 
Net benefit cost8 14 16 28 
v3.23.2
Financing costs
 6 Months Ended
Jun. 30, 2023
Financing costs and additional notes and loans payable information [Abstract]  
Financing costs Financing costs
       Second Quarter
        Six Months
        to June 30
millions of Canadian dollars2023 2022 2023 2022 
Debt-related interest
49 20 95 32 
Capitalized interest
(33)(10)(63)(15)
Net interest expense
16 10 32 17 
Other interest
— 1 — 1 
Total financing
16 11 32 18 
v3.23.2
Long-term debt
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
As at
June 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Long-term debt
3,447 3,447 
Finance leases
575 586 
Total long-term debt4,022 4,033 
v3.23.2
Other long-term obligations
 6 Months Ended
Jun. 30, 2023
Other Liabilities Disclosure [Abstract]  
Other long-term obligations Other long-term obligations
 
As at
June 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Employee retirement benefits (a)
875 902 
Asset retirement obligations and other environmental liabilities (b)
2,165 2,150 
Share-based incentive compensation liabilities
107 101 
Operating lease liability (c)
127 151 
Other obligations
144 163 
Total other long-term obligations3,418 3,467 
(a)Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million).
(b)Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million).
(c)Total operating lease liability also included $106 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $60 million (2022 - $14 million).
v3.23.2
Financial and derivative instruments
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial and derivative instruments Financial and derivative instruments
Financial instruments
The fair value of the company’s financial instruments is determined by reference to various market data and other appropriate valuation techniques. There are no material differences between the fair value of the company’s financial instruments and the recorded carrying value. At June 30, 2023 and December 31, 2022, the fair value of long-term debt ($3,447 million, excluding finance lease obligations) was primarily a level 2 measurement.
Derivative instruments
The company’s size, strong capital structure and the complementary nature of its business segments reduce the company’s enterprise-wide risk from changes in commodity prices and currency exchange rates. In addition, the company uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated statement of income on a net basis in the line “Revenues”. The company does not designate derivative instruments as a hedge for hedge accounting purposes.
Credit risk associated with the company’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The company maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments was:
 
As at
June 30
As at Dec 31
thousands of barrels20232022
Crude8,040 1,800 
Products(670)(350)
Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis:
 
      Second Quarter
    Six Months
    to June 30
millions of Canadian dollars2023 2022 2023 2022 
Revenues10 (51)(13)(14)
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows:
At June 30, 2023
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
11 31 — 42 (11)— 31 
Liabilities
Derivative liabilities (b)
13 26 — 39 (11)(2)26 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At December 31, 2022
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
17 32 — 49 (27)— 22 
Liabilities
Derivative liabilities (b)
21 20 — 41 (27)(4)10 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At June 30, 2023 and December 31, 2022, the company had $8 million and $14 million, respectively, of collateral under a master netting arrangement not offset against the derivatives on the Consolidated balance sheet in “Accounts receivable - net”, primarily related to initial margin requirements.
v3.23.2
Common shares
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Common shares Common shares
thousands of shares
As at
June 30
2023
As at
Dec 31
2022
Authorized1,100,000 1,100,000 
Outstanding584,153 584,153 
The current 12-month normal course issuer bid program came into effect June 29, 2023 under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 29,207,635 common shares (5 percent of the total shares on June 15, 2023) which includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. Imperial plans to accelerate its share purchases under the normal course issuer bid program, and anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.
The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.
The company’s common share activities are summarized below:
 Thousands of
 shares 		Millions of
 dollars
Balance as at December 31, 2021
678,080 1,252 
Issued under employee share-based awards— — 
Purchases at stated value(93,927)(173)
Balance as at December 31, 2022
584,153 1,079 
Issued under employee share-based awards— — 
Purchases at stated value— — 
Balance as at June 30, 2023
584,153 1,079 
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
 
      Second Quarter
    Six Months
    to June 30
2023202220232022
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
6752,4091,9233,582
Weighted average number of common shares outstanding (millions of shares)
584.2663.0584.2666.7
Net income (loss) per common share (dollars)
1.163.633.295.37
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
6752,4091,9233,582
Weighted average number of common shares outstanding (millions of shares)
584.2663.0584.2666.7
Effect of employee share-based awards (millions of shares)
1.11.41.11.4
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
585.3664.4585.3668.1
Net income (loss) per common share (dollars)
1.153.633.295.36
Dividends per common share – declared (dollars)
0.500.340.940.68
v3.23.2
Other comprehensive income (loss) information
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Other comprehensive income (loss) information Other comprehensive income (loss) information
Changes in accumulated other comprehensive income (loss):

millions of Canadian dollars2023 2022 
Balance at January 1(512)(1,177)
Postretirement benefits liability adjustment:
Current period change excluding amounts reclassified
       from accumulated other comprehensive income
21 24 
Amounts reclassified from accumulated other comprehensive income20 42 
Balance at June 30(471)(1,111)

Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
 
      Second Quarter
        Six Months
        to June 30
millions of Canadian dollars2023 2022 2023 2022 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost (a)
(13)(27)(26)(55)
(a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4).

Income tax expense (credit) for components of other comprehensive income (loss):
      Second Quarter
        Six Months
        to June 30
millions of Canadian dollars2023 2022 2023 2022 
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization)— — 7 8 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost
3 6 6 13 
Total3 6 13 21 
v3.23.2
Pay vs Performance Disclosure - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pay vs Performance Disclosure        
Net income (loss) $ 675 $ 2,409 $ 1,923 $ 3,582
v3.23.2
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.2
Business segments (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting [Abstract]  
Business segments
Second Quarter
      Upstream
      Downstream
       Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
61 119 11,355 16,752 348 414 
Intersegment sales
3,519 5,827 1,365 2,024 89 149 
Investment and other income (note 3)
10 3 15 9 — — 
 3,590 5,949 12,735 18,785 437 563 
Expenses      
Exploration1 1 — — — — 
Purchases of crude oil and products
1,432 2,357 11,133 16,261 263 401 
Production and manufacturing1,256 1,423 475 418 54 67 
Selling and general— — 160 153 22 22 
Federal excise tax and fuel charge— — 597 553 1 — 
Depreciation and depletion398 395 44 45 4 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
— 1 — — — — 
Total expenses3,087 4,177 12,409 17,430 344 494 
Income (loss) before income taxes503 1,772 326 1,355 93 69 
Income tax expense (benefit)119 426 76 322 22 16 
Net income (loss)
384 1,346 250 1,033 71 53 
Cash flows from (used in) operating activities
573 2,087 228 641 55 64 
Capital and exploration expenditures (c)
303 233 152 69 5 2 
Second Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 11,764 17,285 
Intersegment sales
— — (4,973)(8,000)— — 
Investment and other income (note 3)
30 10 — — 55 22 
 30 10 (4,973)(8,000)11,819 17,307 
Expenses      
Exploration— — — — 1 1 
Purchases of crude oil and products
— — (4,972)(7,998)7,856 11,021 
Production and manufacturing— — — — 1,785 1,908 
Selling and general25 18 (1)(2)206 191 
Federal excise tax and fuel charge— — — — 598 553 
Depreciation and depletion7 7 — — 453 451 
Non-service pension and postretirement benefit20 5 — — 20 5 
Financing (note 5)
16 10 — — 16 11 
Total expenses68 40 (4,973)(8,000)10,935 14,141 
Income (loss) before income taxes(38)(30)— — 884 3,166 
Income tax expense (benefit)(8)(7)— — 209 757 
Net income (loss)
(30)(23)— — 675 2,409 
Cash flows from (used in) operating activities
29 (110)— — 885 2,682 
Capital and exploration expenditures (c)
33 10 — — 493 314 
Includes export sales to the United States of $2,034 million (2022 - $3,871 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 those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
        Second Quarter
millions of Canadian dollars2023 2022 
Revenue from contracts with customers10,922 15,871 
Revenue outside the scope of ASC 606
842 1,414 
Total11,764 17,285 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
Six Months to June 30
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
137 218 22,994 28,943 690 781 
Intersegment sales
7,141 10,258 3,188 3,857 180 253 
Investment and other income (note 3)
12 7 35 30 — — 
7,290 10,483 26,217 32,830 870 1,034 
Expenses
Exploration2 3 — — — — 
Purchases of crude oil and products
2,975 4,247 22,329 28,773 537 716 
Production and manufacturing2,543 2,672 886 774 112 121 
Selling and general— — 317 300 48 45 
Federal excise tax and fuel charge— — 1,125 1,032 2 — 
Depreciation and depletion832 768 89 86 8 9 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
— 1 — — — — 
Total expenses6,352 7,691 24,746 30,965 707 891 
Income (loss) before income taxes938 2,792 1,471 1,865 163 143 
Income tax expense (benefit)224 664 351 443 39 34 
Net income (loss)
714 2,128 1,120 1,422 124 109 
Cash flows from (used in) operating activities
175 3,534 (191)1,016 23 131 
Capital and exploration expenditures (c)
624 455 226 137 9 3 
Total assets as at June 30
28,603 28,961 9,629 11,649 482 505 
Six Months to June 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 23,821 29,942 
Intersegment sales
— — (10,509)(14,368)— — 
Investment and other income (note 3)
72 14 — — 119 51 
72 14 (10,509)(14,368)23,940 29,993 
Expenses
Exploration— — — — 2 3 
Purchases of crude oil and products
— — (10,507)(14,365)15,334 19,371 
Production and manufacturing— — — — 3,541 3,567 
Selling and general29 74 (2)(3)392 416 
Federal excise tax and fuel charge— — — — 1,127 1,032 
Depreciation and depletion14 14 — — 943 877 
Non-service pension and postretirement benefit40 9 — — 40 9 
Financing (note 5)
32 17 — — 32 18 
Total expenses115 114 (10,509)(14,368)21,411 25,293 
Income (loss) before income taxes(43)(100)— — 2,529 4,700 
Income tax expense (benefit)(8)(23)— — 606 1,118 
Net income (loss)
(35)(77)— — 1,923 3,582 
Cash flows from (used in) operating activities
57 (85)— — 64 4,596 
Capital and exploration expenditures (c)
63 15 — — 922 610 
Total assets as at June 30
3,915 4,016 (503)(239)42,126 44,892 
Includes export sales to the United States of $4,409 million (2022 - $6,375 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 those outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
       Six Months
       to June 30
millions of Canadian dollars2023 2022 
Revenue from contracts with customers21,442 26,735 
Revenue outside the scope of ASC 606
2,379 3,207 
Total23,821 29,942 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
Disaggregation of Revenue
Revenues
        Second Quarter
millions of Canadian dollars2023 2022 
Revenue from contracts with customers10,922 15,871 
Revenue outside the scope of ASC 606
842 1,414 
Total11,764 17,285 
Revenues
       Six Months
       to June 30
millions of Canadian dollars2023 2022 
Revenue from contracts with customers21,442 26,735 
Revenue outside the scope of ASC 606
2,379 3,207 
Total23,821 29,942 
v3.23.2
Investment and other income (Tables)
 6 Months Ended
Jun. 30, 2023
Other Income and Expenses [Abstract]  
Investment and other income
Investment and other income included gains and losses on asset sales as follows:
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2023 2022 2023 2022 
Proceeds from asset sales9 8 23 32 
Book value of asset sales(4)4 1 8 
Gain (loss) on asset sales, before tax
13 4 22 24 
Gain (loss) on asset sales, after tax
10 3 18 19 
v3.23.2
Employee retirement benefits (Tables)
 6 Months Ended
Jun. 30, 2023
Retirement Benefits [Abstract]  
Schedule of net benefit costs
The components of net benefit cost were as follows:
 
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2023 2022 2023 2022 
Pension benefits:
Service cost40 70 81 140 
Interest cost93 74 186 147 
Expected return on plan assets(93)(103)(186)(206)
Amortization of prior service cost4 4 8 8 
Amortization of actuarial loss (gain)11 21 22 43 
Net benefit cost55 66 111 132 
Other postretirement benefits:   
Service cost3 5 6 11 
Interest cost7 6 14 12 
Amortization of actuarial loss (gain)(2)3 (4)5 
Net benefit cost8 14 16 28 
v3.23.2
Financing costs (Tables)
 6 Months Ended
Jun. 30, 2023
Financing costs and additional notes and loans payable information [Abstract]  
Financing costs
       Second Quarter
        Six Months
        to June 30
millions of Canadian dollars2023 2022 2023 2022 
Debt-related interest
49 20 95 32 
Capitalized interest
(33)(10)(63)(15)
Net interest expense
16 10 32 17 
Other interest
— 1 — 1 
Total financing
16 11 32 18 
v3.23.2
Long-term debt (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Long-term debt
As at
June 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Long-term debt
3,447 3,447 
Finance leases
575 586 
Total long-term debt4,022 4,033 
v3.23.2
Other long-term obligations (Tables)
 6 Months Ended
Jun. 30, 2023
Other Liabilities Disclosure [Abstract]  
Other long-term obligations
 
As at
June 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Employee retirement benefits (a)
875 902 
Asset retirement obligations and other environmental liabilities (b)
2,165 2,150 
Share-based incentive compensation liabilities
107 101 
Operating lease liability (c)
127 151 
Other obligations
144 163 
Total other long-term obligations3,418 3,467 
(a)Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million).
(b)Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million).
(c)Total operating lease liability also included $106 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $60 million (2022 - $14 million).
v3.23.2
Financial and derivative instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of net long short position of derivative instruments
The net notional long/(short) position of derivative instruments was:
 
As at
June 30
As at Dec 31
thousands of barrels20232022
Crude8,040 1,800 
Products(670)(350)
Summary of realized and unrealized gain or (loss) on derivative instruments
Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis:
 
      Second Quarter
    Six Months
    to June 30
millions of Canadian dollars2023 2022 2023 2022 
Revenues10 (51)(13)(14)
Summary of estimated fair value of financial instruments
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows:
At June 30, 2023
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
11 31 — 42 (11)— 31 
Liabilities
Derivative liabilities (b)
13 26 — 39 (11)(2)26 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At December 31, 2022
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
17 32 — 49 (27)— 22 
Liabilities
Derivative liabilities (b)
21 20 — 41 (27)(4)10 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
v3.23.2
Common shares (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Summary of common shares
thousands of shares
As at
June 30
2023
As at
Dec 31
2022
Authorized1,100,000 1,100,000 
Outstanding584,153 584,153 
Common share activities
The company’s common share activities are summarized below:
 Thousands of
 shares 		Millions of
 dollars
Balance as at December 31, 2021
678,080 1,252 
Issued under employee share-based awards— — 
Purchases at stated value(93,927)(173)
Balance as at December 31, 2022
584,153 1,079 
Issued under employee share-based awards— — 
Purchases at stated value— — 
Balance as at June 30, 2023
584,153 1,079 
Calculation of basic and diluted earnings per share
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
 
      Second Quarter
    Six Months
    to June 30
2023202220232022
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
6752,4091,9233,582
Weighted average number of common shares outstanding (millions of shares)
584.2663.0584.2666.7
Net income (loss) per common share (dollars)
1.163.633.295.37
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
6752,4091,9233,582
Weighted average number of common shares outstanding (millions of shares)
584.2663.0584.2666.7
Effect of employee share-based awards (millions of shares)
1.11.41.11.4
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
585.3664.4585.3668.1
Net income (loss) per common share (dollars)
1.153.633.295.36
Dividends per common share – declared (dollars)
0.500.340.940.68
v3.23.2
Other comprehensive income (loss) information (Tables)
 6 Months Ended
Jun. 30, 2023
Equity [Abstract]  
Changes in accumulated other comprehensive income (loss)
Changes in accumulated other comprehensive income (loss):

millions of Canadian dollars2023 2022 
Balance at January 1(512)(1,177)
Postretirement benefits liability adjustment:
Current period change excluding amounts reclassified
       from accumulated other comprehensive income
21 24 
Amounts reclassified from accumulated other comprehensive income20 42 
Balance at June 30(471)(1,111)
Amounts reclassified out of accumulated other comprehensive income (loss) - before tax income (expense)
Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
 
      Second Quarter
        Six Months
        to June 30
millions of Canadian dollars2023 2022 2023 2022 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost (a)
(13)(27)(26)(55)
(a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4).
Income tax expense (credit) for components of other comprehensive income (loss)
Income tax expense (credit) for components of other comprehensive income (loss):
      Second Quarter
        Six Months
        to June 30
millions of Canadian dollars2023 2022 2023 2022 
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization)— — 7 8 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost
3 6 6 13 
Total3 6 13 21 
v3.23.2
Business Segments (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Revenues and other income          
Revenues [1] $ 11,764 $ 17,285 $ 23,821 $ 29,942  
Investment and other income (note 3) 55 22 119 51  
Total revenues and other income 11,819 17,307 23,940 29,993  
Expenses          
Exploration 1 1 2 3  
Purchases of crude oil and products [2] 7,856 11,021 15,334 19,371  
Production and manufacturing [3] 1,785 1,908 3,541 3,567  
Selling and general [3] 206 191 392 416  
Federal excise tax and fuel charge 598 553 1,127 1,032  
Depreciation and depletion 453 451 943 877  
Non-service pension and postretirement benefit 20 5 40 9  
Financing (note 5) [4] 16 11 32 18  
Total expenses 10,935 14,141 21,411 25,293  
Income (loss) before income taxes 884 3,166 2,529 4,700  
Income taxes 209 757 606 1,118  
Net income (loss) 675 2,409 1,923 3,582  
Cash flows from (used in) operating activities 885 2,682 64 4,596  
Capital and exploration expenditures 493 314 922 610  
Total assets as at June 30 42,126 44,892 42,126 44,892 $ 43,524
Corporate and other          
Revenues and other income          
Revenues 0 0 0 0  
Investment and other income (note 3) 30 10 72 14  
Total revenues and other income 30 10 72 14  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products 0 0 0 0  
Production and manufacturing 0 0 0 0  
Selling and general 25 18 29 74  
Federal excise tax and fuel charge 0 0 0 0  
Depreciation and depletion 7 7 14 14  
Non-service pension and postretirement benefit 20 5 40 9  
Financing (note 5) 16 10 32 17  
Total expenses 68 40 115 114  
Income (loss) before income taxes (38) (30) (43) (100)  
Income taxes (8) (7) (8) (23)  
Net income (loss) (30) (23) (35) (77)  
Cash flows from (used in) operating activities 29 (110) 57 (85)  
Capital and exploration expenditures 33 10 63 15  
Total assets as at June 30 3,915 4,016 3,915 4,016  
Eliminations          
Revenues and other income          
Revenues (4,973) (8,000) (10,509) (14,368)  
Total revenues and other income (4,973) (8,000) (10,509) (14,368)  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products (4,972) (7,998) (10,507) (14,365)  
Production and manufacturing 0 0 0 0  
Selling and general (1) (2) (2) (3)  
Federal excise tax and fuel charge 0 0 0 0  
Depreciation and depletion 0 0 0 0  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 0 0 0 0  
Total expenses (4,973) (8,000) (10,509) (14,368)  
Income (loss) before income taxes 0 0 0 0  
Income taxes 0 0 0 0  
Net income (loss) 0 0 0 0  
Cash flows from (used in) operating activities 0 0 0 0  
Capital and exploration expenditures 0 0 0 0  
Total assets as at June 30 (503) (239) (503) (239)  
Upstream          
Revenues and other income          
Revenues 61 119 137 218  
Investment and other income (note 3) 10 3 12 7  
Expenses          
Exploration 1 1 2 3  
Purchases of crude oil and products 1,432 2,357 2,975 4,247  
Production and manufacturing 1,256 1,423 2,543 2,672  
Selling and general 0 0 0 0  
Federal excise tax and fuel charge 0 0 0 0  
Depreciation and depletion 398 395 832 768  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 0 1 0 1  
Total expenses 3,087 4,177 6,352 7,691  
Income (loss) before income taxes 503 1,772 938 2,792  
Income taxes 119 426 224 664  
Net income (loss) 384 1,346 714 2,128  
Cash flows from (used in) operating activities 573 2,087 175 3,534  
Capital and exploration expenditures 303 233 624 455  
Total assets as at June 30 28,603 28,961 28,603 28,961  
Upstream | Intersegment Eliminations          
Revenues and other income          
Revenues 3,519 5,827 7,141 10,258  
Upstream | Operating Segments          
Revenues and other income          
Total revenues and other income 3,590 5,949 7,290 10,483  
Downstream          
Revenues and other income          
Revenues 11,355 16,752 22,994 28,943  
Investment and other income (note 3) 15 9 35 30  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products 11,133 16,261 22,329 28,773  
Production and manufacturing 475 418 886 774  
Selling and general 160 153 317 300  
Federal excise tax and fuel charge 597 553 1,125 1,032  
Depreciation and depletion 44 45 89 86  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 0 0 0 0  
Total expenses 12,409 17,430 24,746 30,965  
Income (loss) before income taxes 326 1,355 1,471 1,865  
Income taxes 76 322 351 443  
Net income (loss) 250 1,033 1,120 1,422  
Cash flows from (used in) operating activities 228 641 (191) 1,016  
Capital and exploration expenditures 152 69 226 137  
Total assets as at June 30 9,629 11,649 9,629 11,649  
Downstream | Intersegment Eliminations          
Revenues and other income          
Revenues 1,365 2,024 3,188 3,857  
Downstream | Operating Segments          
Revenues and other income          
Total revenues and other income 12,735 18,785 26,217 32,830  
Chemical          
Revenues and other income          
Revenues 348 414 690 781  
Investment and other income (note 3) 0 0 0 0  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products 263 401 537 716  
Production and manufacturing 54 67 112 121  
Selling and general 22 22 48 45  
Federal excise tax and fuel charge 1 0 2 0  
Depreciation and depletion 4 4 8 9  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 0 0 0 0  
Total expenses 344 494 707 891  
Income (loss) before income taxes 93 69 163 143  
Income taxes 22 16 39 34  
Net income (loss) 71 53 124 109  
Cash flows from (used in) operating activities 55 64 23 131  
Capital and exploration expenditures 5 2 9 3  
Total assets as at June 30 482 505 482 505  
Chemical | Intersegment Eliminations          
Revenues and other income          
Revenues 89 149 180 253  
Chemical | Operating Segments          
Revenues and other income          
Total revenues and other income $ 437 $ 563 $ 870 $ 1,034  
[1]
(a) Amounts from related parties included in revenues.3,556 5,175 6,692 9,134 
[2]
(b) Amounts to related parties included in purchases of crude oil and products.964 1,129 2,042 1,779 
[3]
(c) Amounts to related parties included in production and manufacturing,
and selling and general expenses.		125 116 260 234 
[4]
(d) Amounts to related parties included in financing.41 13 80 17 
v3.23.2
Business Segments - Table Narrative (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Segment Reporting Information [Line Items]        
Revenue from contracts with customers $ 10,922 $ 15,871 $ 21,442 $ 26,735
Revenue outside the scope of ASC 606 842 1,414 2,379 3,207
Revenues Including Federal Excise Tax [1] 11,764 17,285 23,821 29,942
United States Exports        
Segment Reporting Information [Line Items]        
Operating revenues $ 2,034 $ 3,871 $ 4,409 $ 6,375
[1]
(a) Amounts from related parties included in revenues.3,556 5,175 6,692 9,134 
v3.23.2
Investment and other income - Gains and Losses on Asset Sales (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Schedule of Investments [Abstract]        
Proceeds from asset sales $ 9 $ 8 $ 23 $ 32
Book value of asset sales (4) 4 1 8
Gain (loss) on asset sales, before tax 13 4 22 24
Gain (loss) on asset sales, after tax $ 10 $ 3 $ 18 $ 19
v3.23.2
Employee retirement benefits - Components of Net Periodic Benefit Cost (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Pension benefits:        
Service cost $ 40 $ 70 $ 81 $ 140
Interest cost 93 74 186 147
Expected return on plan assets (93) (103) (186) (206)
Amortization of prior service cost 4 4 8 8
Amortization of actuarial loss (gain) 11 21 22 43
Net benefit cost 55 66 111 132
Other postretirement benefits:        
Service cost 3 5 6 11
Interest cost 7 6 14 12
Amortization of actuarial loss (gain) (2) 3 (4) 5
Net benefit cost $ 8 $ 14 $ 16 $ 28
v3.23.2
Financing costs (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Financing costs and additional notes and loans payable information [Abstract]        
Debt-related interest $ 49 $ 20 $ 95 $ 32
Capitalized interest (33) (10) (63) (15)
Net interest expense 16 10 32 17
Other interest 0 1 0 1
Total financing [1] $ 16 $ 11 $ 32 $ 18
[1]
(d) Amounts to related parties included in financing.41 13 80 17 
v3.23.2
Long-term debt (Detail) - CAD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
Long-term debt $ 3,447 $ 3,447
Finance leases 575 586
Total long-term debt [1] $ 4,022 $ 4,033
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total long-term debt Total long-term debt
[1] (c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).
v3.23.2
Other long-term obligations - Summary of Other Long-Term Obligations (Detail) - CAD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Other Liabilities Disclosure [Abstract]    
Employee retirement benefits $ 875 $ 902
Asset retirement obligations and other environmental liabilities 2,165 2,150
Share-based incentive compensation liabilities 107 101
Operating lease liability 127 151
Other obligations 144 163
Total other long-term obligations $ 3,418 $ 3,467
v3.23.2
Other long-term obligations - Table Narrative (Detail) - CAD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Schedule of Other Liabilities [Line Items]    
Employee retirement benefit obligations in current liabilities $ 63 $ 63
Asset retirement obligations and other environmental liabilities in current liabilities 116 116
Undiscounted commitments 60 14
Accounts Payable and Accrued Liabilities    
Schedule of Other Liabilities [Line Items]    
Lease liability due within one year, Operating leases $ 106 $ 100
v3.23.2
Financial and derivative instruments - Narrative (Detail) - CAD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Financial Instruments And Derivatives [Line Items]    
Long-term debt $ 3,447 $ 3,447
Master netting arrangements    
Financial Instruments And Derivatives [Line Items]    
Derivative collateral receivable $ 8 $ 14
v3.23.2
Financial and derivative instruments - Summary of net notional long/(short) position of derivative instruments (Detail) - bbl
bbl in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Crude    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, volume 8,040 1,800
Products    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, volume 670 350
v3.23.2
Financial and derivative instruments - Summary of realized and unrealized gain or (loss) on derivative instruments (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Revenues $ 10 $ (51) $ (13) $ (14)
v3.23.2
Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Assets    
Derivative Asset $ 42 $ 49
Liabilities    
Derivative liabilities 39 41
Effect of counterparty netting    
Assets    
Derivative Asset (11) (27)
Liabilities    
Derivative liabilities (11) (27)
Effect of collateral netting    
Assets    
Derivative Asset 0 0
Liabilities    
Derivative liabilities (2) (4)
Net carrying value    
Assets    
Derivative Asset 31 22
Liabilities    
Derivative liabilities 26 10
Level 1    
Assets    
Derivative Asset 11 17
Liabilities    
Derivative liabilities 13 21
Level 2    
Assets    
Derivative Asset 31 32
Liabilities    
Derivative liabilities 26 20
Level 3    
Assets    
Derivative Asset 0 0
Liabilities    
Derivative liabilities $ 0 $ 0
v3.23.2
Common shares - Summary of Common Shares (Detail) - shares
shares in Thousands
Jun. 30, 2023
Dec. 31, 2022
Equity [Abstract]    
Authorized (in shares) 1,100,000 1,100,000
Common shares outstanding (in shares) 584,153 584,153
v3.23.2
Common shares - Narrative (Detail) - shares
Jun. 29, 2023
Jun. 15, 2023
Class of Stock [Line Items]    
Normal course issuer bid share repurchase term, months 12 months  
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Three    
Class of Stock [Line Items]    
Normal course issuer bid share repurchase shares authorized 29,207,635  
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Three | Exxon Mobil Corporation    
Class of Stock [Line Items]    
Percent of total shares   5.00%
Exxon Mobil Corporation's ownership interest in Imperial 69.60%  
v3.23.2
Common shares - Common Share Activities (Detail) - CAD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common stock beginning balance, (in shares)     584,153    
Common stock, ending balance, (in shares) 584,153   584,153   584,153
Common stock beginning balance [1]     $ 1,079    
Common stock, ending balance [1] $ 1,079   $ 1,079   $ 1,079
Common Stock          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common stock beginning balance, (in shares)     584,153 678,080 678,080
Issued under employee share-based awards, (in shares)     0   0
Purchases at stated value, (in shares)     0   (93,927)
Common stock, ending balance, (in shares) 584,153   584,153   584,153
Common stock beginning balance     $ 1,079 $ 1,252 $ 1,252
Issued under employee share-based awards     0   0
Purchases at stated value $ 0 $ (60) 0 $ (75) (173)
Common stock, ending balance $ 1,079   $ 1,079   $ 1,079
[1] (d) Number of common shares authorized and outstanding were 1,100 million and 584 million, respectively (2022 - 1,100 million and 584 million, respectively).
v3.23.2
Common shares - Calculation of basic and diluted earnings per common share and the dividend declared by the company on its outstanding common shares (Detail) - CAD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net income (loss) per common share – basic        
Net income (loss) $ 675 $ 2,409 $ 1,923 $ 3,582
Weighted average number of common shares outstanding (millions of shares) 584.2 663.0 584.2 666.7
Net income (loss) per common share (dollars) $ 1.16 $ 3.63 $ 3.29 $ 5.37
Net income (loss) per common share – diluted        
Net income (loss) $ 675 $ 2,409 $ 1,923 $ 3,582
Weighted average number of common shares outstanding (millions of shares) 584.2 663.0 584.2 666.7
Effect of employee share-based awards (millions of shares) 1.1 1.4 1.1 1.4
Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 585.3 664.4 585.3 668.1
Net income (loss) per common share (dollars) $ 1.15 $ 3.63 $ 3.29 $ 5.36
Dividends per common share – declared (dollars) $ 0.50 $ 0.34 $ 0.94 $ 0.68
v3.23.2
Other comprehensive income (loss) information - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at January 1 $ (512)  
Balance at June 30 (471)  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at January 1 (512) $ (1,177)
Current period change excluding amounts reclassified from accumulated other comprehensive income 21 24
Amounts reclassified from accumulated other comprehensive income 20 42
Balance at June 30 $ (471) $ (1,111)
v3.23.2
Other comprehensive income (loss) information - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amortization of postretirement benefits liability adjustment included in net benefit cost $ (13) $ (27) $ (26) $ (55)
v3.23.2
Other comprehensive income (loss) information - Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Equity [Abstract]        
Postretirement benefits liability adjustment (excluding amortization) $ 0 $ 0 $ 7 $ 8
Amortization of postretirement benefits liability adjustment included in net benefit cost 3 6 6 13
Total $ 3 $ 6 $ 13 $ 21
Imperial Oil (AMEX:IMO)
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