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) |
Title of each class | Trading symbol | Name of each exchange on which registered | ||||||||||||
None | None |
Yes | ✓ | No |
Yes | ✓ | No |
Large accelerated filer | ✓ | Smaller reporting company | ||||||||||||||||||
Non-accelerated filer | Emerging growth company | |||||||||||||||||||
Accelerated filer |
Yes | No | ✓ |
IMPERIAL OIL LIMITED |
Page | ||||||||
Consolidated statement of income (U.S. GAAP, unaudited) | ||||||||
Three Months | ||||||||
to March 31 | ||||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Revenues and other income | ||||||||
Revenues (a) | 12,657 | 6,992 | ||||||
Investment and other income (note 3) | 29 | 6 | ||||||
Total revenues and other income | 12,686 | 6,998 | ||||||
Expenses | ||||||||
Exploration | 2 | 2 | ||||||
Purchases of crude oil and products (b) | 8,350 | 3,887 | ||||||
Production and manufacturing (c) | 1,659 | 1,485 | ||||||
Selling and general (c) | 225 | 189 | ||||||
Federal excise tax and fuel charge | 479 | 404 | ||||||
Depreciation and depletion | 426 | 494 | ||||||
Non-service pension and postretirement benefit | 4 | 11 | ||||||
Financing (d) (note 5) | 7 | 14 | ||||||
Total expenses | 11,152 | 6,486 | ||||||
Income (loss) before income taxes | 1,534 | 512 | ||||||
Income taxes | 361 | 120 | ||||||
Net income (loss) | 1,173 | 392 | ||||||
Per share information (Canadian dollars) | ||||||||
Net income (loss) per common share - basic (note 9) | 1.75 | 0.53 | ||||||
Net income (loss) per common share - diluted (note 9) | 1.75 | 0.53 | ||||||
(a) Amounts from related parties included in revenues. | 3,959 | 1,508 | ||||||
(b) Amounts to related parties included in purchases of crude oil and products. | 650 | 515 | ||||||
(c) Amounts to related parties included in production and manufacturing, and selling and general expenses. | 118 | 116 | ||||||
(d) Amounts to related parties included in financing (note 5). | 4 | 11 |
Consolidated statement of income (U.S. GAAP, unaudited) | |||||||||||||||||||||||
Three Months to March 31 | |||||||||||||||||||||||
millions of Canadian dollars | 2023 | 2022 | |||||||||||||||||||||
Revenues and other income | |||||||||||||||||||||||
Revenues (a) | 12,057 | 12,657 | |||||||||||||||||||||
Investment and other income (note 3) | 64 | 29 | |||||||||||||||||||||
Total revenues and other income | 12,121 | 12,686 | |||||||||||||||||||||
Expenses | |||||||||||||||||||||||
Exploration | 1 | 2 | |||||||||||||||||||||
Purchases of crude oil and products (b) | 7,478 | 8,350 | |||||||||||||||||||||
Production and manufacturing (c) | 1,756 | 1,659 | |||||||||||||||||||||
Selling and general (c) | 186 | 225 | |||||||||||||||||||||
Federal excise tax and fuel charge | 529 | 479 | |||||||||||||||||||||
Depreciation and depletion | 490 | 426 | |||||||||||||||||||||
Non-service pension and postretirement benefit | 20 | 4 | |||||||||||||||||||||
Financing (d) (note 5) | 16 | 7 | |||||||||||||||||||||
Total expenses | 10,476 | 11,152 | |||||||||||||||||||||
Income (loss) before income taxes | 1,645 | 1,534 | |||||||||||||||||||||
Income taxes | 397 | 361 | |||||||||||||||||||||
Net income (loss) | 1,248 | 1,173 | |||||||||||||||||||||
Per share information (Canadian dollars) | |||||||||||||||||||||||
Net income (loss) per common share - basic (note 9) | 2.14 | 1.75 | |||||||||||||||||||||
Net income (loss) per common share - diluted (note 9) | 2.13 | 1.75 | |||||||||||||||||||||
(a) Amounts from related parties included in revenues. | 3,136 | 3,959 | |||||||||||||||||||||
(b) Amounts to related parties included in purchases of crude oil and products. | 1,078 | 650 | |||||||||||||||||||||
(c) Amounts to related parties included in production and manufacturing, and selling and general expenses. | 135 | 118 | |||||||||||||||||||||
(d) Amounts to related parties included in financing, (note 5). | 39 | 4 | |||||||||||||||||||||
The information in the notes to consolidated financial statements is an integral part of these statements. |
Three Months to March 31 | |||||||||||||||||||||||
millions of Canadian dollars | 2023 | 2022 | |||||||||||||||||||||
Net income (loss) | 1,248 | 1,173 | |||||||||||||||||||||
Other comprehensive income (loss), net of income taxes | |||||||||||||||||||||||
Postretirement benefits liability adjustment (excluding amortization) | 21 | 24 | |||||||||||||||||||||
Amortization of postretirement benefits liability adjustment included in net benefit costs | 10 | 21 | |||||||||||||||||||||
Total other comprehensive income (loss) | 31 | 45 | |||||||||||||||||||||
Comprehensive income (loss) | 1,279 | 1,218 | |||||||||||||||||||||
The information in the notes to consolidated financial statements is an integral part of these statements. |
Consolidated statement of comprehensive income (U.S. GAAP, unaudited) | ||||||||
Three Months | ||||||||
to March 31 | ||||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Net income (loss) | 1,173 | 392 | ||||||
Other comprehensive income (loss), net of income taxes | ||||||||
Postretirement benefits liability adjustment (excluding amortization) | 24 | 54 | ||||||
Amortization of postretirement benefits liability adjustment included in net benefit costs | 21 | 33 | ||||||
Total other comprehensive income (loss) | 45 | 87 | ||||||
Comprehensive income (loss) | 1,218 | 479 |
Consolidated balance sheet (U.S. GAAP, unaudited) | ||||||||
As at | As at | |||||||
Mar 31 | Dec 31 | |||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Assets | ||||||||
Current assets | ||||||||
Cash | 3,149 | 2,153 | ||||||
Accounts receivable - net (a) | 5,413 | 3,869 | ||||||
Inventories of crude oil and products | 1,374 | 1,102 | ||||||
Materials, supplies and prepaid expenses | 782 | 689 | ||||||
Total current assets | 10,718 | 7,813 | ||||||
Investments and long-term receivables (b) | 754 | 757 | ||||||
Property, plant and equipment, | 56,925 | 56,762 | ||||||
less accumulated depreciation and depletion | (25,818 | ) | (25,522 | ) | ||||
Property, plant and equipment, net | 31,107 | 31,240 | ||||||
Goodwill | 166 | 166 | ||||||
Other assets, including intangibles - net | 1,065 | 806 | ||||||
Total assets | 43,810 | 40,782 | ||||||
Liabilities | ||||||||
Current liabilities | ||||||||
Notes and loans payable | 122 | 122 | ||||||
Accounts payable and accrued liabilities (a) (note 7) | 7,364 | 5,184 | ||||||
Income taxes payable | 1,165 | 248 | ||||||
Total current liabilities | 8,651 | 5,554 | ||||||
Long-term debt (c) (note 6) | 5,049 | 5,054 | ||||||
Other long-term obligations (note 7) | 3,426 | 3,897 | ||||||
Deferred income tax liabilities | 4,408 | 4,542 | ||||||
Total liabilities | 21,534 | 19,047 | ||||||
Shareholders’ equity | ||||||||
Common shares at stated value (d) (note 9) | 1,237 | 1,252 | ||||||
Earnings reinvested | 22,171 | 21,660 | ||||||
Accumulated other comprehensive income (loss) (note 10) | (1,132 | ) | (1,177 | ) | ||||
Total shareholders’ equity | 22,276 | 21,735 | ||||||
Total liabilities and shareholders’ equity | 43,810 | 40,782 |
IMPERIAL OIL LIMITED |
Consolidated balance sheet (U.S. GAAP, unaudited) |
millions of Canadian dollars | As at Mar 31 2023 | As at Dec 31 2022 | |||||||||
Assets | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | 2,243 | 3,749 | |||||||||
Accounts receivable - net (a) | 4,283 | 4,719 | |||||||||
Inventories of crude oil and products | 1,757 | 1,514 | |||||||||
Materials, supplies and prepaid expenses | 989 | 754 | |||||||||
Total current assets | 9,272 | 10,736 | |||||||||
Investments and long-term receivables (b) | 995 | 893 | |||||||||
Property, plant and equipment, | 54,991 | 54,568 | |||||||||
less accumulated depreciation and depletion | (24,549) | (24,062) | |||||||||
Property, plant and equipment, net | 30,442 | 30,506 | |||||||||
Goodwill | 166 | 166 | |||||||||
Other assets, including intangibles - net | 1,240 | 1,223 | |||||||||
Total assets | 42,115 | 43,524 | |||||||||
Liabilities | |||||||||||
Current liabilities | |||||||||||
Notes and loans payable | 122 | 122 | |||||||||
Accounts payable and accrued liabilities (a) (note 7) | 5,930 | 6,194 | |||||||||
Income taxes payable | 505 | 2,582 | |||||||||
Total current liabilities | 6,557 | 8,898 | |||||||||
Long-term debt (c) (note 6) | 4,027 | 4,033 | |||||||||
Other long-term obligations (note 7) | 3,409 | 3,467 | |||||||||
Deferred income tax liabilities | 4,687 | 4,713 | |||||||||
Total liabilities | 18,680 | 21,111 | |||||||||
Shareholders’ equity | |||||||||||
Common shares at stated value (d) (note 9) | 1,079 | 1,079 | |||||||||
Earnings reinvested | 22,837 | 21,846 | |||||||||
Accumulated other comprehensive income (loss) (note 10) | (481) | (512) | |||||||||
Total shareholders’ equity | 23,435 | 22,413 | |||||||||
Total liabilities and shareholders’ equity | 42,115 | 43,524 | |||||||||
(a) Accounts receivable - net included net amounts receivable from related parties of $908 million (2022 - $1,108 million). | |||||||||||
(b) Investments and long-term receivables included amounts from related parties of $287 million (2022 - $288 million). | |||||||||||
(c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million). | |||||||||||
(d) Number of common shares authorized and outstanding were 1,100 million and 584 million, respectively (2022 - 1,100 million and 584 million, respectively). | |||||||||||
The information in the notes to consolidated financial statements is an integral part of these statements. |
Consolidated statement of shareholders’ equity (U.S. GAAP, unaudited) |
Three Months to March 31 | |||||||||||||||||||||||
millions of Canadian dollars | 2023 | 2022 | |||||||||||||||||||||
Common shares at stated value (note 9) | |||||||||||||||||||||||
At beginning of period | 1,079 | 1,252 | |||||||||||||||||||||
Share purchases at stated value | — | (15) | |||||||||||||||||||||
At end of period | 1,079 | 1,237 | |||||||||||||||||||||
Earnings reinvested | |||||||||||||||||||||||
At beginning of period | 21,846 | 21,660 | |||||||||||||||||||||
Net income (loss) for the period | 1,248 | 1,173 | |||||||||||||||||||||
Share purchases in excess of stated value | — | (434) | |||||||||||||||||||||
Dividends declared | (257) | (228) | |||||||||||||||||||||
At end of period | 22,837 | 22,171 | |||||||||||||||||||||
Accumulated other comprehensive income (loss) (note 10) | |||||||||||||||||||||||
At beginning of period | (512) | (1,177) | |||||||||||||||||||||
Other comprehensive income (loss) | 31 | 45 | |||||||||||||||||||||
At end of period | (481) | (1,132) | |||||||||||||||||||||
Shareholders’ equity at end of period | 23,435 | 22,276 | |||||||||||||||||||||
The information in the notes to consolidated financial statements is an integral part of these statements. |
Consolidated statement of shareholders’ equity (U.S. GAAP, unaudited) | ||||||||
Three Months | ||||||||
to March 31 | ||||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Common shares at stated value (note 9) | ||||||||
At beginning of period | 1,252 | 1,357 | ||||||
Share purchases at stated value | (15 | ) | - | |||||
At end of period | 1,237 | 1,357 | ||||||
Earnings reinvested | ||||||||
At beginning of period | 21,660 | 22,050 | ||||||
Net income (loss) for the period | 1,173 | 392 | ||||||
Share purchases in excess of stated value | (434 | ) | - | |||||
Dividends declared | (228 | ) | (161 | ) | ||||
At end of period | 22,171 | 22,281 | ||||||
Accumulated other comprehensive income (loss) (note 10) | ||||||||
At beginning of period | (1,177 | ) | (1,989 | ) | ||||
Other comprehensive income (loss) | 45 | 87 | ||||||
At end of period | (1,132 | ) | (1,902 | ) | ||||
Shareholders’ equity at end of period | 22,276 | 21,736 | ||||||
The information in the notes to consolidated financial statements is an integral part of these statements. |
Consolidated statement of cash flows (U.S. GAAP, unaudited) |
Three Months to March 31 | |||||||||||||||||||||||
millions of Canadian dollars | 2023 | 2022 | |||||||||||||||||||||
Operating activities | |||||||||||||||||||||||
Net income (loss) | 1,248 | 1,173 | |||||||||||||||||||||
Adjustments for non-cash items: | |||||||||||||||||||||||
Depreciation and depletion | 490 | 426 | |||||||||||||||||||||
(Gain) loss on asset sales (note 3) | (9) | (20) | |||||||||||||||||||||
Deferred income taxes and other | (56) | (331) | |||||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable | 436 | (1,544) | |||||||||||||||||||||
Inventories, materials, supplies and prepaid expenses | (479) | (364) | |||||||||||||||||||||
Income taxes payable | (2,077) | 459 | |||||||||||||||||||||
Accounts payable and accrued liabilities | (255) | 2,144 | |||||||||||||||||||||
All other items - net (b) | (119) | (29) | |||||||||||||||||||||
Cash flows from (used in) operating activities | (821) | 1,914 | |||||||||||||||||||||
Investing activities | |||||||||||||||||||||||
Additions to property, plant and equipment | (429) | (304) | |||||||||||||||||||||
Proceeds from asset sales (note 3) | 14 | 24 | |||||||||||||||||||||
Loans to equity companies - net | 1 | 1 | |||||||||||||||||||||
Cash flows from (used in) investing activities | (414) | (279) | |||||||||||||||||||||
Financing activities | |||||||||||||||||||||||
Finance lease obligations - reduction (note 6) | (5) | (5) | |||||||||||||||||||||
Dividends paid | (266) | (185) | |||||||||||||||||||||
Common shares purchased (note 9) | — | (449) | |||||||||||||||||||||
Cash flows from (used in) financing activities | (271) | (639) | |||||||||||||||||||||
Increase (decrease) in cash and cash equivalents | (1,506) | 996 | |||||||||||||||||||||
Cash and cash equivalents at beginning of period | 3,749 | 2,153 | |||||||||||||||||||||
Cash and cash equivalents at end of period (a) | 2,243 | 3,149 | |||||||||||||||||||||
(a) Cash is composed of cash in bank and cash equivalents at cost. Cash equivalents are all highly liquid securities with maturity of three months or less. | |||||||||||||||||||||||
(b) Included contributions to registered pension plans. | (42) | (50) | |||||||||||||||||||||
Income taxes (paid) refunded. | (2,632) | (223) | |||||||||||||||||||||
Interest (paid), net of capitalization. | (21) | (12) | |||||||||||||||||||||
The information in the notes to consolidated financial statements is an integral part of these statements. |
Consolidated statement of cash flows (U.S. GAAP, unaudited) | ||||||||
Three Months | ||||||||
Inflow (outflow) | to March 31 | |||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Operating activities | ||||||||
Net income (loss) | 1,173 | 392 | ||||||
Adjustments for non-cash items: | ||||||||
Depreciation and depletion | 426 | 494 | ||||||
(Gain) loss on asset sales (note 3) | (20 | ) | (3 | ) | ||||
Deferred income taxes and other | (331 | ) | 60 | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (1,544 | ) | (469 | ) | ||||
Inventories, materials, supplies and prepaid expenses | (364 | ) | (159 | ) | ||||
Income taxes payable | 459 | 21 | ||||||
Accounts payable and accrued liabilities | 2,144 | 584 | ||||||
All other items - net (b) | (29 | ) | 125 | |||||
Cash flows from (used in) operating activities | 1,914 | 1,045 | ||||||
Investing activities | ||||||||
Additions to property, plant and equipment | (304 | ) | (167 | ) | ||||
Proceeds from asset sales (note 3) | 24 | 7 | ||||||
Loans to equity companies - net | 1 | 13 | ||||||
Cash flows from (used in) investing activities | (279 | ) | (147 | ) | ||||
Financing activities | ||||||||
Short-term debt - net | 0 | (36 | ) | |||||
Reduction in finance lease obligations (note 6) | (5 | ) | (4 | ) | ||||
Dividends paid | (185 | ) | (162 | ) | ||||
Common shares purchased (note 9) | (449 | ) | 0 | |||||
Cash flows from (used in) financing activities | (639 | ) | (202 | ) | ||||
Increase (decrease) in cash | 996 | 696 | ||||||
Cash at beginning of period | 2,153 | 771 | ||||||
Cash at end of period (a) | 3,149 | 1,467 | ||||||
(a) Cash is composed of cash in bank and cash equivalents at cost. Cash equivalents are all highly liquid securities with maturity of three months or less when purchased. | ||||||||
(b) Included contributions to registered pension plans. | (50 | ) | (28 | ) | ||||
Income taxes (paid) refunded. | (223 | ) | 1 | |||||
Interest (paid), net of capitalization. | (12 | ) | (13 | ) | ||||
The information in the notes to consolidated financial statements is an integral part of these statements. |
Three Months to March 31 | Upstream | Downstream | Chemical | ||||||||||||||||||||||||||
millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenues and other income | |||||||||||||||||||||||||||||
Revenues (a) (b) | 76 | 99 | 11,639 | 12,191 | 342 | 367 | |||||||||||||||||||||||
Intersegment sales | 3,622 | 4,431 | 1,823 | 1,833 | 91 | 104 | |||||||||||||||||||||||
Investment and other income (note 3) | 2 | 4 | 20 | 21 | — | — | |||||||||||||||||||||||
3,700 | 4,534 | 13,482 | 14,045 | 433 | 471 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Exploration | 1 | 2 | — | — | — | — | |||||||||||||||||||||||
Purchases of crude oil and products | 1,543 | 1,890 | 11,196 | 12,512 | 274 | 315 | |||||||||||||||||||||||
Production and manufacturing | 1,287 | 1,249 | 411 | 356 | 58 | 54 | |||||||||||||||||||||||
Selling and general | — | — | 157 | 147 | 26 | 23 | |||||||||||||||||||||||
Federal excise tax and fuel charge | — | — | 528 | 479 | 1 | — | |||||||||||||||||||||||
Depreciation and depletion | 434 | 373 | 45 | 41 | 4 | 5 | |||||||||||||||||||||||
Non-service pension and postretirement benefit | — | — | — | — | — | — | |||||||||||||||||||||||
Financing (note 5) | — | — | — | — | — | — | |||||||||||||||||||||||
Total expenses | 3,265 | 3,514 | 12,337 | 13,535 | 363 | 397 | |||||||||||||||||||||||
Income (loss) before income taxes | 435 | 1,020 | 1,145 | 510 | 70 | 74 | |||||||||||||||||||||||
Income tax expense (benefit) | 105 | 238 | 275 | 121 | 17 | 18 | |||||||||||||||||||||||
Net income (loss) | 330 | 782 | 870 | 389 | 53 | 56 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | (398) | 1,447 | (419) | 375 | (32) | 67 | |||||||||||||||||||||||
Capital and exploration expenditures (c) | 321 | 222 | 74 | 68 | 4 | 1 | |||||||||||||||||||||||
Total assets as at March 31 | 29,059 | 29,182 | 9,535 | 10,179 | 477 | 501 |
Three Months to March 31 | Corporate and other | Eliminations | Consolidated | ||||||||||||||||||||||||||
millions of Canadian dollars | 2023 | 2022 | 2023 | 2022 | 2023 | 2022 | |||||||||||||||||||||||
Revenues and other income | |||||||||||||||||||||||||||||
Revenues (a) (b) | — | — | — | — | 12,057 | 12,657 | |||||||||||||||||||||||
Intersegment sales | — | — | (5,536) | (6,368) | — | — | |||||||||||||||||||||||
Investment and other income (note 3) | 42 | 4 | — | — | 64 | 29 | |||||||||||||||||||||||
42 | 4 | (5,536) | (6,368) | 12,121 | 12,686 | ||||||||||||||||||||||||
Expenses | |||||||||||||||||||||||||||||
Exploration | — | — | — | — | 1 | 2 | |||||||||||||||||||||||
Purchases of crude oil and products | — | — | (5,535) | (6,367) | 7,478 | 8,350 | |||||||||||||||||||||||
Production and manufacturing | — | — | — | — | 1,756 | 1,659 | |||||||||||||||||||||||
Selling and general | 4 | 56 | (1) | (1) | 186 | 225 | |||||||||||||||||||||||
Federal excise tax and fuel charge | — | — | — | — | 529 | 479 | |||||||||||||||||||||||
Depreciation and depletion | 7 | 7 | — | — | 490 | 426 | |||||||||||||||||||||||
Non-service pension and postretirement benefit | 20 | 4 | — | — | 20 | 4 | |||||||||||||||||||||||
Financing (note 5) | 16 | 7 | — | — | 16 | 7 | |||||||||||||||||||||||
Total expenses | 47 | 74 | (5,536) | (6,368) | 10,476 | 11,152 | |||||||||||||||||||||||
Income (loss) before income taxes | (5) | (70) | — | — | 1,645 | 1,534 | |||||||||||||||||||||||
Income tax expense (benefit) | — | (16) | — | — | 397 | 361 | |||||||||||||||||||||||
Net income (loss) | (5) | (54) | — | — | 1,248 | 1,173 | |||||||||||||||||||||||
Cash flows from (used in) operating activities | 28 | 25 | — | — | (821) | 1,914 | |||||||||||||||||||||||
Capital and exploration expenditures (c) | 30 | 5 | — | — | 429 | 296 | |||||||||||||||||||||||
Total assets as at March 31 | 3,815 | 4,136 | (771) | (188) | 42,115 | 43,810 |
Three Months to March 31 | Upstream | Downstream | Chemical | |||||||||||||||||||||
millions of Canadian dollars | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
Revenues and other income | ||||||||||||||||||||||||
Revenues (a) | 99 | 2,142 | 12,191 | 4,527 | 367 | 323 | ||||||||||||||||||
Intersegment sales | 4,431 | 1,351 | 1,833 | 773 | 104 | 53 | ||||||||||||||||||
Investment and other income (note 3) | 4 | 0- | 21 | 5 | 0- | 0- | ||||||||||||||||||
4,534 | 3,493 | 14,045 | 5,305 | 471 | 376 | |||||||||||||||||||
Expenses | ||||||||||||||||||||||||
Exploration | 2 | 2 | 0- | 0- | 0- | 0- | ||||||||||||||||||
Purchases of crude oil and products | 1,890 | 1,834 | 12,512 | 4,020 | 315 | 209 | ||||||||||||||||||
Production and manufacturing | 1,249 | 1,109 | 356 | 326 | 54 | 50 | ||||||||||||||||||
Selling and general | 0- | 0- | 147 | 133 | 23 | 25 | ||||||||||||||||||
Federal excise tax and fuel charge | 0- | 0- | 479 | 404 | 0- | 0- | ||||||||||||||||||
Depreciation and depletion | 373 | 445 | 41 | 39 | 5 | 4 | ||||||||||||||||||
Non-service pension and postretirement benefit | 0- | 0- | 0- | 0- | 0- | 0- | ||||||||||||||||||
Financing (note 5) | 0- | 1 | 0- | 0- | 0- | 0- | ||||||||||||||||||
Total expenses | 3,514 | 3,391 | 13,535 | 4,922 | 397 | 288 | ||||||||||||||||||
Income (loss) before income taxes | 1,020 | 102 | 510 | 383 | 74 | 88 | ||||||||||||||||||
Income tax expense (benefit) | 238 | 23 | 121 | 91 | 18 | 21 | ||||||||||||||||||
Net income (loss) | 782 | 79 | 389 | 292 | 56 | 67 | ||||||||||||||||||
Cash flows from (used in) operating activities | 1,447 | 531 | 375 | 462 | 67 | 62 | ||||||||||||||||||
Capital and exploration expenditures (b) | 222 | 85 | 68 | 68 | 1 | 2 | ||||||||||||||||||
Total assets as at March 31 | 29,182 | 31,754 | 10,179 | 4,909 | 501 | 462 |
Three Months to March 31 | Corporate and other | Eliminations | Consolidated | |||||||||||||||||||||
millions of Canadian dollars | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||
Revenues and other income | ||||||||||||||||||||||||
Revenues (a) | 0- | 0- | 0- | 0- | 12,657 | 6,992 | ||||||||||||||||||
Intersegment sales | 0- | 0- | (6,368 | ) | (2,177 | ) | 0- | 0- | ||||||||||||||||
Investment and other income (note 3) | 4 | 1 | 0- | 0- | 29 | 6 | ||||||||||||||||||
4 | 1 | (6,368 | ) | (2,177 | ) | 12,686 | 6,998 | |||||||||||||||||
Expenses | ||||||||||||||||||||||||
Exploration | 0- | 0- | 0- | 0- | 2 | 2 | ||||||||||||||||||
Purchases of crude oil and products | 0- | 0- | (6,367 | ) | (2,176 | ) | 8,350 | 3,887 | ||||||||||||||||
Production and manufacturing | 0- | 0- | 0- | 0- | 1,659 | 1,485 | ||||||||||||||||||
Selling and general | 56 | 32 | (1 | ) | (1 | ) | 225 | 189 | ||||||||||||||||
Federal excise tax and fuel charge | 0- | 0- | 0- | 0- | 479 | 404 | ||||||||||||||||||
Depreciation and depletion | 7 | 6 | 0- | 0- | 426 | 494 | ||||||||||||||||||
Non-service pension and postretirement benefit | 4 | 11 | 0- | 0- | 4 | 11 | ||||||||||||||||||
Financing (note 5) | 7 | 13 | 0- | 0- | 7 | 14 | ||||||||||||||||||
Total expenses | 74 | 62 | (6,368 | ) | (2,177 | ) | 11,152 | 6,486 | ||||||||||||||||
Income (loss) before income taxes | (70 | ) | (61 | ) | 0- | 0- | 1,534 | 512 | ||||||||||||||||
Income tax expense (benefit) | (16 | ) | (15 | ) | 0- | 0- | 361 | 120 | ||||||||||||||||
Net income (loss) | (54 | ) | (46 | ) | 0- | 0- | 1,173 | 392 | ||||||||||||||||
Cash flows from (used in) operating activities | 25 | (10 | ) | 0- | 0- | 1,914 | 1,045 | |||||||||||||||||
Capital and exploration expenditures (b) | 5 | 8 | 0- | 0- | 296 | 163 | ||||||||||||||||||
Total assets as at March 31 | 4,136 | 2,346 | (188 | ) | (464 | ) | 43,810 | 39,007 |
Revenues | Three Months to March 31 | ||||||||||||||||
millions of Canadian dollars | 2023 | 2022 | |||||||||||||||
Revenue from contracts with customers | 10,520 | 10,864 | |||||||||||||||
Revenue outside the scope of ASC 606 | 1,537 | 1,793 | |||||||||||||||
Total | 12,057 | 12,657 |
IMPERIAL OIL LIMITED |
3. Investment and other income |
Three Months to March 31 | Three Months to March 31 | ||||||||||||||||||||||||||||||
millions of Canadian dollars | 2022 | 2021 | millions of Canadian dollars | 2023 | 2022 | ||||||||||||||||||||||||||
Proceeds from asset sales | 24 | 7 | Proceeds from asset sales | 14 | 24 | ||||||||||||||||||||||||||
Book value of asset sales | 4 | 4 | Book value of asset sales | 5 | 4 | ||||||||||||||||||||||||||
Gain (loss) on asset sales, before tax | 20 | 3 | Gain (loss) on asset sales, before tax | 9 | 20 | ||||||||||||||||||||||||||
Gain (loss) on asset sales, after tax | 16 | 2 | Gain (loss) on asset sales, after tax | 8 | 16 |
4. Employee retirement benefits |
Three Months to March 31 | Three Months to March 31 | ||||||||||||||||||||||||||||||
millions of Canadian dollars | 2022 | 2021 | millions of Canadian dollars | 2023 | 2022 | ||||||||||||||||||||||||||
Pension benefits: | Pension benefits: | ||||||||||||||||||||||||||||||
Service cost | 70 | 81 | Service cost | 41 | 70 | ||||||||||||||||||||||||||
Interest cost | 73 | 68 | Interest cost | 93 | 73 | ||||||||||||||||||||||||||
Expected return on plan assets | (103 | ) | (107 | ) | Expected return on plan assets | (93) | (103) | ||||||||||||||||||||||||
Amortization of prior service cost | 4 | 4 | Amortization of prior service cost | 4 | 4 | ||||||||||||||||||||||||||
Amortization of actuarial loss (gain) | 22 | 36 | Amortization of actuarial loss (gain) | 11 | 22 | ||||||||||||||||||||||||||
Net benefit cost | 66 | 82 | Net benefit cost | 56 | 66 | ||||||||||||||||||||||||||
Other postretirement benefits: | Other postretirement benefits: | ||||||||||||||||||||||||||||||
Service cost | 6 | 7 | Service cost | 3 | 6 | ||||||||||||||||||||||||||
Interest cost | 6 | 6 | Interest cost | 7 | 6 | ||||||||||||||||||||||||||
Amortization of actuarial loss (gain) | 2 | 4 | Amortization of actuarial loss (gain) | (2) | 2 | ||||||||||||||||||||||||||
Net benefit cost | 14 | 17 | Net benefit cost | 8 | 14 |
5. Financing costs
|
Three Months to March 31 | ||||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Debt-related interest | 12 | 21 | ||||||
Capitalized interest | (5 | ) | (8 | ) | ||||
Net interest expense | 7 | 13 | ||||||
Other interest | 0 | 1 | ||||||
Total financing | 7 | 14 |
millions of Canadian dollars | As at Mar 31 | As at Dec 31 | |||||||||
2023 | 2022 | ||||||||||
Long-term debt | 3,447 | 3,447 | |||||||||
Finance leases | 580 | 586 | |||||||||
Total long-term debt | 4,027 | 4,033 | |||||||||
As at Mar 31 | As at Dec 31 | ||||||||||
millions of Canadian dollars | 2023 | 2022 | |||||||||
Employee retirement benefits (a) | 875 | 902 | |||||||||
Asset retirement obligations and other environmental liabilities (b) | 2,158 | 2,150 | |||||||||
Share-based incentive compensation liabilities | 99 | 101 | |||||||||
Operating lease liability (c) | 137 | 151 | |||||||||
Other obligations | 140 | 163 | |||||||||
Total other long-term obligations | 3,409 | 3,467 | |||||||||
(a)Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million). (b)Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million). (c)Total operating lease liability also included $100 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $13 million (2022 - $14 million). |
As at Mar 31 | As at Dec 31 | |||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Long-term debt | 4,447 | 4,447 | ||||||
Finance leases | 602 | 607 | ||||||
Total long-term debt | 5,049 | 5,054 |
As at Mar 31 | As at Dec 31 | |||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Employee retirement benefits (a) | 1,326 | 1,362 | ||||||
Asset retirement obligations and other environmental liabilities (b) | 1,713 | 1,713 | ||||||
Share-based incentive compensation liabilities | 111 | 79 | ||||||
Operating lease liability (c) | 138 | 147 | ||||||
Other obligations | 138 | 596 | ||||||
Total other long-term obligations | 3,426 | 3,897 |
IMPERIAL OIL LIMITED |
8. Financial and derivative instruments |
As at Mar 31 | As at Dec 31 | As at Mar 31 | As at Dec 31 | ||||||||||||||||
thousands of barrels | 2022 | 2021 | thousands of barrels | 2023 | 2022 | ||||||||||||||
Crude | (620 | ) | 7,390 | Crude | 3,490 | 1,800 | |||||||||||||
Products | (70 | ) | (560 | ) | Products | (400) | (350) |
Three Months to March 31 | |||||||||||||||||||||||
millions of Canadian dollars | 2023 | 2022 | |||||||||||||||||||||
Revenues | (23) | 37 | |||||||||||||||||||||
Three Months to March 31 | ||||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Revenues | 37 | 0 | ||||||
Purchases of crude oil and products | 0 | (14 | ) | |||||
Total | 37 | (14 | ) |
IMPERIAL OIL LIMITED |
At March 31, 2022 | ||||||||||||||||||||||||||||
millions of Canadian dollars | ||||||||||||||||||||||||||||
Fair value | Effect of | Effect of | Net | |||||||||||||||||||||||||
counterparty | collateral | carrying | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | netting | netting | value | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Derivative assets (a) | 48 | 18 | 0 | 66 | (59 | ) | 0 | 7 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Derivative liabilities (b) | 53 | 25 | 0 | 78 | (59 | ) | (4 | ) | 15 |
At March 31, 2023 | |||||||||||||||||||||||||||||||||||||||||
millions of Canadian dollars | |||||||||||||||||||||||||||||||||||||||||
Fair value | Effect of counterparty netting | Effect of collateral netting | Net carrying value | ||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Derivative assets (a) | 13 | 26 | — | 39 | (25) | — | 14 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (b) | 17 | 47 | — | 64 | (25) | (3) | 36 | ||||||||||||||||||||||||||||||||||
(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, 2021 | ||||||||||||||||||||||||||||
millions of Canadian dollars | ||||||||||||||||||||||||||||
Fair value | Effect of | Effect of | Net | |||||||||||||||||||||||||
counterparty | collateral | carrying | ||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | netting | netting | value | ||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||
Derivative assets (a) | 24 | 17 | 0 | 41 | (31 | ) | 0 | 10 | ||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||
Derivative liabilities (b) | 31 | 12 | 0 | 43 | (31 | ) | (7 | ) | 5 |
At December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||
millions of Canadian dollars | |||||||||||||||||||||||||||||||||||||||||
Fair value | Effect of counterparty netting | Effect of collateral netting | Net carrying value | ||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Derivative assets (a) | 17 | 32 | — | 49 | (27) | — | 22 | ||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Derivative liabilities (b) | 21 | 20 | — | 41 | (27) | (4) | 10 | ||||||||||||||||||||||||||||||||||
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”. (b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”. |
IMPERIAL OIL LIMITED |
As of | As of | |||||||
Mar 31 | Dec 31 | |||||||
thousands of shares | 2022 | 2021 | ||||||
Authorized | 1,100,000 | 1,100,000 | ||||||
Common shares outstanding | 669,144 | 678,080 |
thousands of shares | As of Mar 31 2023 | As of Dec 31 2022 | |||||||||
Authorized | 1,100,000 | 1,100,000 | |||||||||
Common shares outstanding | 584,153 | 584,153 |
Thousands of shares | Millions of dollars | Thousands of shares | Millions of dollars | ||||||||||||||||
Balance as at December 31, 2020 | 734,077 | 1,357 | |||||||||||||||||
Issued under employee share-based awards | 7 | 0 | |||||||||||||||||
Purchases at stated value | (56,004 | ) | (105 | ) | |||||||||||||||
Balance as at December 31, 2021 | 678,080 | 1,252 | Balance as at December 31, 2021 | 678,080 | 1,252 | ||||||||||||||
Issued under employee share-based awards | 0 | 0 | Issued under employee share-based awards | — | — | ||||||||||||||
Purchases at stated value | (8,936 | ) | (15 | ) | Purchases at stated value | (93,927) | (173) | ||||||||||||
Balance as at March 31, 2022 | 669,144 | 1,237 | |||||||||||||||||
Balance as at December 31, 2022 | Balance as at December 31, 2022 | 584,153 | 1,079 | ||||||||||||||||
Issued under employee share-based awards | Issued under employee share-based awards | — | — | ||||||||||||||||
Purchases at stated value | Purchases at stated value | — | — | ||||||||||||||||
Balance as at March 31, 2023 | Balance as at March 31, 2023 | 584,153 | 1,079 |
Three Months | ||||||||
to March 31 | ||||||||
2022 | 2021 | |||||||
Net income (loss) per common share - basic | ||||||||
Net income (loss) (millions of Canadian dollars) | 1,173 | 392 | ||||||
Weighted average number of common shares outstanding (millions of shares) | 670.5 | 734.1 | ||||||
Net income (loss) per common share (dollars) | 1.75 | 0.53 | ||||||
Net income (loss) per common share - diluted | ||||||||
Net income (loss) (millions of Canadian dollars) | 1,173 | 392 | ||||||
Weighted average number of common shares outstanding (millions of shares) | 670.5 | 734.1 | ||||||
Effect of employee share-based awards (millions of shares) | 1.4 | 1.6 | ||||||
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 671.9 | 735.7 | ||||||
Net income (loss) per common share (dollars) | 1.75 | 0.53 | ||||||
Dividends per common share - declared (dollars) | 0.34 | 0.22 |
Three Months to March 31 | |||||||||||||||||||||||
2023 | 2022 | ||||||||||||||||||||||
Net income (loss) per common share – basic | |||||||||||||||||||||||
Net income (loss) (millions of Canadian dollars) | 1,248 | 1,173 | |||||||||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 584.2 | 670.5 | |||||||||||||||||||||
Net income (loss) per common share (dollars) | 2.14 | 1.75 | |||||||||||||||||||||
Net income (loss) per common share – diluted | |||||||||||||||||||||||
Net income (loss) (millions of Canadian dollars) | 1,248 | 1,173 | |||||||||||||||||||||
Weighted average number of common shares outstanding (millions of shares) | 584.2 | 670.5 | |||||||||||||||||||||
Effect of employee share-based awards (millions of shares) | 1.2 | 1.4 | |||||||||||||||||||||
Weighted-average number of common shares outstanding, assuming dilution (millions of shares) | 585.4 | 671.9 | |||||||||||||||||||||
Net income (loss) per common share (dollars) | 2.13 | 1.75 | |||||||||||||||||||||
Dividends per common share – declared (dollars) | 0.44 | 0.34 |
IMPERIAL OIL LIMITED |
millions of Canadian dollars | 2023 | 2022 | |||||||||
Balance at January 1 | (512) | (1,177) | |||||||||
Postretirement benefits liability adjustment: | |||||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income | 21 | 24 | |||||||||
Amounts reclassified from accumulated other comprehensive income | 10 | 21 | |||||||||
Balance at March 31 | (481) | (1,132) |
millions of Canadian dollars | 2022 | 2021 | ||||||
Balance at January 1 | (1,177 | ) | (1,989 | ) | ||||
Postretirement benefits liability adjustment: | ||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income | 24 | 54 | ||||||
Amounts reclassified from accumulated other comprehensive income | 21 | 33 | ||||||
Balance at March 31 | (1,132 | ) | (1,902 | ) |
Amounts reclassified out of accumulated other comprehensive income (loss) - |
Three Months | ||||||||
to March 31 | ||||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Amortization of postretirement benefits liability adjustment included in net benefit cost (a) | (28 | ) | (44 | ) | ||||
(a) This accumulated other comprehensive income component is included in the computation of net benefit cost (note 4). |
Three Months to March 31 | |||||||||||||||||||||||
millions of Canadian dollars | 2023 | 2022 | |||||||||||||||||||||
Amortization of postretirement benefits liability adjustment included in net benefit cost (a) | (13) | (28) | |||||||||||||||||||||
(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): |
Three Months | ||||||||
to March 31 | ||||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Postretirement benefits liability adjustments: | ||||||||
Postretirement benefits liability adjustment (excluding amortization) | 8 | 17 | ||||||
Amortization of postretirement benefits liability adjustment included in net benefit cost | 7 | 11 | ||||||
Total | 15 | 28 |
Three Months to March 31 | |||||||||||||||||||||||
millions of Canadian dollars | 2023 | 2022 | |||||||||||||||||||||
Postretirement benefits liability adjustments: | |||||||||||||||||||||||
Postretirement benefits liability adjustment (excluding amortization) | 7 | 8 | |||||||||||||||||||||
Amortization of postretirement benefits liability adjustment included in net benefit cost | 3 | 7 | |||||||||||||||||||||
Total | 10 | 15 |
IMPERIAL OIL LIMITED |
First Quarter | |||||||||||
millions of Canadian dollars, unless noted | 2023 | 2022 | |||||||||
Net income (loss) (U.S. GAAP) | 1,248 | 1,173 | |||||||||
Net income (loss) per common share, assuming dilution (dollars) | 2.13 | 1.75 | |||||||||
First Quarter | ||||||||
millions of Canadian dollars, unless noted | 2022 | 2021 | ||||||
Net income (loss) (U.S. GAAP) | 1,173 | 392 | ||||||
Net income (loss) per common share, assuming dilution (dollars) | 1.75 | 0.53 |
First Quarter | ||||||||
Canadian dollars, unless noted | 2022 | 2021 | ||||||
West Texas Intermediate (US$) | 95.01 | 58.14 | ||||||
Western Canada Select (US$) | 80.46 | 45.64 | ||||||
WTI/WCS Spread (US$) | 14.55 | 12.50 | ||||||
Bitumen (per barrel) | 89.36 | 47.19 | ||||||
Synthetic crude oil (per barrel) | 117.24 | 67.41 | ||||||
Average foreign exchange rate (US$) | 0.79 | 0.79 |
First Quarter | |||||||||||
Canadian dollars, unless noted | 2023 | 2022 | |||||||||
West Texas Intermediate (US$ per barrel) | 75.98 | 95.01 | |||||||||
Western Canada Select (US$ per barrel) | 51.42 | 80.46 | |||||||||
WTI/WCS Spread (US$ per barrel) | 24.56 | 14.55 | |||||||||
Bitumen (per barrel) | 50.33 | 89.36 | |||||||||
Synthetic crude oil (per barrel) | 102.45 | 117.24 | |||||||||
Average foreign exchange rate (US$) | 0.74 | 0.79 |
IMPERIAL OIL LIMITED |
First Quarter | |||||||||||
thousands of barrels per day | 2023 | 2022 | |||||||||
Kearl (Imperial's share) | 184 | 132 | |||||||||
Cold Lake | 141 | 140 | |||||||||
Syncrude (a) | 76 | 77 | |||||||||
Kearl total gross production (thousands of barrels per day) | 259 | 186 | |||||||||
(a) In the first quarter of 2023, Syncrude gross production included about 2 thousand barrels per day of bitumen and other products (2022 - 2 thousand barrels per day) that were exported to the operator's facilities using an existing interconnect pipeline. |
First Quarter | ||||||||
thousands of barrels per day | 2022 | 2021 | ||||||
Kearl (Imperial’s share) | 132 | 178 | ||||||
Cold Lake | 140 | 140 | ||||||
Syncrude (Imperial’s share) (a) | 77 | 79 | ||||||
Kearl total gross production (thousands of barrels per day) | 186 | 251 |
Refinery utilization and petroleum product sales | ||||||||
First Quarter | ||||||||
thousands of barrels per day, unless noted | 2022 | 2021 | ||||||
Refinery throughput | 399 | 364 | ||||||
Refinery capacity utilization (percent) | 93 | 85 | ||||||
Petroleum product sales | 447 | 414 |
First Quarter | |||||||||||
thousands of barrels per day, unless noted | 2023 | 2022 | |||||||||
Refinery throughput | 417 | 399 | |||||||||
Refinery capacity utilization (percent) | 96 | 93 | |||||||||
Petroleum product sales | 455 | 447 | |||||||||
IMPERIAL OIL LIMITED |
First Quarter | |||||||||||
millions of Canadian dollars | 2023 | 2022 | |||||||||
Net income (loss) (U.S. GAAP) | (5) | (54) |
First Quarter | ||||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Net income (loss) (U.S. GAAP) | (54 | ) | (46 | ) |
First Quarter | |||||||||||
millions of Canadian dollars | 2023 | 2022 | |||||||||
Cash flow generated from (used in): | |||||||||||
Operating activities | (821) | 1,914 | |||||||||
Investing activities | (414) | (279) | |||||||||
Financing activities | (271) | (639) | |||||||||
Increase (decrease) in cash and cash equivalents | (1,506) | 996 | |||||||||
Cash and cash equivalents at period end | 2,243 | 3,149 |
First Quarter | ||||||||
millions of Canadian dollars | 2022 | 2021 | ||||||
Cash flow generated from (used in): | ||||||||
Operating activities | 1,914 | 1,045 | ||||||
Investing activities | (279 | ) | (147 | ) | ||||
Financing activities | (639 | ) | (202 | ) | ||||
Increase (decrease) in cash and cash equivalents | 996 | 696 | ||||||
Cash and cash equivalents at period end | 3,149 | 1,467 |
First Quarter | ||||||||
millions of Canadian dollars, unless noted | 2022 | 2021 | ||||||
Dividends paid | 185 | 162 | ||||||
Per share dividend paid (dollars) | 0.27 | 0.22 | ||||||
Share repurchases (a) | 449 | - | ||||||
Number of shares purchased (millions) (a) | 8.9 | - | ||||||
(a) Share repurchases were made under the company’s normal course issuer bid program, and include shares purchased from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. |
First Quarter | |||||||||||
millions of Canadian dollars, unless noted | 2023 | 2022 | |||||||||
Dividends paid | 266 | 185 | |||||||||
Per share dividend paid (dollars) | 0.44 | 0.27 | |||||||||
Share repurchases (a) | — | 449 | |||||||||
Number of shares purchased (millions) (a) | — | 8.9 | |||||||||
(a)The company did not purchase shares during the first quarter of 2023. In the first quarter of 2022, share repurchases were made under the company's normal course issuer bid program, and included shares purchased from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid. |
IMPERIAL OIL LIMITED |
IMPERIAL OIL LIMITED |
| 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) | | |||||
January 2022 | ||||||||||||||||
(January 1 - January 31) | 8,936,150 | 50.30 | 8,936,150 | - | ||||||||||||
February 2022 | ||||||||||||||||
(February 1 - February 28) | - | - | - | - | ||||||||||||
March 2022 | ||||||||||||||||
(March 1 - March 31) | - | - | - | - |
Total number of | 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 programs (a) | ||||||||||||||||||||
January | |||||||||||||||||||||||
(January 1 - January 31) | — | — | — | — | |||||||||||||||||||
February 2023 | |||||||||||||||||||||||
(February 1 - February 28) | — | — | — | — | |||||||||||||||||||
March 2023 | |||||||||||||||||||||||
(March 1 - March 31) | — | — | — | — | |||||||||||||||||||
IMPERIAL OIL LIMITED |
IMPERIAL OIL LIMITED |
Imperial Oil Limited | |||||||||||||||
(Registrant) | |||||||||||||||
Date: | May 2, 2023 | /s/ Daniel E. Lyons | |||||||||||||
(Signature) | |||||||||||||||
Daniel E. Lyons | |||||||||||||||
Senior vice-president, finance and administration, and controller | |||||||||||||||
Date: | May 2, 2023 | /s/ Cathryn Walker | |||||||||||||
(Signature) | |||||||||||||||
Cathryn Walker | |||||||||||||||
Assistant corporate secretary |