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(a) Amounts from related parties included in revenues.2,946 3,556 5,675 6,692 
(b) Amounts to related parties included in purchases of crude oil and products.838 964 1,823 2,042 
(c) Amounts to related parties included in production and manufacturing, and selling
and general expenses.		135 125 285 260 
(d) Amounts to related parties included in financing.43 41 87 80 
Accounts receivable - net included net amounts receivable from related parties.1,3441,048
Investments and long-term receivables included amounts from related parties.269283
Long-term debt included amounts to related parties.3,4473,447
Number of common shares authorized (millions).1,1001,100
Number of common shares outstanding (millions).536536
(b) Includes contributions to registered pension plans.(38)(44)(75)(86)
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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, 2024
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
☑
Accelerated filer
☐
Non-accelerated filer
☐
Smaller reporting company
☐
Emerging growth company
☐

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, 2024 was 535,836,803.


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, 2023. 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 dollars2024 2023 2024 2023 
Revenues and other income  
Revenues (a)
13,348 11,764 25,597 23,821 
Investment and other income (note 3)
35 55 69 119 
Total revenues and other income13,383 11,819 25,666 23,940 
 
Expenses  
Exploration1 1 2 2 
Purchases of crude oil and products (b)
8,856 7,856 16,562 15,334 
Production and manufacturing (c)
1,689 1,785 3,353 3,541 
Selling and general (c)
221 206 467 392 
Federal excise tax and fuel charge656 598 1,247 1,127 
Depreciation and depletion456 453 946 943 
Non-service pension and postretirement benefit1 20 2 40 
Financing (d) (note 5)
14 16 26 32 
Total expenses11,894 10,935 22,605 21,411 
 
Income (loss) before income taxes1,489 884 3,061 2,529 
Income taxes356 209 733 606 
Net income (loss)1,133 675 2,328 1,923 
Per share information (Canadian dollars)
 
Net income (loss) per common share - basic (note 9)
2.11 1.16 4.34 3.29 
Net income (loss) per common share - diluted (note 9)
2.11 1.15 4.34 3.29 
(a) Amounts from related parties included in revenues.2,946 3,556 5,675 6,692 
(b) Amounts to related parties included in purchases of crude oil and products.838 964 1,823 2,042 
(c) Amounts to related parties included in production and manufacturing, and selling
 and general expenses.
135 125 285 260 
(d) Amounts to related parties included in financing.43 41 87 80 
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 dollars2024 2023 2024 2023 
Net income (loss)1,133 675 2,328 1,923 
Other comprehensive income (loss), net of income taxes  
Postretirement benefits liability adjustment (excluding amortization)— — 4 21 
Amortization of postretirement benefits liability adjustment
       included in net benefit costs
13 10 25 20 
Total other comprehensive income (loss)13 10 29 41 
Comprehensive income (loss)1,146 685 2,357 1,964 
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)
As at
Jun 30
As at
Dec 31
millions of Canadian dollars
2024
2023
Assets  
Current assets  
Cash and cash equivalents2,020 864 
Accounts receivable - net (a)
6,070 4,482 
Inventories of crude oil and products1,889 1,944 
Materials, supplies and prepaid expenses1,017 1,008 
Total current assets10,996 8,298 
Investments and long-term receivables (b)
1,076 1,062 
Property, plant and equipment,57,134 56,200 
less accumulated depreciation and depletion(26,291)(25,365)
Property, plant and equipment, net
30,843 30,835 
Goodwill166 166 
Other assets, including intangibles - net1,054 838 
Total assets44,135 41,199 
Liabilities  
Current liabilities  
Notes and loans payable118 121 
Accounts payable and accrued liabilities (a) (note 7)
7,665 6,231 
Income taxes payable90 251 
Total current liabilities7,873 6,603 
Long-term debt (c) (note 6)
4,001 4,011 
Other long-term obligations (note 7)
3,943 3,851 
Deferred income tax liabilities4,382 4,512 
Total liabilities20,199 18,977 
Shareholders’ equity  
Common shares at stated value (d) (note 9)
992 992 
Earnings reinvested23,592 21,907 
Accumulated other comprehensive income (loss) (note 10)
(648)(677)
Total shareholders’ equity23,936 22,222 
 
Total liabilities and shareholders’ equity44,135 41,199 
(a)Accounts receivable - net included net amounts receivable from related parties.
1,344
1,048
(b)Investments and long-term receivables included amounts from related parties.
269
283
(c)Long-term debt included amounts to related parties.
3,447
3,447
(d)Number of common shares authorized (millions).
1,100
1,100
Number of common shares outstanding (millions).
536
536
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 dollars2024 2023 2024 2023 
Common shares at stated value (note 9)
  
At beginning of period992 1,079 992 1,079 
Share purchases at stated value— — — — 
At end of period992 1,079 992 1,079 
Earnings reinvested
At beginning of period22,781 22,837 21,907 21,846 
Net income (loss) for the period1,133 675 2,328 1,923 
Share purchases in excess of stated value— — — — 
Dividends declared(322)(292)(643)(549)
At end of period23,592 23,220 23,592 23,220 
 
Accumulated other comprehensive income (loss) (note 10)
  
At beginning of period(661)(481)(677)(512)
Other comprehensive income (loss)13 10 29 41 
At end of period(648)(471)(648)(471)
Shareholders’ equity at end of period23,936 23,828 23,936 23,828 
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 dollars2024 2023 2024 2023 
Operating activities  
Net income (loss)1,133 675 2,328 1,923 
Adjustments for non-cash items:
Depreciation and depletion456 453 946 943 
(Gain) loss on asset sales (note 3)
(1)(13)(3)(22)
Deferred income taxes and other(75)(15)(239)(71)
Changes in operating assets and liabilities:  
Accounts receivable(866)(302)(1,588)134 
Inventories, materials, supplies and prepaid expenses246 420 50 (59)
Income taxes payable73 (321)(161)(2,398)
Accounts payable and accrued liabilities668 (48)1,375 (303)
All other items - net (b)
(5)36 (3)(83)
Cash flows from (used in) operating activities1,629 885 2,705 64 
 
Investing activities  
Additions to property, plant and equipment(461)(499)(958)(928)
Proceeds from asset sales (note 3)
3 9 7 23 
Loans to equity companies - net2 1 14 2 
Cash flows from (used in) investing activities(456)(489)(937)(903)
Financing activities  
Finance lease obligations - reduction (note 6)
(8)(6)(13)(11)
Dividends paid(321)(257)(599)(523)
Common shares purchased (note 9)
— — — — 
Cash flows from (used in) financing activities(329)(263)(612)(534)
 
Increase (decrease) in cash and cash equivalents844 133 1,156 (1,373)
Cash and cash equivalents at beginning of period1,176 2,243 864 3,749 
Cash and cash equivalents at end of period (a)
2,020 2,376 2,020 2,376 
(a) Cash equivalents are all highly liquid securities with maturity of three months or less.
(b) Includes contributions to registered pension plans.(38)(44)(75)(86)
 
Income taxes (paid) refunded.(434)(557)(1,134)(3,189)
Interest (paid), net of capitalization.(15)(16)(26)(37)
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 2023 annual report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature.
The company’s exploration and production activities are accounted for under the “successful efforts” method.
The results for the six months ended June 30, 2024, are not necessarily indicative of the operations to be expected for the full year.
All amounts are in Canadian dollars unless otherwise indicated.
8

IMPERIAL OIL LIMITED
2.    Business segments
Second Quarter
      Upstream
      Downstream
       Chemical
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
29 61 12,986 11,355 333 348 
Intersegment sales
4,522 3,519 1,639 1,365 85 89 
Investment and other income (note 3)
1 10 9 15 — — 
 4,552 3,590 14,634 12,735 418 437 
Expenses      
Exploration1 1 — — — — 
Purchases of crude oil and products
1,900 1,432 12,944 11,133 256 263 
Production and manufacturing1,203 1,256 435 475 48 54 
Selling and general— — 171 160 23 22 
Federal excise tax and fuel charge— — 655 597 1 1 
Depreciation and depletion396 398 46 44 4 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
1 — — — — — 
Total expenses3,501 3,087 14,251 12,409 332 344 
Income (loss) before income taxes1,051 503 383 326 86 93 
Income tax expense (benefit)252 119 89 76 21 22 
Net income (loss)
799 384 294 250 65 71 
Cash flows from (used in) operating activities
1,162 573 384 228 74 55 
Capital and exploration expenditures (c)
267 303 149 152 3 5 
Second Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
— — — — 13,348 11,764 
Intersegment sales
— — (6,246)(4,973)— — 
Investment and other income (note 3)
25 30 — — 35 55 
 25 30 (6,246)(4,973)13,383 11,819 
Expenses      
Exploration— — — — 1 1 
Purchases of crude oil and products
— — (6,244)(4,972)8,856 7,856 
Production and manufacturing3 — — — 1,689 1,785 
Selling and general29 25 (2)(1)221 206 
Federal excise tax and fuel charge— — — — 656 598 
Depreciation and depletion10 7 — — 456 453 
Non-service pension and postretirement benefit1 20 — — 1 20 
Financing (note 5)
13 16 — — 14 16 
Total expenses56 68 (6,246)(4,973)11,894 10,935 
Income (loss) before income taxes(31)(38)— — 1,489 884 
Income tax expense (benefit)(6)(8)— — 356 209 
Net income (loss)
(25)(30)— — 1,133 675 
Cash flows from (used in) operating activities
9 29 — — 1,629 885 
Capital and exploration expenditures (c)
43 33 — — 462 493 

9

IMPERIAL OIL LIMITED
(a)Includes export sales to the United States of $2,632 million (2023 - $2,034 million).
(b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Revenues
        Second Quarter
millions of Canadian dollars2024 2023 
Revenue from contracts with customers10,782 10,922 
Revenue outside the scope of ASC 606
2,566 842 
Total13,348 11,764 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.



10

IMPERIAL OIL LIMITED
Six Months to June 30
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
71 137 24,865 22,994 661 690 
Intersegment sales
8,644 7,141 3,387 3,188 175 180 
Investment and other income (note 3)
5 12 21 35 1 — 
8,720 7,290 28,273 26,217 837 870 
Expenses
Exploration2 2 — — — — 
Purchases of crude oil and products
3,713 2,975 24,535 22,329 516 537 
Production and manufacturing2,391 2,543 856 886 101 112 
Selling and general— — 333 317 49 48 
Federal excise tax and fuel charge— — 1,245 1,125 2 2 
Depreciation and depletion828 832 91 89 8 8 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
2 — — — — — 
Total expenses6,936 6,352 27,060 24,746 676 707 
Income (loss) before income taxes1,784 938 1,213 1,471 161 163 
Income tax expense (benefit)427 224 288 351 39 39 
Net income (loss)
1,357 714 925 1,120 122 124 
Cash flows from (used in) operating activities
2,053 175 391 (191)71 23 
Capital and exploration expenditures (c)
557 624 302 226 8 9 
Total assets as at June 30
28,505 28,603 12,016 9,629 503 482 
Six Months to June 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
— — — — 25,597 23,821 
Intersegment sales
— — (12,206)(10,509)— — 
Investment and other income (note 3)
42 72 — — 69 119 
42 72 (12,206)(10,509)25,666 23,940 
Expenses
Exploration— — — — 2 2 
Purchases of crude oil and products
— — (12,202)(10,507)16,562 15,334 
Production and manufacturing5 — — — 3,353 3,541 
Selling and general89 29 (4)(2)467 392 
Federal excise tax and fuel charge— — — — 1,247 1,127 
Depreciation and depletion19 14 — — 946 943 
Non-service pension and postretirement benefit2 40 — — 2 40 
Financing (note 5)
24 32 — — 26 32 
Total expenses139 115 (12,206)(10,509)22,605 21,411 
Income (loss) before income taxes(97)(43)— — 3,061 2,529 
Income tax expense (benefit)(21)(8)— — 733 606 
Net income (loss)
(76)(35)— — 2,328 1,923 
Cash flows from (used in) operating activities
190 57 — — 2,705 64 
Capital and exploration expenditures (c)
91 63 — — 958 922 
Total assets as at June 30
3,528 3,915 (417)(503)44,135 42,126 
11

IMPERIAL OIL LIMITED
(a)Includes export sales to the United States of $5,010 million (2023 - $4,409 million).
(b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Revenues
       Six Months
       to June 30
millions of Canadian dollars2024 2023 
Revenue from contracts with customers20,511 21,442 
Revenue outside the scope of ASC 606
5,086 2,379 
Total25,597 23,821 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.

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 dollars2024 2023 2024 2023 
Proceeds from asset sales3 9 7 23 
Book value of asset sales2 (4)4 1 
Gain (loss) on asset sales, before tax
1 13 3 22 
Gain (loss) on asset sales, after tax
1 10 3 18 
4.    Employee retirement benefits
The components of net benefit cost were as follows:
 
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Pension benefits:
Service cost46 40 92 81 
Interest cost92 93 183 186 
Expected return on plan assets(114)(93)(227)(186)
Amortization of prior service cost7 4 14 8 
Amortization of actuarial loss (gain)12 11 24 22 
Net benefit cost43 55 86 111 
Other postretirement benefits:   
Service cost3 3 7 6 
Interest cost6 7 12 14 
Amortization of actuarial loss (gain)(2)(2)(4)(4)
Net benefit cost7 8 15 16 
5.    Financing costs
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Debt-related interest
52 49 104 95 
Capitalized interest
(39)(33)(80)(63)
Net interest expense
13 16 24 32 
Other interest
1 — 2 — 
Total financing
14 16 26 32 


13

IMPERIAL OIL LIMITED
6.    Long-term debt
As at
Jun 30
As at
Dec 31
millions of Canadian dollars2024 2023 
Long-term debt
3,447 3,447 
Finance leases
554 564 
Total long-term debt4,001 4,011 
In June 2024, the company extended the maturity date of its existing long-term, variable-rate, Canadian dollar loan from ExxonMobil to June 30, 2035. All other terms and conditions remain unchanged.
7.    Other long-term obligations
 
As at
Jun 30
As at
Dec 31
millions of Canadian dollars2024 2023 
Employee retirement benefits (a)
932 954 
Asset retirement obligations and other environmental liabilities (b)
2,590 2,564 
Share-based incentive compensation liabilities
144 90 
Operating lease liability (c)
153 111 
Other obligations
124 132 
Total other long-term obligations3,943 3,851 
(a)Total recorded employee retirement benefits obligations also included $62 million in current liabilities (2023 - $62 million).
(b)Total asset retirement obligations and other environmental liabilities also included $221 million in current liabilities (2023 - $235 million).
(c)Total operating lease liability also included $102 million in current liabilities (2023 - $87 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $62 million (2023 - $54 million).


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, 2024 and December 31, 2023, the fair value of long-term debt ($3,447 million, excluding finance lease obligations) was primarily a level 2 measurement.
Derivative instruments
The company’s size, strong capital structure and the complementary nature of its business segments reduce the company’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the company uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated statement of income on a net basis in the line "Revenues" and in the Consolidated statement of cash flows in "Cash flows from (used in) operating activities". The company’s commodity derivatives are not accounted for under hedge accounting.
Credit risk associated with the company’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The company maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments was:
 
As at
Jun 30
As at Dec 31
thousands of barrels20242023
Crude10,620 (4,450)
Products(1,880)(490)
Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis:
 
      Second Quarter
    Six Months
            to June 30
millions of Canadian dollars2024 2023 2024 2023 
Revenues11 10 (13)(13)


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, 2024
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
58 41 — 99 (58)— 41 
Liabilities
Derivative liabilities (b)
58 33 — 91 (58)— 33 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At December 31, 2023
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
28 18 — 46 (16)(12)18 
Liabilities
Derivative liabilities (b)
16 31 — 47 (16)— 31 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At June 30, 2024 and December 31, 2023, the company had $17 million and $24 million, respectively, of collateral under a master netting arrangement not offset against the derivatives on the Consolidated balance sheet in “Accounts receivable - net”, primarily related to initial margin requirements.
16

IMPERIAL OIL LIMITED
9.    Common shares
As at
Jun 30
As at
Dec 31
thousands of shares20242023
Authorized1,100,000 1,100,000 
Outstanding535,837 535,837 
The current 12-month normal course issuer bid program came into effect June 29, 2024 under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 26,791,840 common shares (5 percent of the total shares on June 15, 2024) which includes shares purchased under the normal course issuer bid from Exxon Mobil Corporation. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. Imperial plans to accelerate its share purchases under the normal course issuer bid program, and anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.
The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.
The company’s common share activities are summarized below:
 Thousands of
 shares 		Millions of
 dollars
Balance as at December 31, 2022
584,153 1,079 
Purchases at stated value(48,316)(87)
Balance as at December 31, 2023
535,837 992 
Purchases at stated value— — 
Balance as at June 30, 2024
535,837 992 
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
 
      Second Quarter
       Six Months
       to June 30
2024202320242023
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
1,1336752,3281,923
Weighted-average number of common shares outstanding (millions of shares)
535.8584.2535.8584.2
Net income (loss) per common share (dollars)
2.111.164.343.29
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
1,1336752,3281,923
Weighted-average number of common shares outstanding (millions of shares)
535.8584.2535.8584.2
Effect of employee share-based awards (millions of shares)
1.21.11.21.1
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
537.0585.3537.0585.3
Net income (loss) per common share (dollars)
2.111.154.343.29
Dividends per common share – declared (dollars)
0.600.501.200.94
17

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

Changes in accumulated other comprehensive income (loss):

millions of Canadian dollars2024 2023 
Balance at January 1(677)(512)
Postretirement benefits liability adjustment:
Current period change excluding amounts reclassified
       from accumulated other comprehensive income
4 21 
Amounts reclassified from accumulated other comprehensive income25 20 
Balance at June 30(648)(471)

Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
 
      Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost (a)
(17)(13)(34)(26)
(a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4).

Income tax expense (credit) for components of other comprehensive income (loss):
      Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization)(1)— — 7 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost
4 3 9 6 
Total3 3 9 13 

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 2024 and 2023 periods.
19

IMPERIAL OIL LIMITED
Recent business environment

In the first half of 2024, the price of crude oil remained relatively flat compared to the fourth quarter of 2023. The Canadian WTI/WCS spread continued to narrow in the second quarter, primarily due to additional pipeline capacity coming online. Refining margins fell as increasing supply more than met growing demand and geopolitical trade-flow disruptions lessened.
Operating results
Second quarter 2024 vs. second quarter 2023
 
        Second Quarter
millions of Canadian dollars, unless noted20242023
Net income (loss) (U.S. GAAP)
1,133675
Net income (loss) per common share, assuming dilution (dollars)
2.111.15
Upstream
Net income (loss) factor analysis
millions of Canadian dollars
78

Price – Average bitumen realizations increased by $14.38 per barrel, primarily driven by higher marker prices and the narrowing of the WTI/WCS spread. Synthetic crude oil realizations increased by $10.64 per barrel, generally in line with WTI.

Volumes – Higher volumes were primarily driven by higher mine fleet productivity and optimized turnaround at Kearl, production and steam cycle timing and GRP1 production at Cold Lake.

Royalty – Higher royalties were primarily driven by improved commodity prices.


Marker prices and average realizations
 
       Second Quarter
Canadian dollars, unless noted2024 2023 
West Texas Intermediate (US$ per barrel)
80.63 73.56 
Western Canada Select (US$ per barrel)
67.03 58.49 
WTI/WCS Spread (US$ per barrel)
13.60 15.07 
Bitumen (per barrel)
83.02 68.64 
Synthetic crude oil (per barrel)
111.56 100.92 
Average foreign exchange rate (US$)
0.73 0.74 
20

IMPERIAL OIL LIMITED
Production
 
       Second Quarter
thousands of barrels per day2024 2023 
Kearl (Imperial's share)
181 154 
Cold Lake
147 132 
Syncrude (a)
66 66 
Kearl total gross production (thousands of barrels per day)
255 217 
(a)In the second quarter of 2024, Syncrude gross production included about 2 thousand barrels per day of bitumen and other products (2023 - 0 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 higher mine fleet productivity and optimized turnaround.

Higher production at Cold Lake was primarily driven by production and steam cycle timing, and GRP1 production.
Downstream
Net income (loss) factor analysis
millions of Canadian dollars
81

Margins – Lower margins primarily reflect weaker market conditions.

Other – Primarily due to lower turnaround impacts of about $140 million.
Refinery utilization and petroleum product sales
 
       Second Quarter
thousands of barrels per day, unless noted2024 2023 
Refinery throughput387 388 
Refinery capacity utilization (percent)
89 90 
Petroleum product sales470 475 

Refinery throughput in the second quarter of 2024 reflects the impact of turnaround activities at the Sarnia and Strathcona refineries. Refinery throughput in the second quarter of 2023 reflected the impact of turnaround activities at the Strathcona refinery.
Chemicals
Net income (loss) factor analysis
millions of Canadian dollars
80
21

IMPERIAL OIL LIMITED
Corporate and other
 
       Second Quarter
millions of Canadian dollars2024 2023 
Net income (loss) (U.S. GAAP)
(25)(30)
Liquidity and capital resources
 
         Second Quarter
millions of Canadian dollars2024 2023 
Cash flows from (used in):  
Operating activities1,629 885 
Investing activities(456)(489)
Financing activities(329)(263)
Increase (decrease) in cash and cash equivalents844 133 
Cash and cash equivalents at period end2,020 2,376 

Cash flows from operating activities primarily reflect higher Upstream realizations and volumes, and favourable working capital impacts.

Cash flows used in investing activities primarily reflect lower additions to property, plant and equipment.

Cash flows used in financing activities primarily reflect:
 
       Second Quarter
millions of Canadian dollars, unless noted2024 2023 
Dividends paid
321 257 
Per share dividend paid (dollars)
0.60 0.44 
Share repurchases (a)
— — 
  Number of shares purchased (millions) (a)
— — 
(a)The company did not purchase any shares during the second quarter of 2024 and 2023.

On June 24, 2024, 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. Shareholders may obtain a copy of the Notice of Intention to Make a Normal Course Issuer Bid approved by the TSX without charge by contacting the company. The program enables the company to purchase up to a maximum of 26,791,840 common shares during the period June 29, 2024 to June 28, 2025. This maximum includes shares purchased under the normal course issuer bid from Exxon Mobil Corporation. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. The program will end should the company purchase the maximum allowable number of shares or otherwise on June 28, 2025. 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.

In June 2024, the company extended the maturity date of its existing long-term, variable-rate, Canadian dollar loan from ExxonMobil to June 30, 2035. All other terms and conditions remain unchanged.
22

IMPERIAL OIL LIMITED
Six months 2024 vs. six months 2023
 
        Six Months
millions of Canadian dollars, unless noted20242023
Net income (loss) (U.S. GAAP)
2,3281,923
Net income (loss) per common share, assuming dilution (dollars)
4.343.29
Upstream
Net income (loss) factor analysis
millions of Canadian dollars
79
Price – Average bitumen realizations increased by $15.76 per barrel, primarily driven by higher marker prices and the narrowing WTI/WCS spread. Synthetic crude oil realizations increased by $0.37 per barrel, primarily driven by higher WTI, partly offset by a weaker Synthetic/WTI spread.

Volumes – Higher volumes were primarily driven by higher mine fleet productivity and optimized turnaround at Kearl, production and steam cycle timing and GRP1 production at Cold Lake.

Royalty – Higher royalties were primarily driven by improved commodity prices.

Other – Includes lower operating expenses of about $120 million, primarily from lower energy prices, partially offset by lower electricity sales at Cold Lake due to lower prices.
Marker prices and average realizations
 
       Six Months
Canadian dollars, unless noted2024 2023 
West Texas Intermediate (US$ per barrel)
78.77 74.77 
Western Canada Select (US$ per barrel)
62.34 54.92 
WTI/WCS Spread (US$ per barrel)
16.43 19.85 
Bitumen (per barrel)
74.70 58.94 
Synthetic crude oil (per barrel)
102.10 101.73 
Average foreign exchange rate (US$)
0.74 0.74 
23

IMPERIAL OIL LIMITED
Production
 
       Six Months
thousands of barrels per day2024 2023 
Kearl (Imperial's share)
189 169 
Cold Lake
144 137 
Syncrude (a)
70 71 
Kearl total gross production (thousands of barrels per day)
266 238 
(a)In 2024, Syncrude gross production included about 1 thousand barrels per day of bitumen and other products (2023 - 1 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 higher mine fleet productivity and optimized turnaround.
Downstream
Net income (loss) factor analysis
millions of Canadian dollars

82

Margins – Lower margins primarily reflect weaker market conditions.

Other – Primarily due to lower turnaround impacts of about $150 million.
Refinery utilization and petroleum product sales
 
        Six Months
thousands of barrels per day, unless noted2024 2023 
Refinery throughput397 403 
Refinery capacity utilization (percent)
92 93 
Petroleum product sales460 465 

Refinery throughput in 2024 reflects the impact of turnaround activities at the Sarnia and Strathcona refineries. Refinery throughput in 2023 reflected the impact of turnaround activities at the Strathcona refinery.
Chemicals
Net income (loss) factor analysis
millions of Canadian dollars

80
24

IMPERIAL OIL LIMITED
Corporate and other
        Six Months
millions of Canadian dollars2024 2023 
Net income (loss) (U.S. GAAP)
(76)(35)
Liquidity and capital resources

 
        Six Months
millions of Canadian dollars2024 2023 
Cash flows from (used in):  
Operating activities2,705 64 
Investing activities(937)(903)
Financing activities(612)(534)
Increase (decrease) in cash and cash equivalents1,156 (1,373)

Cash flows from operating activities primarily reflect the absence of unfavourable working capital impacts mainly related to an income tax catch-up payment of $2.1 billion in the prior year.

Cash flows used in investing activities primarily reflect higher additions to property, plant and equipment.

Cash flows used in financing activities primarily reflect:
        Six Months
millions of Canadian dollars, unless noted2024 2023 
Dividends paid
599 523 
Per share dividend paid (dollars)
1.10 0.88 
Share repurchases (a)
— — 
  Number of shares purchased (millions) (a)
— — 
(a)The company did not purchase any shares during the six months ended June 30, 2024 and 2023.

Contractual obligations

As previously communicated, in the first quarter of 2024, the company entered into a long-term purchase agreement with a third party for about $2 billion. It has no material impact on the 2024 and 2025 obligations disclosed in Imperial's 2023 annual report on Form 10-K. The company does not believe that the additional obligation will have a material effect on Imperial's operations, financial condition or financial statements.
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 company’s purchases under the normal course issuer bid and plans to accelerate completion prior to year end; the use of derivative instruments and effectiveness of risk mitigation; and the company’s belief that the commitment related to the long-term purchase agreement will not have a material effect on the company’s operations, financial condition or financial statements.

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 future energy demand, supply and mix; production rates, growth and mix across various assets; 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, including the Cold Lake Grand Rapids Phase 1 project, the Strathcona renewable diesel project and the Leming SAGD redevelopment project; capital and environmental expenditures; the ability to offset any ongoing inflationary pressures; applicable laws and government policies, including with respect to climate change, greenhouse gas emissions reductions and low carbon fuels; cash generation, financing sources and capital structure, such as dividends and shareholder returns, including the timing and amounts of share repurchases; 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, and the occurrence of wars; political or regulatory events, including changes in law or government policy, applicable royalty rates, and tax laws; third-party opposition to company and service provider operations, projects and infrastructure; failure, delay or uncertainty regarding supportive policy and market development for the adoption of emerging lower emission energy technologies and other technologies that support emissions reductions; the receipt, in a timely manner, of regulatory and third-party approvals, including for new technologies that will help the company meet its lower emissions goals; 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; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; management effectiveness and disaster response preparedness; operational hazards and risks; cybersecurity incidents; currency exchange rates; general economic conditions, including inflation and the occurrence and duration of economic recessions or downturns; 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’s most recent annual report on Form 10-K.

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, 2024, does not differ materially from that discussed on page 34 of the company’s annual report on Form 10-K for the year ended December 31, 2023.
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, 2024. 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 2024
    
(April 1 - April 30)
— — — — 
May 2024
(May 1 - May 31)
— — — — 
June 2024
  
(June 1 - June 30)— — — — 
(a)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 to continue its existing share purchase program. The program enabled 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 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 19, 2023 as a result of the company purchasing the maximum allowable number of shares under the program.

(b)On June 24, 2024, 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. Shareholders may obtain a copy of the Notice of Intention to Make a Normal Course Issuer Bid approved by the TSX without charge by contacting the company. The program enables the company to purchase up to a maximum of 26,791,840 common shares during the period June 29, 2024 to June 28, 2025. This maximum includes shares purchased under the normal course issuer bid from Exxon Mobil Corporation. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. The program will end should the company purchase the maximum allowable number of shares or otherwise on June 28, 2025. 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 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, 2024, 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 5, 2024
/s/ Daniel E. Lyons
(Signature)
Daniel E. Lyons
Senior vice-president, finance and
administration, and controller
(Principal accounting officer)
Date:August 5, 2024
/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 5, 2024
/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 5, 2024
/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, 2024 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 5, 2024
/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, 2024 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 5, 2024
/s/ Daniel E. Lyons
Daniel E. Lyons
Senior vice-president, finance and
administration, and controller
(Chief financial officer)

v3.24.2.u1
Cover Page
 6 Months Ended
Jun. 30, 2024
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Jun. 30, 2024
Document Transition Report false
Entity File Number 0-12014
Entity Registrant Name IMPERIAL OIL LIMITED
Entity Incorporation, State or Country Code Z4
Entity Tax Identification Number 98-0017682
Entity Address, Address Line One 505 Quarry Park Boulevard S.E.
Entity Address, City or Town Calgary
Entity Address, State or Province AB
Entity Address, Country CA
Entity Address, Postal Zip Code T2C 5N1
City Area Code 800
Local Phone Number 567-3776
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 535,836,803
Amendment Flag false
Document Fiscal Year Focus 2024
Document Fiscal Period Focus Q2
Entity Central Index Key 0000049938
Current Fiscal Year End Date --12-31
v3.24.2.u1
Consolidated statement of income (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues and other income        
Revenues [1] $ 13,348 $ 11,764 $ 25,597 $ 23,821
Investment and other income (note 3) 35 55 69 119
Total revenues and other income 13,383 11,819 25,666 23,940
Expenses        
Exploration 1 1 2 2
Purchases of crude oil and products [2] 8,856 7,856 16,562 15,334
Production and manufacturing [3] 1,689 1,785 3,353 3,541
Selling and general [3] 221 206 467 392
Federal excise tax and fuel charge 656 598 1,247 1,127
Depreciation and depletion 456 453 946 943
Non-service pension and postretirement benefit 1 20 2 40
Financing [4] 14 16 26 32
Total expenses 11,894 10,935 22,605 21,411
Income (loss) before income taxes 1,489 884 3,061 2,529
Income taxes 356 209 733 606
Net income (loss) $ 1,133 $ 675 $ 2,328 $ 1,923
Per share information (Canadian dollars)        
Net income (loss) per common share - basic (note 9) (in CAD per share) $ 2.11 $ 1.16 $ 4.34 $ 3.29
Net income (loss) per common share - diluted (note 9) (in CAD per share) $ 2.11 $ 1.15 $ 4.34 $ 3.29
[1]
(a) Amounts from related parties included in revenues.2,946 3,556 5,675 6,692 
[2]
(b) Amounts to related parties included in purchases of crude oil and products.838 964 1,823 2,042 
[3]
(c) Amounts to related parties included in production and manufacturing, and selling
and general expenses.		135 125 285 260 
[4]
(d) Amounts to related parties included in financing.43 41 87 80 
v3.24.2.u1
Consolidated statement of income (U.S. GAAP, unaudited) (Parenthetical) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Amounts from related parties included in revenues [1] $ 13,348 $ 11,764 $ 25,597 $ 23,821
Amounts to related parties included in purchases of crude oil and products [2] 8,856 7,856 16,562 15,334
Amounts to related parties included in financing [3] 14 16 26 32
Related Party        
Amounts from related parties included in revenues 2,946 3,556 5,675 6,692
Amounts to related parties included in purchases of crude oil and products 838 964 1,823 2,042
Amounts to related parties included in production and manufacturing, and selling and general expenses 135 125 285 260
Amounts to related parties included in financing $ 43 $ 41 $ 87 $ 80
[1]
(a) Amounts from related parties included in revenues.2,946 3,556 5,675 6,692 
[2]
(b) Amounts to related parties included in purchases of crude oil and products.838 964 1,823 2,042 
[3]
(d) Amounts to related parties included in financing.43 41 87 80 
v3.24.2.u1
Consolidated statement of comprehensive income (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 1,133 $ 675 $ 2,328 $ 1,923
Other comprehensive income (loss), net of income taxes        
Postretirement benefits liability adjustment (excluding amortization) 0 0 4 21
Amortization of postretirement benefits liability adjustment included in net benefit costs 13 10 25 20
Total other comprehensive income (loss) 13 10 29 41
Comprehensive income (loss) $ 1,146 $ 685 $ 2,357 $ 1,964
v3.24.2.u1
Consolidated balance sheet (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Current assets    
Cash and cash equivalents $ 2,020 $ 864
Accounts receivable - net [1] 6,070 4,482
Inventories of crude oil and products 1,889 1,944
Materials, supplies and prepaid expenses 1,017 1,008
Total current assets 10,996 8,298
Investments and long-term receivables [2] 1,076 1,062
Property, plant and equipment, 57,134 56,200
less accumulated depreciation and depletion (26,291) (25,365)
Property, plant and equipment, net 30,843 30,835
Goodwill 166 166
Other assets, including intangibles - net 1,054 838
Total assets 44,135 41,199
Current liabilities    
Notes and loans payable 118 121
Accounts payable and accrued liabilities (note 7) [1] 7,665 6,231
Income taxes payable 90 251
Total current liabilities 7,873 6,603
Long-term debt (note 6) [3] 4,001 4,011
Other long-term obligations (note 7) 3,943 3,851
Deferred income tax liabilities 4,382 4,512
Total liabilities 20,199 18,977
Shareholders’ equity    
Common shares at stated value (note 9) [4] 992 992
Earnings reinvested 23,592 21,907
Accumulated other comprehensive income (loss) (note 10) (648) (677)
Total shareholders’ equity 23,936 22,222
Total liabilities and shareholders’ equity $ 44,135 $ 41,199
[1]
Accounts receivable - net included net amounts receivable from related parties.1,3441,048
[2]
Investments and long-term receivables included amounts from related parties.269283
[3]
Long-term debt included amounts to related parties.3,4473,447
[4]
Number of common shares authorized (millions).1,1001,100
Number of common shares outstanding (millions).536536
v3.24.2.u1
Consolidated balance sheet (U.S. GAAP, unaudited) (Parenthetical) - CAD ($)
shares in Thousands, $ in Millions
Jun. 30, 2024
Dec. 31, 2023
Investments and long-term receivables, related party amount [1] $ 1,076 $ 1,062
Long-term debt, related party amount $ 3,447 $ 3,447
Common shares authorized (in shares) 1,100,000 1,100,000
Common shares outstanding (in shares) 536,000 536,000
Related Party    
Accounts receivable, net, related party amount $ 1,344 $ 1,048
Investments and long-term receivables, related party amount 269 283
Long-term debt, related party amount $ 3,447 $ 3,447
[1]
Investments and long-term receivables included amounts from related parties.269283
v3.24.2.u1
Consolidated statement of shareholders' equity (U.S GAAP, unaudited) - CAD ($)
$ in Millions
Total
Common shares at stated value (note 9)
Earnings reinvested
Accumulated other comprehensive income (loss) (note 10)
At beginning of period at Dec. 31, 2022   $ 1,079 $ 21,846 $ (512)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   0    
Net income (loss) for the period $ 1,923   1,923  
Share purchases in excess of stated value     0  
Dividends declared     (549)  
Other comprehensive income (loss) 41     41
At end of period at Jun. 30, 2023 23,828 1,079 23,220 (471)
At beginning of period at Dec. 31, 2022   1,079 21,846 (512)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   (87)    
At end of period at Dec. 31, 2023 22,222 992 21,907 (677)
At beginning of period at Mar. 31, 2023   1,079 22,837 (481)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   0    
Net income (loss) for the period 675   675  
Share purchases in excess of stated value     0  
Dividends declared     (292)  
Other comprehensive income (loss) 10     10
At end of period at Jun. 30, 2023 23,828 1,079 23,220 (471)
At beginning of period at Dec. 31, 2023 22,222 992 21,907 (677)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   0    
Net income (loss) for the period 2,328   2,328  
Share purchases in excess of stated value     0  
Dividends declared     (643)  
Other comprehensive income (loss) 29     29
At end of period at Jun. 30, 2024 23,936 992 23,592 (648)
At beginning of period at Mar. 31, 2024   992 22,781 (661)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   0    
Net income (loss) for the period 1,133   1,133  
Share purchases in excess of stated value     0  
Dividends declared     (322)  
Other comprehensive income (loss) 13     13
At end of period at Jun. 30, 2024 $ 23,936 $ 992 $ 23,592 $ (648)
v3.24.2.u1
Consolidated statement of cash flows (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Operating activities        
Net income (loss) $ 1,133 $ 675 $ 2,328 $ 1,923
Adjustments for non-cash items:        
Depreciation and depletion 456 453 946 943
(Gain) loss on asset sales (note 3) (1) (13) (3) (22)
Deferred income taxes and other (75) (15) (239) (71)
Changes in operating assets and liabilities:        
Accounts receivable (866) (302) (1,588) 134
Inventories, materials, supplies and prepaid expenses 246 420 50 (59)
Income taxes payable 73 (321) (161) (2,398)
Accounts payable and accrued liabilities 668 (48) 1,375 (303)
All other items - net [1] (5) 36 (3) (83)
Cash flows from (used in) operating activities 1,629 885 2,705 64
Investing activities        
Additions to property, plant and equipment (461) (499) (958) (928)
Proceeds from asset sales (note 3) 3 9 7 23
Loans to equity companies - net 2 1 14 2
Cash flows from (used in) investing activities (456) (489) (937) (903)
Financing activities        
Finance lease obligations - reduction (note 6) (8) (6) (13) (11)
Dividends paid (321) (257) (599) (523)
Common shares purchased (note 9) 0 0 0 0
Cash flows from (used in) financing activities (329) (263) (612) (534)
Increase (decrease) in cash and cash equivalents 844 133 1,156 (1,373)
Cash and cash equivalents at beginning of period 1,176 2,243 864 3,749
Cash and cash equivalents at end of period [2] $ 2,020 $ 2,376 $ 2,020 $ 2,376
[1]
(b) Includes contributions to registered pension plans.(38)(44)(75)(86)
[2] (a) Cash equivalents are all highly liquid securities with maturity of three months or less.
v3.24.2.u1
Consolidated statement of cash flows (U.S. GAAP, unaudited) (Parenthetical) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Cash Flows [Abstract]        
Includes contributions to registered pension plans $ (38) $ (44) $ (75) $ (86)
Income taxes (paid) refunded. (434) (557) (1,134) (3,189)
Interest (paid), net of capitalization. $ (15) $ (16) $ (26) $ (37)
v3.24.2.u1
Basis of financial statement preparation
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of financial statement preparation Basis of financial statement preparation
These unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual consolidated financial statements filed with the U.S. Securities and Exchange Commission (SEC) in the company’s 2023 annual report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature.
The company’s exploration and production activities are accounted for under the “successful efforts” method.
The results for the six months ended June 30, 2024, are not necessarily indicative of the operations to be expected for the full year.
All amounts are in Canadian dollars unless otherwise indicated.
v3.24.2.u1
Business segments
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Business segments Business segments
Second Quarter
      Upstream
      Downstream
       Chemical
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
29 61 12,986 11,355 333 348 
Intersegment sales
4,522 3,519 1,639 1,365 85 89 
Investment and other income (note 3)
1 10 9 15 — — 
 4,552 3,590 14,634 12,735 418 437 
Expenses      
Exploration1 1 — — — — 
Purchases of crude oil and products
1,900 1,432 12,944 11,133 256 263 
Production and manufacturing1,203 1,256 435 475 48 54 
Selling and general— — 171 160 23 22 
Federal excise tax and fuel charge— — 655 597 1 1 
Depreciation and depletion396 398 46 44 4 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
1 — — — — — 
Total expenses3,501 3,087 14,251 12,409 332 344 
Income (loss) before income taxes1,051 503 383 326 86 93 
Income tax expense (benefit)252 119 89 76 21 22 
Net income (loss)
799 384 294 250 65 71 
Cash flows from (used in) operating activities
1,162 573 384 228 74 55 
Capital and exploration expenditures (c)
267 303 149 152 3 5 
Second Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
— — — — 13,348 11,764 
Intersegment sales
— — (6,246)(4,973)— — 
Investment and other income (note 3)
25 30 — — 35 55 
 25 30 (6,246)(4,973)13,383 11,819 
Expenses      
Exploration— — — — 1 1 
Purchases of crude oil and products
— — (6,244)(4,972)8,856 7,856 
Production and manufacturing3 — — — 1,689 1,785 
Selling and general29 25 (2)(1)221 206 
Federal excise tax and fuel charge— — — — 656 598 
Depreciation and depletion10 7 — — 456 453 
Non-service pension and postretirement benefit1 20 — — 1 20 
Financing (note 5)
13 16 — — 14 16 
Total expenses56 68 (6,246)(4,973)11,894 10,935 
Income (loss) before income taxes(31)(38)— — 1,489 884 
Income tax expense (benefit)(6)(8)— — 356 209 
Net income (loss)
(25)(30)— — 1,133 675 
Cash flows from (used in) operating activities
9 29 — — 1,629 885 
Capital and exploration expenditures (c)
43 33 — — 462 493 
Includes export sales to the United States of $2,632 million (2023 - $2,034 million).
(b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Revenues
        Second Quarter
millions of Canadian dollars2024 2023 
Revenue from contracts with customers10,782 10,922 
Revenue outside the scope of ASC 606
2,566 842 
Total13,348 11,764 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
Six Months to June 30
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
71 137 24,865 22,994 661 690 
Intersegment sales
8,644 7,141 3,387 3,188 175 180 
Investment and other income (note 3)
5 12 21 35 1 — 
8,720 7,290 28,273 26,217 837 870 
Expenses
Exploration2 2 — — — — 
Purchases of crude oil and products
3,713 2,975 24,535 22,329 516 537 
Production and manufacturing2,391 2,543 856 886 101 112 
Selling and general— — 333 317 49 48 
Federal excise tax and fuel charge— — 1,245 1,125 2 2 
Depreciation and depletion828 832 91 89 8 8 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
2 — — — — — 
Total expenses6,936 6,352 27,060 24,746 676 707 
Income (loss) before income taxes1,784 938 1,213 1,471 161 163 
Income tax expense (benefit)427 224 288 351 39 39 
Net income (loss)
1,357 714 925 1,120 122 124 
Cash flows from (used in) operating activities
2,053 175 391 (191)71 23 
Capital and exploration expenditures (c)
557 624 302 226 8 9 
Total assets as at June 30
28,505 28,603 12,016 9,629 503 482 
Six Months to June 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
— — — — 25,597 23,821 
Intersegment sales
— — (12,206)(10,509)— — 
Investment and other income (note 3)
42 72 — — 69 119 
42 72 (12,206)(10,509)25,666 23,940 
Expenses
Exploration— — — — 2 2 
Purchases of crude oil and products
— — (12,202)(10,507)16,562 15,334 
Production and manufacturing5 — — — 3,353 3,541 
Selling and general89 29 (4)(2)467 392 
Federal excise tax and fuel charge— — — — 1,247 1,127 
Depreciation and depletion19 14 — — 946 943 
Non-service pension and postretirement benefit2 40 — — 2 40 
Financing (note 5)
24 32 — — 26 32 
Total expenses139 115 (12,206)(10,509)22,605 21,411 
Income (loss) before income taxes(97)(43)— — 3,061 2,529 
Income tax expense (benefit)(21)(8)— — 733 606 
Net income (loss)
(76)(35)— — 2,328 1,923 
Cash flows from (used in) operating activities
190 57 — — 2,705 64 
Capital and exploration expenditures (c)
91 63 — — 958 922 
Total assets as at June 30
3,528 3,915 (417)(503)44,135 42,126 
Includes export sales to the United States of $5,010 million (2023 - $4,409 million).
(b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Revenues
       Six Months
       to June 30
millions of Canadian dollars2024 2023 
Revenue from contracts with customers20,511 21,442 
Revenue outside the scope of ASC 606
5,086 2,379 
Total25,597 23,821 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
v3.24.2.u1
Investment and other income
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Investment and other income Investment and other income
Investment and other income included gains and losses on asset sales as follows:
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Proceeds from asset sales3 9 7 23 
Book value of asset sales2 (4)4 1 
Gain (loss) on asset sales, before tax
1 13 3 22 
Gain (loss) on asset sales, after tax
1 10 3 18 
v3.24.2.u1
Employee retirement benefits
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Employee retirement benefits Employee retirement benefits
The components of net benefit cost were as follows:
 
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Pension benefits:
Service cost46 40 92 81 
Interest cost92 93 183 186 
Expected return on plan assets(114)(93)(227)(186)
Amortization of prior service cost7 4 14 8 
Amortization of actuarial loss (gain)12 11 24 22 
Net benefit cost43 55 86 111 
Other postretirement benefits:   
Service cost3 3 7 6 
Interest cost6 7 12 14 
Amortization of actuarial loss (gain)(2)(2)(4)(4)
Net benefit cost7 8 15 16 
v3.24.2.u1
Financing costs
 6 Months Ended
Jun. 30, 2024
Financing costs and additional notes and loans payable information [Abstract]  
Financing costs Financing costs
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Debt-related interest
52 49 104 95 
Capitalized interest
(39)(33)(80)(63)
Net interest expense
13 16 24 32 
Other interest
1 — 2 — 
Total financing
14 16 26 32 
v3.24.2.u1
Long-term debt
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
As at
Jun 30
As at
Dec 31
millions of Canadian dollars2024 2023 
Long-term debt
3,447 3,447 
Finance leases
554 564 
Total long-term debt4,001 4,011 
In June 2024, the company extended the maturity date of its existing long-term, variable-rate, Canadian dollar loan from ExxonMobil to June 30, 2035. All other terms and conditions remain unchanged.
v3.24.2.u1
Other long-term obligations
 6 Months Ended
Jun. 30, 2024
Other Liabilities Disclosure [Abstract]  
Other long-term obligations Other long-term obligations
 
As at
Jun 30
As at
Dec 31
millions of Canadian dollars2024 2023 
Employee retirement benefits (a)
932 954 
Asset retirement obligations and other environmental liabilities (b)
2,590 2,564 
Share-based incentive compensation liabilities
144 90 
Operating lease liability (c)
153 111 
Other obligations
124 132 
Total other long-term obligations3,943 3,851 
(a)Total recorded employee retirement benefits obligations also included $62 million in current liabilities (2023 - $62 million).
(b)Total asset retirement obligations and other environmental liabilities also included $221 million in current liabilities (2023 - $235 million).
(c)Total operating lease liability also included $102 million in current liabilities (2023 - $87 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $62 million (2023 - $54 million).
v3.24.2.u1
Financial and derivative instruments
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial and derivative instruments Financial and derivative instruments
Financial instruments
The fair value of the company’s financial instruments is determined by reference to various market data and other appropriate valuation techniques. There are no material differences between the fair value of the company’s financial instruments and the recorded carrying value. At June 30, 2024 and December 31, 2023, the fair value of long-term debt ($3,447 million, excluding finance lease obligations) was primarily a level 2 measurement.
Derivative instruments
The company’s size, strong capital structure and the complementary nature of its business segments reduce the company’s enterprise-wide risk from changes in commodity prices, currency rates and interest rates. In addition, the company uses commodity-based contracts, including derivatives, to manage commodity price risk and to generate returns from trading. Commodity contracts held for trading purposes are presented in the Consolidated statement of income on a net basis in the line "Revenues" and in the Consolidated statement of cash flows in "Cash flows from (used in) operating activities". The company’s commodity derivatives are not accounted for under hedge accounting.
Credit risk associated with the company’s derivative position is mitigated by several factors, including the use of derivative clearing exchanges and the quality of and financial limits placed on derivative counterparties. The company maintains a system of controls that includes the authorization, reporting and monitoring of derivative activity.
The net notional long/(short) position of derivative instruments was:
 
As at
Jun 30
As at Dec 31
thousands of barrels20242023
Crude10,620 (4,450)
Products(1,880)(490)
Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis:
 
      Second Quarter
    Six Months
            to June 30
millions of Canadian dollars2024 2023 2024 2023 
Revenues11 10 (13)(13)
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows:
At June 30, 2024
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
58 41 — 99 (58)— 41 
Liabilities
Derivative liabilities (b)
58 33 — 91 (58)— 33 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At December 31, 2023
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
28 18 — 46 (16)(12)18 
Liabilities
Derivative liabilities (b)
16 31 — 47 (16)— 31 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At June 30, 2024 and December 31, 2023, the company had $17 million and $24 million, respectively, of collateral under a master netting arrangement not offset against the derivatives on the Consolidated balance sheet in “Accounts receivable - net”, primarily related to initial margin requirements.
v3.24.2.u1
Common shares
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Common shares Common shares
As at
Jun 30
As at
Dec 31
thousands of shares20242023
Authorized1,100,000 1,100,000 
Outstanding535,837 535,837 
The current 12-month normal course issuer bid program came into effect June 29, 2024 under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 26,791,840 common shares (5 percent of the total shares on June 15, 2024) which includes shares purchased under the normal course issuer bid from Exxon Mobil Corporation. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. Imperial plans to accelerate its share purchases under the normal course issuer bid program, and anticipates repurchasing all remaining allowable shares prior to year end. Purchase plans may be modified at any time without prior notice.
The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.
The company’s common share activities are summarized below:
 Thousands of
 shares 		Millions of
 dollars
Balance as at December 31, 2022
584,153 1,079 
Purchases at stated value(48,316)(87)
Balance as at December 31, 2023
535,837 992 
Purchases at stated value— — 
Balance as at June 30, 2024
535,837 992 
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
 
      Second Quarter
       Six Months
       to June 30
2024202320242023
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
1,1336752,3281,923
Weighted-average number of common shares outstanding (millions of shares)
535.8584.2535.8584.2
Net income (loss) per common share (dollars)
2.111.164.343.29
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
1,1336752,3281,923
Weighted-average number of common shares outstanding (millions of shares)
535.8584.2535.8584.2
Effect of employee share-based awards (millions of shares)
1.21.11.21.1
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
537.0585.3537.0585.3
Net income (loss) per common share (dollars)
2.111.154.343.29
Dividends per common share – declared (dollars)
0.600.501.200.94
v3.24.2.u1
Other comprehensive income (loss) information
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Other comprehensive income (loss) information Other comprehensive income (loss) information
Changes in accumulated other comprehensive income (loss):

millions of Canadian dollars2024 2023 
Balance at January 1(677)(512)
Postretirement benefits liability adjustment:
Current period change excluding amounts reclassified
       from accumulated other comprehensive income
4 21 
Amounts reclassified from accumulated other comprehensive income25 20 
Balance at June 30(648)(471)

Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
 
      Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost (a)
(17)(13)(34)(26)
(a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4).

Income tax expense (credit) for components of other comprehensive income (loss):
      Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization)(1)— — 7 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost
4 3 9 6 
Total3 3 9 13 
v3.24.2.u1
Pay vs Performance Disclosure - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net income (loss) $ 1,133 $ 675 $ 2,328 $ 1,923
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Business segments (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Business segments
Second Quarter
      Upstream
      Downstream
       Chemical
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
29 61 12,986 11,355 333 348 
Intersegment sales
4,522 3,519 1,639 1,365 85 89 
Investment and other income (note 3)
1 10 9 15 — — 
 4,552 3,590 14,634 12,735 418 437 
Expenses      
Exploration1 1 — — — — 
Purchases of crude oil and products
1,900 1,432 12,944 11,133 256 263 
Production and manufacturing1,203 1,256 435 475 48 54 
Selling and general— — 171 160 23 22 
Federal excise tax and fuel charge— — 655 597 1 1 
Depreciation and depletion396 398 46 44 4 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
1 — — — — — 
Total expenses3,501 3,087 14,251 12,409 332 344 
Income (loss) before income taxes1,051 503 383 326 86 93 
Income tax expense (benefit)252 119 89 76 21 22 
Net income (loss)
799 384 294 250 65 71 
Cash flows from (used in) operating activities
1,162 573 384 228 74 55 
Capital and exploration expenditures (c)
267 303 149 152 3 5 
Second Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
— — — — 13,348 11,764 
Intersegment sales
— — (6,246)(4,973)— — 
Investment and other income (note 3)
25 30 — — 35 55 
 25 30 (6,246)(4,973)13,383 11,819 
Expenses      
Exploration— — — — 1 1 
Purchases of crude oil and products
— — (6,244)(4,972)8,856 7,856 
Production and manufacturing3 — — — 1,689 1,785 
Selling and general29 25 (2)(1)221 206 
Federal excise tax and fuel charge— — — — 656 598 
Depreciation and depletion10 7 — — 456 453 
Non-service pension and postretirement benefit1 20 — — 1 20 
Financing (note 5)
13 16 — — 14 16 
Total expenses56 68 (6,246)(4,973)11,894 10,935 
Income (loss) before income taxes(31)(38)— — 1,489 884 
Income tax expense (benefit)(6)(8)— — 356 209 
Net income (loss)
(25)(30)— — 1,133 675 
Cash flows from (used in) operating activities
9 29 — — 1,629 885 
Capital and exploration expenditures (c)
43 33 — — 462 493 
Includes export sales to the United States of $2,632 million (2023 - $2,034 million).
(b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Revenues
        Second Quarter
millions of Canadian dollars2024 2023 
Revenue from contracts with customers10,782 10,922 
Revenue outside the scope of ASC 606
2,566 842 
Total13,348 11,764 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
Six Months to June 30
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
71 137 24,865 22,994 661 690 
Intersegment sales
8,644 7,141 3,387 3,188 175 180 
Investment and other income (note 3)
5 12 21 35 1 — 
8,720 7,290 28,273 26,217 837 870 
Expenses
Exploration2 2 — — — — 
Purchases of crude oil and products
3,713 2,975 24,535 22,329 516 537 
Production and manufacturing2,391 2,543 856 886 101 112 
Selling and general— — 333 317 49 48 
Federal excise tax and fuel charge— — 1,245 1,125 2 2 
Depreciation and depletion828 832 91 89 8 8 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
2 — — — — — 
Total expenses6,936 6,352 27,060 24,746 676 707 
Income (loss) before income taxes1,784 938 1,213 1,471 161 163 
Income tax expense (benefit)427 224 288 351 39 39 
Net income (loss)
1,357 714 925 1,120 122 124 
Cash flows from (used in) operating activities
2,053 175 391 (191)71 23 
Capital and exploration expenditures (c)
557 624 302 226 8 9 
Total assets as at June 30
28,505 28,603 12,016 9,629 503 482 
Six Months to June 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202420232024202320242023
Revenues and other income
Revenues (a) (b)
— — — — 25,597 23,821 
Intersegment sales
— — (12,206)(10,509)— — 
Investment and other income (note 3)
42 72 — — 69 119 
42 72 (12,206)(10,509)25,666 23,940 
Expenses
Exploration— — — — 2 2 
Purchases of crude oil and products
— — (12,202)(10,507)16,562 15,334 
Production and manufacturing5 — — — 3,353 3,541 
Selling and general89 29 (4)(2)467 392 
Federal excise tax and fuel charge— — — — 1,247 1,127 
Depreciation and depletion19 14 — — 946 943 
Non-service pension and postretirement benefit2 40 — — 2 40 
Financing (note 5)
24 32 — — 26 32 
Total expenses139 115 (12,206)(10,509)22,605 21,411 
Income (loss) before income taxes(97)(43)— — 3,061 2,529 
Income tax expense (benefit)(21)(8)— — 733 606 
Net income (loss)
(76)(35)— — 2,328 1,923 
Cash flows from (used in) operating activities
190 57 — — 2,705 64 
Capital and exploration expenditures (c)
91 63 — — 958 922 
Total assets as at June 30
3,528 3,915 (417)(503)44,135 42,126 
Includes export sales to the United States of $5,010 million (2023 - $4,409 million).
(b)Revenues include both revenue within the scope of ASC 606 and outside the scope of ASC 606. Trade receivables in "Accounts receivable – net" reported on the Consolidated balance sheet include both receivables within the scope of ASC 606 and outside the scope of ASC 606. Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives. Contractual terms, credit quality and type of customer are generally similar between contracts within the scope of ASC 606 and those outside it.
Revenues
       Six Months
       to June 30
millions of Canadian dollars2024 2023 
Revenue from contracts with customers20,511 21,442 
Revenue outside the scope of ASC 606
5,086 2,379 
Total25,597 23,821 
(c)Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions and the company’s share of similar costs for equity companies. CAPEX excludes the purchase of carbon emission credits.
Disaggregation of Revenue
Revenues
        Second Quarter
millions of Canadian dollars2024 2023 
Revenue from contracts with customers10,782 10,922 
Revenue outside the scope of ASC 606
2,566 842 
Total13,348 11,764 
Revenues
       Six Months
       to June 30
millions of Canadian dollars2024 2023 
Revenue from contracts with customers20,511 21,442 
Revenue outside the scope of ASC 606
5,086 2,379 
Total25,597 23,821 
v3.24.2.u1
Investment and other income (Tables)
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Investment and other income
Investment and other income included gains and losses on asset sales as follows:
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Proceeds from asset sales3 9 7 23 
Book value of asset sales2 (4)4 1 
Gain (loss) on asset sales, before tax
1 13 3 22 
Gain (loss) on asset sales, after tax
1 10 3 18 
v3.24.2.u1
Employee retirement benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Schedule of net benefit costs
The components of net benefit cost were as follows:
 
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Pension benefits:
Service cost46 40 92 81 
Interest cost92 93 183 186 
Expected return on plan assets(114)(93)(227)(186)
Amortization of prior service cost7 4 14 8 
Amortization of actuarial loss (gain)12 11 24 22 
Net benefit cost43 55 86 111 
Other postretirement benefits:   
Service cost3 3 7 6 
Interest cost6 7 12 14 
Amortization of actuarial loss (gain)(2)(2)(4)(4)
Net benefit cost7 8 15 16 
v3.24.2.u1
Financing costs (Tables)
 6 Months Ended
Jun. 30, 2024
Financing costs and additional notes and loans payable information [Abstract]  
Financing costs
       Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Debt-related interest
52 49 104 95 
Capitalized interest
(39)(33)(80)(63)
Net interest expense
13 16 24 32 
Other interest
1 — 2 — 
Total financing
14 16 26 32 
v3.24.2.u1
Long-term debt (Tables)
 6 Months Ended
Jun. 30, 2024
Debt Disclosure [Abstract]  
Long-term debt
As at
Jun 30
As at
Dec 31
millions of Canadian dollars2024 2023 
Long-term debt
3,447 3,447 
Finance leases
554 564 
Total long-term debt4,001 4,011 
v3.24.2.u1
Other long-term obligations (Tables)
 6 Months Ended
Jun. 30, 2024
Other Liabilities Disclosure [Abstract]  
Other long-term obligations
 
As at
Jun 30
As at
Dec 31
millions of Canadian dollars2024 2023 
Employee retirement benefits (a)
932 954 
Asset retirement obligations and other environmental liabilities (b)
2,590 2,564 
Share-based incentive compensation liabilities
144 90 
Operating lease liability (c)
153 111 
Other obligations
124 132 
Total other long-term obligations3,943 3,851 
(a)Total recorded employee retirement benefits obligations also included $62 million in current liabilities (2023 - $62 million).
(b)Total asset retirement obligations and other environmental liabilities also included $221 million in current liabilities (2023 - $235 million).
(c)Total operating lease liability also included $102 million in current liabilities (2023 - $87 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $62 million (2023 - $54 million).
v3.24.2.u1
Financial and derivative instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Notional Amounts of Outstanding Derivative Positions
The net notional long/(short) position of derivative instruments was:
 
As at
Jun 30
As at Dec 31
thousands of barrels20242023
Crude10,620 (4,450)
Products(1,880)(490)
Derivative Instruments, Gain (Loss)
Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax basis:
 
      Second Quarter
    Six Months
            to June 30
millions of Canadian dollars2024 2023 2024 2023 
Revenues11 10 (13)(13)
Summary of estimated fair value of financial instruments
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows:
At June 30, 2024
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
58 41 — 99 (58)— 41 
Liabilities
Derivative liabilities (b)
58 33 — 91 (58)— 33 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At December 31, 2023
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
28 18 — 46 (16)(12)18 
Liabilities
Derivative liabilities (b)
16 31 — 47 (16)— 31 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
v3.24.2.u1
Common shares (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Summary of common shares
As at
Jun 30
As at
Dec 31
thousands of shares20242023
Authorized1,100,000 1,100,000 
Outstanding535,837 535,837 
Common share activities
The company’s common share activities are summarized below:
 Thousands of
 shares 		Millions of
 dollars
Balance as at December 31, 2022
584,153 1,079 
Purchases at stated value(48,316)(87)
Balance as at December 31, 2023
535,837 992 
Purchases at stated value— — 
Balance as at June 30, 2024
535,837 992 
Calculation of basic and diluted earnings per share
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
 
      Second Quarter
       Six Months
       to June 30
2024202320242023
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
1,1336752,3281,923
Weighted-average number of common shares outstanding (millions of shares)
535.8584.2535.8584.2
Net income (loss) per common share (dollars)
2.111.164.343.29
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
1,1336752,3281,923
Weighted-average number of common shares outstanding (millions of shares)
535.8584.2535.8584.2
Effect of employee share-based awards (millions of shares)
1.21.11.21.1
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
537.0585.3537.0585.3
Net income (loss) per common share (dollars)
2.111.154.343.29
Dividends per common share – declared (dollars)
0.600.501.200.94
v3.24.2.u1
Other comprehensive income (loss) information (Tables)
 6 Months Ended
Jun. 30, 2024
Equity [Abstract]  
Changes in accumulated other comprehensive income (loss)
Changes in accumulated other comprehensive income (loss):

millions of Canadian dollars2024 2023 
Balance at January 1(677)(512)
Postretirement benefits liability adjustment:
Current period change excluding amounts reclassified
       from accumulated other comprehensive income
4 21 
Amounts reclassified from accumulated other comprehensive income25 20 
Balance at June 30(648)(471)
Amounts reclassified out of accumulated other comprehensive income (loss) - before tax income (expense)
Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
 
      Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost (a)
(17)(13)(34)(26)
(a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4).
Income tax expense (credit) for components of other comprehensive income (loss)
Income tax expense (credit) for components of other comprehensive income (loss):
      Second Quarter
       Six Months
       to June 30
millions of Canadian dollars2024 2023 2024 2023 
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization)(1)— — 7 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost
4 3 9 6 
Total3 3 9 13 
v3.24.2.u1
Business segments (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Revenues and other income          
Revenues [1] $ 13,348 $ 11,764 $ 25,597 $ 23,821  
Investment and other income (note 3) 35 55 69 119  
Total revenues and other income 13,383 11,819 25,666 23,940  
Expenses          
Exploration 1 1 2 2  
Purchases of crude oil and products [2] 8,856 7,856 16,562 15,334  
Production and manufacturing [3] 1,689 1,785 3,353 3,541  
Selling and general [3] 221 206 467 392  
Federal excise tax and fuel charge 656 598 1,247 1,127  
Depreciation and depletion 456 453 946 943  
Non-service pension and postretirement benefit 1 20 2 40  
Financing (note 5) [4] 14 16 26 32  
Total expenses 11,894 10,935 22,605 21,411  
Income (loss) before income taxes 1,489 884 3,061 2,529  
Income taxes 356 209 733 606  
Net income (loss) 1,133 675 2,328 1,923  
Cash flows from (used in) operating activities 1,629 885 2,705 64  
Capital and exploration expenditures 462 493 958 922  
Total assets as at June 30 44,135 42,126 44,135 42,126 $ 41,199
Corporate and other          
Revenues and other income          
Revenues 0 0 0 0  
Investment and other income (note 3) 25 30 42 72  
Total revenues and other income 25 30 42 72  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products 0 0 0 0  
Production and manufacturing 3 0 5 0  
Selling and general 29 25 89 29  
Federal excise tax and fuel charge 0 0 0 0  
Depreciation and depletion 10 7 19 14  
Non-service pension and postretirement benefit 1 20 2 40  
Financing (note 5) 13 16 24 32  
Total expenses 56 68 139 115  
Income (loss) before income taxes (31) (38) (97) (43)  
Income taxes (6) (8) (21) (8)  
Net income (loss) (25) (30) (76) (35)  
Cash flows from (used in) operating activities 9 29 190 57  
Capital and exploration expenditures 43 33 91 63  
Total assets as at June 30 3,528 3,915 3,528 3,915  
Eliminations          
Revenues and other income          
Revenues (6,246) (4,973) (12,206) (10,509)  
Total revenues and other income (6,246) (4,973) (12,206) (10,509)  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products (6,244) (4,972) (12,202) (10,507)  
Production and manufacturing 0 0 0 0  
Selling and general (2) (1) (4) (2)  
Federal excise tax and fuel charge 0 0 0 0  
Depreciation and depletion 0 0 0 0  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 0 0 0 0  
Total expenses (6,246) (4,973) (12,206) (10,509)  
Income (loss) before income taxes 0 0 0 0  
Income taxes 0 0 0 0  
Net income (loss) 0 0 0 0  
Cash flows from (used in) operating activities 0 0 0 0  
Capital and exploration expenditures 0 0 0 0  
Total assets as at June 30 (417) (503) (417) (503)  
Upstream | Intersegment Eliminations          
Revenues and other income          
Revenues 4,522 3,519 8,644 7,141  
Upstream | Operating Segments          
Revenues and other income          
Revenues 29 61 71 137  
Investment and other income (note 3) 1 10 5 12  
Total revenues and other income 4,552 3,590 8,720 7,290  
Expenses          
Exploration 1 1 2 2  
Purchases of crude oil and products 1,900 1,432 3,713 2,975  
Production and manufacturing 1,203 1,256 2,391 2,543  
Selling and general 0 0 0 0  
Federal excise tax and fuel charge 0 0 0 0  
Depreciation and depletion 396 398 828 832  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 1 0 2 0  
Total expenses 3,501 3,087 6,936 6,352  
Income (loss) before income taxes 1,051 503 1,784 938  
Income taxes 252 119 427 224  
Net income (loss) 799 384 1,357 714  
Cash flows from (used in) operating activities 1,162 573 2,053 175  
Capital and exploration expenditures 267 303 557 624  
Total assets as at June 30 28,505 28,603 28,505 28,603  
Downstream | Intersegment Eliminations          
Revenues and other income          
Revenues 1,639 1,365 3,387 3,188  
Downstream | Operating Segments          
Revenues and other income          
Revenues 12,986 11,355 24,865 22,994  
Investment and other income (note 3) 9 15 21 35  
Total revenues and other income 14,634 12,735 28,273 26,217  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products 12,944 11,133 24,535 22,329  
Production and manufacturing 435 475 856 886  
Selling and general 171 160 333 317  
Federal excise tax and fuel charge 655 597 1,245 1,125  
Depreciation and depletion 46 44 91 89  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 0 0 0 0  
Total expenses 14,251 12,409 27,060 24,746  
Income (loss) before income taxes 383 326 1,213 1,471  
Income taxes 89 76 288 351  
Net income (loss) 294 250 925 1,120  
Cash flows from (used in) operating activities 384 228 391 (191)  
Capital and exploration expenditures 149 152 302 226  
Total assets as at June 30 12,016 9,629 12,016 9,629  
Chemical | Intersegment Eliminations          
Revenues and other income          
Revenues 85 89 175 180  
Chemical | Operating Segments          
Revenues and other income          
Revenues 333 348 661 690  
Investment and other income (note 3) 0 0 1 0  
Total revenues and other income 418 437 837 870  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products 256 263 516 537  
Production and manufacturing 48 54 101 112  
Selling and general 23 22 49 48  
Federal excise tax and fuel charge 1 1 2 2  
Depreciation and depletion 4 4 8 8  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 0 0 0 0  
Total expenses 332 344 676 707  
Income (loss) before income taxes 86 93 161 163  
Income taxes 21 22 39 39  
Net income (loss) 65 71 122 124  
Cash flows from (used in) operating activities 74 55 71 23  
Capital and exploration expenditures 3 5 8 9  
Total assets as at June 30 $ 503 $ 482 $ 503 $ 482  
[1]
(a) Amounts from related parties included in revenues.2,946 3,556 5,675 6,692 
[2]
(b) Amounts to related parties included in purchases of crude oil and products.838 964 1,823 2,042 
[3]
(c) Amounts to related parties included in production and manufacturing, and selling
and general expenses.		135 125 285 260 
[4]
(d) Amounts to related parties included in financing.43 41 87 80 
v3.24.2.u1
Business segments - Table Narrative (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Revenue from contracts with customers $ 10,782 $ 10,922 $ 20,511 $ 21,442
Revenue outside the scope of ASC 606 2,566 842 5,086 2,379
Total [1] 13,348 11,764 25,597 23,821
United States Exports        
Segment Reporting Information [Line Items]        
Operating revenues $ 2,632 $ 2,034 $ 5,010 $ 4,409
[1]
(a) Amounts from related parties included in revenues.2,946 3,556 5,675 6,692 
v3.24.2.u1
Investment and other income - Gains and Losses on Asset Sales (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Schedule of Investments [Abstract]        
Proceeds from asset sales $ 3 $ 9 $ 7 $ 23
Book value of asset sales 2 (4) 4 1
Gain (loss) on asset sales, before tax 1 13 3 22
Gain (loss) on asset sales, after tax $ 1 $ 10 $ 3 $ 18
v3.24.2.u1
Employee retirement benefits - Components of Net Periodic Benefit Cost (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pension benefits:        
Service cost $ 46 $ 40 $ 92 $ 81
Interest cost 92 93 183 186
Expected return on plan assets (114) (93) (227) (186)
Amortization of prior service cost 7 4 14 8
Amortization of actuarial loss (gain) 12 11 24 22
Net benefit cost 43 55 86 111
Other postretirement benefits:        
Service cost 3 3 7 6
Interest cost 6 7 12 14
Amortization of actuarial loss (gain) (2) (2) (4) (4)
Net benefit cost $ 7 $ 8 $ 15 $ 16
v3.24.2.u1
Financing costs (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Financing costs and additional notes and loans payable information [Abstract]        
Debt-related interest $ 52 $ 49 $ 104 $ 95
Capitalized interest (39) (33) (80) (63)
Net interest expense 13 16 24 32
Other interest 1 0 2 0
Total financing [1] $ 14 $ 16 $ 26 $ 32
[1]
(d) Amounts to related parties included in financing.43 41 87 80 
v3.24.2.u1
Long-term debt (Detail) - CAD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Debt Disclosure [Abstract]    
Long-term debt $ 3,447 $ 3,447
Finance leases 554 564
Total long-term debt [1] $ 4,001 $ 4,011
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total long-term debt Total long-term debt
[1]
Long-term debt included amounts to related parties.3,4473,447
v3.24.2.u1
Other long-term obligations - Summary of Other Long-Term Obligations (Detail) - CAD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Employee retirement benefits $ 932 $ 954
Asset retirement obligations and other environmental liabilities 2,590 2,564
Share-based incentive compensation liabilities 144 90
Operating lease liability 153 111
Other obligations 124 132
Total other long-term obligations $ 3,943 $ 3,851
v3.24.2.u1
Other long-term obligations - Table Narrative (Detail) - CAD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Employee retirement benefit obligations in current liabilities $ 62 $ 62
Asset retirement obligations and other environmental liabilities in current liabilities 221 235
Lease liability due within one year, Operating leases 102 87
Undiscounted commitments $ 62 $ 54
v3.24.2.u1
Financial and derivative instruments - Narrative (Detail) - CAD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Financial Instruments And Derivatives [Line Items]    
Long-term debt, fair value $ 3,447 $ 3,447
Master netting arrangements    
Financial Instruments And Derivatives [Line Items]    
Derivative collateral receivable $ 17 $ 24
v3.24.2.u1
Financial and derivative instruments - Summary of net notional long/(short) position of derivative instruments (Detail) - bbl
bbl in Thousands
Jun. 30, 2024
Dec. 31, 2023
Crude Oil | Long    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Volume 10,620  
Crude Oil | Short    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Volume   4,450
Products | Short    
Derivative [Line Items]    
Derivative, Nonmonetary Notional Amount, Volume 1,880 490
v3.24.2.u1
Financial and derivative instruments - Summary of realized and unrealized gain or (loss) on derivative instruments (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Revenues $ 11 $ 10 $ (13) $ (13)
v3.24.2.u1
Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($)
$ in Millions
Jun. 30, 2024
Dec. 31, 2023
Assets    
Derivative Asset $ 99 $ 46
Liabilities    
Derivative liabilities 91 47
Effect of counterparty netting    
Assets    
Derivative Asset (58) (16)
Liabilities    
Derivative liabilities (58) (16)
Effect of collateral netting    
Assets    
Derivative Asset 0 (12)
Liabilities    
Derivative liabilities 0 0
Net carrying value    
Assets    
Derivative Asset 41 18
Liabilities    
Derivative liabilities 33 31
Level 1    
Assets    
Derivative Asset 58 28
Liabilities    
Derivative liabilities 58 16
Level 2    
Assets    
Derivative Asset 41 18
Liabilities    
Derivative liabilities 33 31
Level 3    
Assets    
Derivative Asset 0 0
Liabilities    
Derivative liabilities $ 0 $ 0
v3.24.2.u1
Common shares - Summary of Common Shares (Detail) - shares
shares in Thousands
Jun. 30, 2024
Dec. 31, 2023
Equity [Abstract]    
Authorized (in shares) 1,100,000 1,100,000
Common shares outstanding (in shares) 535,837 535,837
v3.24.2.u1
Common shares - Common Share Activities (Detail) - CAD ($)
shares in Thousands, $ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Dec. 31, 2023
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common stock beginning balance, (in shares)     535,837    
Common stock, ending balance, (in shares) 535,837   535,837   535,837
Common stock beginning balance [1]     $ 992    
Common stock, ending balance [1] $ 992   $ 992   $ 992
Common Stock          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common stock beginning balance, (in shares)     535,837 584,153 584,153
Purchases at stated value, (in shares)     0   (48,316)
Common stock, ending balance, (in shares) 535,837   535,837   535,837
Common stock beginning balance     $ 992 $ 1,079 $ 1,079
Purchases at stated value $ 0 $ 0 0 $ 0 (87)
Common stock, ending balance $ 992   $ 992   $ 992
[1]
Number of common shares authorized (millions).1,1001,100
Number of common shares outstanding (millions).536536
v3.24.2.u1
Common shares - Calculation of basic and diluted earnings per common share and the dividend declared by the company on its outstanding common shares (Detail) - CAD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Net income (loss) per common share – basic        
Net income (loss) $ 1,133 $ 675 $ 2,328 $ 1,923
Weighted-average number of common shares outstanding (millions of shares) 535.8 584.2 535.8 584.2
Net income (loss) per common share (dollars) $ 2.11 $ 1.16 $ 4.34 $ 3.29
Net income (loss) per common share – diluted        
Net income (loss) $ 1,133 $ 675 $ 2,328 $ 1,923
Weighted-average number of common shares outstanding (millions of shares) 535.8 584.2 535.8 584.2
Effect of employee share-based awards (millions of shares) 1.2 1.1 1.2 1.1
Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 537.0 585.3 537.0 585.3
Net income (loss) per common share (dollars) $ 2.11 $ 1.15 $ 4.34 $ 3.29
Dividends per common share – declared (dollars) $ 0.60 $ 0.50 $ 1.20 $ 0.94
v3.24.2.u1
Common shares - Narrative (Detail) - shares
Jun. 29, 2024
Jun. 15, 2024
Class of Stock [Line Items]    
Normal course issuer bid share repurchase term, months 12 months  
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Four    
Class of Stock [Line Items]    
Normal course issuer bid share repurchase shares authorized 26,791,840  
Percent of total shares   5.00%
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Four | Exxon Mobil Corporation    
Class of Stock [Line Items]    
Exxon Mobil Corporation's ownership interest in Imperial 69.60%  
v3.24.2.u1
Other comprehensive income (loss) information - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at January 1 $ (677)  
Balance at June 30 (648)  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at January 1 (677) $ (512)
Current period change excluding amounts reclassified from accumulated other comprehensive income 4 21
Amounts reclassified from accumulated other comprehensive income 25 20
Balance at June 30 $ (648) $ (471)
v3.24.2.u1
Other comprehensive income (loss) information - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Accumulated Defined Benefit Plans Adjustment Attributable to Parent        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amortization of postretirement benefits liability adjustment included in net benefit cost $ (17) $ (13) $ (34) $ (26)
v3.24.2.u1
Other comprehensive income (loss) information - Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Equity [Abstract]        
Postretirement benefits liability adjustment (excluding amortization) $ (1) $ 0 $ 0 $ 7
Amortization of postretirement benefits liability adjustment included in net benefit cost 4 3 9 6
Total $ 3 $ 3 $ 9 $ 13
Imperial Oil (AMEX:IMO)
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