2 unchanged sentences
GAAP, unaudited)
−Removed: Second Quarter
+Added: Third Quarter
+Added: to September 30
millions of Canadian dollars 2022 2021 2022 2021
Revenues and other income
+Added: 15,071 10,214 45,013 25,213
Investment and other income (note 3, 11)
+Added: 153 19 204 65
Total revenues and other income 15,224 10,233 45,217 25,278
+Added: Exploration 1 2 4 6
Purchases of crude oil and products (b)
+Added: 9,478 6,298 28,849 15,052
Production and manufacturing (c)
+Added: 1,872 1,525 5,439 4,579
Selling and general (c)
+Added: 209 180 625 569
Federal excise tax and fuel charge 584 535 1,616 1,404
Depreciation and depletion 555 488 1,432 1,432
−Removed: pension and postretirement benefit
+Added: Non-service pension and postretirement benefit 4 11 13 32
Financing (d) (note 5)
1 unchanged sentence
Income (loss) before income taxes 2,505 1,189 7,205 2,172
+Added: Income taxes 474 281 1,592 506
Net income (loss) 2,031 908 5,613 1,666
−Removed: Per share information
−Removed: (Canadian dollars)
+Added: Per share information (Canadian dollars)
Net income (loss) per common share - basic (note 9)
+Added: 3.25 1.30 8.60 2.32
Net income (loss) per common share - diluted (note 9)
+Added: 3.24 1.29 8.58 2.31
(a) Amounts from related parties included in revenues.
+Added: 4,454 2,731 13,588 5,644
(b) Amounts to related parties included in purchases of crude oil and products.
+Added: 1,086 828 2,865 2,009
(c) Amounts to related parties included in production and manufacturing, and selling and general expenses.
+Added: 120 95 354 317
(d) Amounts to related parties included in financing, (note 5).
3 unchanged sentences
GAAP, unaudited)
−Removed: Second Quarter
+Added: Third Quarter
+Added: to September 30
millions of Canadian dollars 2022 2021 2022 2021
9 unchanged sentences
GAAP, unaudited)
−Removed: millions of Canadian dollars
+Added: millions of Canadian dollars As at
Current assets
+Added: Cash and cash equivalents 3,576 2,153
Accounts receivable - net (a)
6 unchanged sentences
Property, plant and equipment, net (note 11)
+Added: 30,013 31,240
+Added: Goodwill 166 166
Other assets, including intangibles - net 919 806
+Added: Total assets 42,986 40,782
Current liabilities
11 unchanged sentences
Accumulated other comprehensive income (loss) (note 10)
+Added: ( 1,090 ) ( 1,177 )
Total shareholders’ equity 22,308 21,735
Total liabilities and shareholders’ equity 42,986 40,782
−Removed: Accounts receivable - net included net amounts receivable from related parties of $ 1,888 million (2021 - $ 1,031 million).
−Removed: Investments and long-term receivables included amounts from related parties of $ 296 million (2021 - $ 298 million).
−Removed: Long-term debt included amounts to related parties of $ 4,447 million (2021 - $ 4,447 million).
−Removed: Number of common shares authorized and outstanding were 1,100 million and 637 million, respectively (2021 - 1,100 million and 678 million, respectively).
+Added: (a) Accounts receivable - net included net amounts receivable from related parties of $ 1,534 million (2021 - $ 1,031 million).
+Added: (b) Investments and long-term receivables included amounts from related parties of $ 289 million (2021 - $ 298 million).
+Added: (c) Long-term debt included amounts to related parties of $ 3,447 million (2021 - $ 4,447 million).
+Added: (d) Number of common shares authorized and outstanding were 1,100 million and 612 million, respectively (2021 - 1,100 million and 678 million, respectively).
The information in the notes to consolidated financial statements is an integral part of these statements.
2 unchanged sentences
GAAP, unaudited)
−Removed: Second Quarter
+Added: Third Quarter
+Added: to September 30
millions of Canadian dollars 2022 2021 2022 2021
−Removed: Common shares at stated value
+Added: Common shares at stated value (note 9)
At beginning of period 1,177 1,302 1,252 1,357
7 unchanged sentences
At end of period 22,269 21,759 22,269 21,759
−Removed: Accumulated other comprehensive income (loss)
+Added: Accumulated other comprehensive income (loss) (note 10)
At beginning of period ( 1,111 ) ( 1,869 ) ( 1,177 ) ( 1,989 )
7 unchanged sentences
Inflow (outflow)
−Removed: Second Quarter
+Added: Third Quarter
+Added: to September 30
millions of Canadian dollars
+Added: 2022 2021 2022 2021
Operating activities
Net income (loss) 2,031 908 5,613 1,666
−Removed: Adjustments for non-cash
+Added: Adjustments for non-cash items:
Depreciation and depletion 555 488 1,432 1,432
(Gain) loss on asset sales (note 3, 11)
+Added: ( 131 ) ( 12 ) ( 155 ) ( 39 )
Deferred income taxes and other 122 ( 120 ) ( 358 ) 16
4 unchanged sentences
Accounts payable and accrued liabilities ( 1,328 ) 1,123 1,315 2,362
−Removed: All other items - net (c)
+Added: All other items - net (b)
+Added: ( 34 ) 240 13 390
Cash flows from (used in) operating activities 3,089 1,947 7,685 3,844
1 unchanged sentence
Additions to property, plant and equipment ( 397 ) ( 276 ) ( 1,034 ) ( 684 )
−Removed: Proceeds from asset sales (note 3) (b)
+Added: Proceeds from asset sales (note 3, 11)
+Added: 760 15 886 57
+Added: Additional investments ( 6 ) — ( 6 ) —
Loans to equity companies - net 7 2 9 14
2 unchanged sentences
Short-term debt - net — ( 75 ) — ( 111 )
+Added: Long-term debt - reductions (note 6)
+Added: ( 1,000 ) — ( 1,000 ) —
Reduction in finance lease obligations (note 6)
+Added: ( 5 ) ( 6 ) ( 16 ) ( 14 )
Dividends paid ( 227 ) ( 195 ) ( 640 ) ( 518 )
Common shares purchased (note 9)
+Added: ( 1,512 ) ( 313 ) ( 4,461 ) ( 1,484 )
Cash flows from (used in) financing activities ( 2,744 ) ( 589 ) ( 6,117 ) ( 2,127 )
1 unchanged sentence
Cash at beginning of period 2,867 776 2,153 771
−Removed: Cash at end of period
+Added: Cash at end of period (a)
+Added: 3,576 1,875 3,576 1,875
(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.
−Removed: (b) Included $ 94 million deposit for the potential sale of XTO Energy Canada (note 11).
−Removed: (c) Included contributions to registered pension plans.
+Added: (b) Included contributions to registered pension plans.
+Added: ( 41 ) ( 43 ) ( 137 ) ( 113 )
Income taxes (paid) refunded.
+Added: ( 64 ) 32 ( 339 ) 60
Interest (paid), net of capitalization.
+Added: ( 19 ) ( 5 ) ( 41 ) ( 32 )
The information in the notes to consolidated financial statements is an integral part of these statements.
7 unchanged sentences
The company’s exploration and production activities are accounted for under the “successful efforts” method.
−Removed: The results for the six months ended June 30, 2022, are not necessarily indicative of the operations to be expected for the full year.
+Added: The results for the nine months ended September 30, 2022, are not necessarily indicative of the operations to be expected for the full year.
All amounts are in Canadian dollars unless otherwise indicated.
1 unchanged sentence
Business segments
−Removed: Second Quarter
+Added: Third Quarter Upstream
millions of Canadian dollars 2022 2021 2022 2021 2022 2021
1 unchanged sentence
Revenues (a) (b)
−Removed: Intersegment sales
+Added: 156 1,015 14,537 8,813 378 386
+Added: Intersegment sales (c)
+Added: 4,665 3,137 1,693 366 142 91
Investment and other income (note 3, 11)
−Removed: Purchases of crude oil and products
+Added: 128 — 6 18 — —
+Added: 4,949 4,152 16,236 9,197 520 477
+Added: Exploration 1 2 — — — —
+Added: Purchases of crude oil and products (c)
+Added: 1,937 1,902 13,686 7,745 354 244
Production and manufacturing 1,381 1,120 419 356 72 49
2 unchanged sentences
Depreciation and depletion 501 439 44 39 4 4
−Removed: pension and postretirement benefit
+Added: Non-service pension and postretirement benefit — — — — — —
Financing (note 5)
2 unchanged sentences
Income tax expense (benefit) 143 165 318 88 18 38
−Removed: Net income (loss)
−Removed: Cash flows from (used in) operating activities
−Removed: Capital and exploration expenditures
−Removed: Second Quarter
−Removed: Corporate and other
+Added: Net income (loss) (c)
+Added: 986 524 1,012 293 54 121
+Added: Cash flows from (used in) operating activities (c)
+Added: 1,280 2,508 1,532 ( 733 ) 109 157
+Added: Capital and exploration expenditures (d)
+Added: 309 151 64 120 2 2
+Added: Third Quarter
+Added: Corporate and other Eliminations
millions of Canadian dollars 2022 2021 2022 2021 2022 2021
1 unchanged sentence
Revenues (a) (b)
−Removed: Intersegment sales
+Added: — — — — 15,071 10,214
+Added: Intersegment sales (c)
+Added: — — ( 6,500 ) ( 3,594 ) — —
Investment and other income (note 3, 11)
−Removed: Purchases of crude oil and products
+Added: 19 1 — — 153 19
+Added: 19 1 ( 6,500 ) ( 3,594 ) 15,224 10,233
+Added: Exploration — — — — 1 2
+Added: Purchases of crude oil and products (c)
+Added: — — ( 6,499 ) ( 3,593 ) 9,478 6,298
Production and manufacturing — — — — 1,872 1,525
4 unchanged sentences
Financing (note 5)
+Added: 16 5 — — 16 5
Total expenses 45 41 ( 6,500 ) ( 3,594 ) 12,719 9,044
1 unchanged sentence
Income tax expense (benefit) ( 5 ) ( 10 ) — — 474 281
−Removed: Net income (loss)
−Removed: Cash flows from (used in) operating activities
−Removed: Capital and exploration expenditures
+Added: Net income (loss) (c)
+Added: ( 21 ) ( 30 ) — — 2,031 908
+Added: Cash flows from (used in) operating activities (c)
+Added: 168 15 — — 3,089 1,947
+Added: Capital and exploration expenditures (d)
+Added: 17 4 — — 392 277
IMPERIAL OIL LIMITED
−Removed: Included export sales to the United States of $ 3,871 million (2021 - $ 1,544 million).
−Removed: Includes approximately 13 % related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the three months ended June 30, 2022.
+Added: (a) Included export sales to the United States of $ 3,176 million (2021 - $ 1,803 million).
+Added: (b) Includes approximately 13 % and 10 % related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the three months ended September 30, 2022 and September 30, 2021, respectively.
Trade receivables in Accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606.
Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives.
−Removed: quality and type of customer are generally similar between
−Removed: those revenues and receivables within the scope of ASC 606 and those outside it
−Removed: 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.
+Added: Credit quality and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
+Added: (c) In the third quarter of 2021, the Downstream segment acquired a portion of Upstream crude inventory for $ 444 million.
+Added: There was no earnings impact and the effects of this transaction have been eliminated for consolidation purposes.
+Added: (d) 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.
IMPERIAL OIL LIMITED
−Removed: Six Months to June 30
+Added: Nine Months to September 30 Upstream
millions of Canadian dollars 2022 2021 2022 2021 2022 2021
1 unchanged sentence
Revenues (a) (b)
−Removed: Intersegment sales
+Added: 374 5,773 43,480 18,355 1,159 1,085
+Added: Intersegment sales (c)
+Added: 14,923 5,800 5,550 1,927 395 223
Investment and other income (note 3, 11)
−Removed: Purchases of crude oil and products
+Added: 135 6 36 51 — 1
+Added: 15,432 11,579 49,066 20,333 1,554 1,309
+Added: Exploration 4 6 — — — —
+Added: Purchases of crude oil and products (c)
+Added: 6,184 5,780 42,459 16,525 1,070 693
Production and manufacturing 4,053 3,395 1,193 1,039 193 145
7 unchanged sentences
Income tax expense (benefit) 807 264 761 187 52 93
−Removed: Net income (loss)
−Removed: Cash flows from (used in) operating activities
−Removed: Capital and exploration expenditures
−Removed: Total assets as at June 30
−Removed: Six Months to June 30
−Removed: Corporate and other
+Added: Net income (loss) (c)
+Added: 3,114 850 2,434 645 163 297
+Added: Cash flows from (used in) operating activities (c)
+Added: 4,814 3,634 2,548 ( 135 ) 240 330
+Added: Capital and exploration expenditures (d)
+Added: 764 366 201 308 5 6
+Added: Total assets as at September 30 (c) (note 11)
+Added: 28,099 29,540 9,972 8,239 482 488
+Added: Nine Months to September 30
+Added: Corporate and other Eliminations
millions of Canadian dollars 2022 2021 2022 2021 2022 2021
1 unchanged sentence
Revenues (a) (b)
−Removed: Intersegment sales
+Added: — — — — 45,013 25,213
+Added: Intersegment sales (c)
+Added: — — ( 20,868 ) ( 7,950 ) — —
Investment and other income (note 3, 11)
−Removed: Purchases of crude oil and products
+Added: 33 7 — — 204 65
+Added: 33 7 ( 20,868 ) ( 7,950 ) 45,217 25,278
+Added: Exploration — — — — 4 6
+Added: Purchases of crude oil and products (c)
+Added: — — ( 20,864 ) ( 7,946 ) 28,849 15,052
Production and manufacturing — — — — 5,439 4,579
4 unchanged sentences
Financing (note 5)
+Added: 33 31 — — 34 32
Total expenses 159 171 ( 20,868 ) ( 7,950 ) 38,012 23,106
1 unchanged sentence
Income tax expense (benefit) ( 28 ) ( 38 ) — — 1,592 506
−Removed: Net income (loss)
−Removed: Cash flows from (used in) operating activities
−Removed: Capital and exploration expenditures
−Removed: Total assets as at June 30
+Added: Net income (loss) (c)
+Added: ( 98 ) ( 126 ) — — 5,613 1,666
+Added: Cash flows from (used in) operating activities (c)
+Added: 83 15 — — 7,685 3,844
+Added: Capital and exploration expenditures (d)
+Added: 32 19 — — 1,002 699
+Added: Total assets as at September 30 (c) (note 11)
+Added: 4,704 2,778 ( 271 ) ( 170 ) 42,986 40,875
IMPERIAL OIL LIMITED
−Removed: Included export sales to the United States of $ 6,375 million (2021 - $ 3,113 million).
−Removed: Includes approximately 11 % related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the six months ended June 30, 2022.
+Added: (a) Included export sales to the United States of $ 9,551 million (2021 - $ 4,916 million).
+Added: (b) Includes approximately 12 % and 5 % related to revenue outside the scope of ASC 606 “Revenue from Contracts with Customers” for the nine months ended September 30, 2022 and September 30, 2021, respectively.
Trade receivables in Accounts receivable – net reported on the Balance Sheet include both receivables within the scope of ASC 606 and those outside the scope of ASC 606.
Revenue and receivables outside the scope of ASC 606 primarily relate to physically settled commodity contracts accounted for as derivatives.
−Removed: quality and type of customer are generally similar between
−Removed: those revenues and receivables within the scope of ASC 606 and those outside it
−Removed: 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.
+Added: Credit quality and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
+Added: (c) In the third quarter of 2021, the Downstream segment acquired a portion of Upstream crude inventory for $ 444 million.
+Added: There was no earnings impact and the effects of this transaction have been eliminated for consolidation purposes.
+Added: (d) 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.
2 unchanged sentences
Investment and other income included gains and losses on asset sales as follows:
−Removed: Second Quarter
+Added: Third Quarter
+Added: to September 30
millions of Canadian dollars 2022 2021 2022 2021
1 unchanged sentence
Book value of asset sales 723 3 731 18
−Removed: Gain (loss) on asset sales, before tax
−Removed: Gain (loss) on asset sales, after tax
+Added: Gain (loss) on asset sales, before tax (a)
+Added: 131 12 155 39
+Added: Gain (loss) on asset sales, after tax (a)
+Added: 222 10 241 34
+Added: (a) The third quarter of 2022 included a gain of $ 116 million ($ 208 million, after tax) from the sale of interests in XTO Energy Canada, which included the removal of a deferred tax liability.
Employee retirement benefits
The components of net benefit cost were as follows:
−Removed: Second Quarter
+Added: Third Quarter
+Added: to September 30
millions of Canadian dollars 2022 2021 2022 2021
Pension benefits:
+Added: Service cost 70 81 210 243
Interest cost 74 68 221 204
4 unchanged sentences
Other postretirement benefits:
+Added: Service cost 6 7 17 21
Interest cost 6 6 18 17
2 unchanged sentences
Financing costs
−Removed: Second Quarter
+Added: Third Quarter
+Added: to September 30
millions of Canadian dollars 2022 2021 2022 2021
1 unchanged sentence
Capitalized interest
+Added: ( 18 ) ( 4 ) ( 33 ) ( 19 )
Net interest expense
1 unchanged sentence
Total financing
−Removed: In June 2022, the company reduced its existing $ 500 million committed long-term line of credit to $ 250 million and extended the maturity date to June 30, 2023 .
+Added: During the second quarter of 2022, the company reduced its existing $ 500 million committed long-term line of credit to $ 250 million and extended the maturity date to June 30, 2023 .
The company also extended one of its $ 250 million committed long-term lines of credit to June 30, 2024 .
2 unchanged sentences
Long-term debt
−Removed: millions of Canadian dollars
−Removed: Long-term debt
+Added: millions of Canadian dollars As at
+Added: Sept 30 As at
+Added: Long-term debt (a)
Finance leases
Total long-term debt 4,038 5,054
+Added: (a) During the third quarter of 2022, the company decreased its long-term debt by $ 1 billion by partially repaying an existing facility with an affiliated company of ExxonMobil.
Other long-term obligations
6 unchanged sentences
Total other long-term obligations 3,428 3,897
−Removed: Total recorded employee retirement benefits obligations also included $ 56 million in current liabilities (2021 - $ 56 million).
−Removed: Total asset retirement obligations and other environmental liabilities also included $ 102 million in current liabilities (2021 - $ 102 million).
−Removed: Total operating lease liability also included $ 86 million in current liabilities (2021 - $ 102 million).
+Added: (a) Total recorded employee retirement benefits obligations also included $ 56 million in current liabilities (2021 - $ 56 million).
+Added: (b) Total asset retirement obligations and other environmental liabilities also included $ 101 million in current liabilities (2021 - $ 102 million).
+Added: (c) Total operating lease liability also included $ 92 million in current liabilities (2021 - $ 102 million).
In addition to the total operating lease liability, additional undiscounted commitments for leases not yet commenced totalled $ 49 million (2021 - $ 5 million).
4 unchanged sentences
There are no material differences between the fair value of the company’s financial instruments and the recorded carrying value.
−Removed: At June 30, 2022 and December 31, 2021, the fair value of long-term debt ($ 4,447 million, excluding finance lease obligations) was primarily a level 2 measurement.
+Added: At September 30, 2022 and December 31, 2021, the fair value of long-term debt ($ 3,447 million and $ 4,447 million respectively, excluding finance lease obligations) was primarily a level 2 measurement.
Derivative instruments
7 unchanged sentences
thousands of barrels 2022 2021
−Removed: Realized and unrealized gain or (loss) on derivative instruments recognized in the Consolidated statement of income is included in the following lines on a before-tax
−Removed: Second Quarter
+Added: Crude 2,690 7,390
+Added: Products ( 1,210 ) ( 560 )
+Added: 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:
+Added: Third Quarter
+Added: to September 30
millions of Canadian dollars 2022 2021 2022 2021
+Added: Revenues 105 ( 21 ) 91 ( 30 )
Purchases of crude oil and products — — — ( 33 )
+Added: Total 105 ( 21 ) 91 ( 63 )
IMPERIAL OIL LIMITED
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement is as follows:
−Removed: At June 30, 2022
+Added: At September 30, 2022
millions of Canadian dollars
+Added: Fair value Effect of
+Added: netting Effect of
+Added: Level 1 Level 2 Level 3 Total
Derivative assets (a)
+Added: 55 35 — 90 ( 27 ) ( 38 ) 25
Derivative liabilities (b)
−Removed: Included in the Consolidated balance sheet line:
+Added: 17 16 — 33 ( 27 ) — 6
+Added: (a) Included in the Consolidated balance sheet line:
“Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
−Removed: Included in the Consolidated balance sheet line:
+Added: (b) Included in the Consolidated balance sheet line:
“Accounts payable and accrued liabilities” and “Other long-term obligations”.
1 unchanged sentence
millions of Canadian dollars
+Added: Fair value Effect of
+Added: netting Effect of
+Added: Level 1 Level 2 Level 3 Total
Derivative assets (a)
+Added: 24 17 — 41 ( 31 ) — 10
Derivative liabilities (b)
−Removed: Included in the Consolidated balance sheet line:
+Added: 31 12 — 43 ( 31 ) ( 7 ) 5
+Added: (a) Included in the Consolidated balance sheet line:
“Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
−Removed: Included in the Consolidated balance sheet line:
+Added: (b) Included in the Consolidated balance sheet line:
“Accounts payable and accrued liabilities” and “Other long-term obligations”.
−Removed: At June 30, 2022 and December 31, 2021, the company had $ 16 million and $ 6 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.
+Added: At September 30, 2022 and December 31, 2021, the company had $ 36 million and $ 6 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.
IMPERIAL OIL LIMITED
1 unchanged sentence
thousands of shares
+Added: Authorized 1,100,000 1,100,000
Common shares outstanding 611,516 678,080
−Removed: The 12 -month
−Removed: normal course issuer bid program that was in place during the first quarter of 2022 came into effect June 29, 2021.
+Added: The most recent 12-month normal course issuer bid program came into effect June 29, 2022 under which Imperial continued its existing share purchase program.
The program enabled the company to purchase up to a maximum of 31,833,809 common shares ( 5 percent of the total shares on June 15, 2022) which included shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid.
−Removed: As in the past, Exxon Mobil Corporation participated to maintain its ownership percentage at approximately 69.6 percent.
−Removed: The program completed on January 31, 2022 as a result of the company purchasing the maximum allowable number of shares under the program.
−Removed: The current 12 -month
−Removed: normal course issuer bid program came into effect June 29, 2022 under which Imperial will continue its existing share purchase program.
−Removed: The program enables the company to purchase up to a maximum of 31,833,809 common shares ( 5 percent of the total shares on June 15, 2022) which includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid.
−Removed: 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.
−Removed: Imperial plans to accelerate its share purchases under the normal course issuer bid program and anticipates repurchasing all remaining allowable shares by the end of October 2022.
−Removed: Purchase plans may be modified at any time without prior notice.
+Added: 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.
+Added: Imperial accelerated share purchases under the normal course issuer bid program during the third quarter and, subsequent to the end of the third quarter, the program completed on October 21, 2022 as a result of the company purchasing the maximum allowable number of shares under the program.
On May 6, 2022, the company commenced a substantial issuer bid pursuant to which it offered to purchase for cancellation up to $ 2.5 billion of its common shares through a modified Dutch auction and proportionate tender offer.
−Removed: The substantial issuer bid was completed on June 15, 2022, with the company taking up and paying for 32,467,532 common shares at a price of $ 77.00 per share, for an aggregate purchase of $ 2.5 billion and 4.9 percent of Imperial’s issued and outstanding shares as the close of business on May 2, 2022.
+Added: The substantial issuer bid was completed on June 15, 2022, with the company taking up and paying for 32,467,532 common shares at a price of $ 77.00 per share, for an aggregate purchase of $ 2.5 billion and 4.9 percent of Imperial’s issued and outstanding shares at the close of business on May 2, 2022.
This included 22,597,379 shares purchased from Exxon Mobil Corporation by way of a proportionate tender to maintain its ownership percentage at approximately 69.6 percent.
The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.
+Added: On October 28, 2022 the company announced its intention to launch a substantial issuer bid pursuant to which the company will offer to purchase for cancellation up to $ 1.5 billion of its common shares.
+Added: The substantial issuer bid will be made through a modified Dutch auction, with a tender price range to be determined by the company at the time of commencement of the offer.
+Added: Shares may also be tendered by way of a proportionate tender, which will result in a shareholder maintaining their proportionate share ownership.
+Added: ExxonMobil has advised Imperial that it intends to make a proportionate tender in connection with the offer in order to maintain its proportionate share ownership at approximately 69.6 percent following completion of the offer.
+Added: Nothing in this report shall constitute an offer to purchase or a solicitation of an offer to sell any shares.
The company’s common share activities are summarized below:
+Added: shares Millions of
Balance as at December 31, 2020 734,077 1,357
4 unchanged sentences
Purchases at stated value ( 66,564 ) ( 123 )
−Removed: Balance as at June 30, 2022
+Added: Balance as at September 30, 2022 611,516 1,129
IMPERIAL OIL LIMITED
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:
−Removed: Second Quarter
+Added: Third Quarter
+Added: to September 30
+Added: 2022 2021 2022 2021
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
+Added: 2,031 908 5,613 1,666
Weighted average number of common shares outstanding (millions of shares)
+Added: 625.3 700.0 652.9 719.4
Net income (loss) per common share (dollars)
+Added: 3.25 1.30 8.60 2.32
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
+Added: 2,031 908 5,613 1,666
Weighted average number of common shares outstanding (millions of shares)
+Added: 625.3 700.0 652.9 719.4
Effect of employee share-based awards (millions of shares)
−Removed: Weighted average number of common shares outstanding, assuming dilution (millions of shares)
+Added: 1.6 1.9 1.5 1.7
+Added: Weighted average number of common shares outstanding,
+Added: assuming dilution (millions of shares)
+Added: 626.9 701.9 654.4 721.1
Net income (loss) per common share (dollars)
+Added: 3.24 1.29 8.58 2.31
Dividends per common share – declared (dollars)
+Added: 0.34 0.27 1.02 0.76
IMPERIAL OIL LIMITED
6 unchanged sentences
Amounts reclassified from accumulated other comprehensive income 63 99
−Removed: Balance at June 30
−Removed: Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax
−Removed: income (expense):
−Removed: Second Quarter
+Added: Balance at September 30 ( 1,090 ) ( 1,836 )
+Added: Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
+Added: Third Quarter
+Added: to September 30
millions of Canadian dollars 2022 2021 2022 2021
−Removed: Amortization of postretirement benefits liability adjustment included in net benefit cost (a)
+Added: Amortization of postretirement benefits liability adjustment
+Added: included in net benefit cost (a)
+Added: ( 28 ) ( 44 ) ( 83 ) ( 132 )
(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):
−Removed: Second Quarter
+Added: Third Quarter
+Added: to September 30
millions of Canadian dollars 2022 2021 2022 2021
2 unchanged sentences
Amortization of postretirement benefits liability adjustment included in net benefit cost
+Added: Total 7 11 28 50
Divestment activities
Jointly with ExxonMobil Canada, Imperial signed an agreement in the second quarter with Whitecap Resources Inc.
−Removed: for the sale of its interests in XTO Energy Canada which include assets in the Montney and Duvernay areas of central Alberta, for approximately $ 1.9 billion ($ 0.9 billion Imperial’s share), subject to working capital and other adjustments.
−Removed: The transaction is expected to close prior to the end of the third quarter of 2022, subject to regulatory approvals.
−Removed: Imperial’s net assets held for sale associated with this transaction include about $ 0.9 billion of total assets (about $ 0.8 billion of property, plant and equipment) and about $ 0.1 billion total liabilities in the Upstream segment.
−Removed: The company estimates that total cash flow from the divestment will be approximately $ 0.9 billion, and expects to recognize a gain at closing of approximately $ 0.2 billion.
−Removed: Estimated gain and net cash flow could change due to market factors, working capital adjustments, tax impacts and closing dates.
+Added: for the sale of its interests in XTO Energy Canada which included assets in the Montney and Duvernay areas of central Alberta, for total cash consideration of approximately $ 1.9 billion ($ 0.9 billion Imperial's share).
+Added: The transaction closed on August 31, 2022 and the company recognized a gain of approximately $ 0.2 billion.
+Added: Imperial’s total assets associated with this transaction include about $ 0.9 billion (about $ 0.8 billion of property, plant and equipment) and about $ 0.2 billion total liabilities in the Upstream segment.
IMPERIAL OIL LIMITED
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.