IMPERIAL OIL LTD 10-Q

Item 1. Financial statements Consolidated statement of income (U.S. GAAP, unaudited) Second Quarter Six Months to June 30 millions of Canadian dollars 2024 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 income 13,383 11,819 25,666 23,940 Expenses Exploration 1 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 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 (d) (note 5) 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) 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 dollars 2024 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 equivalents 2,020 864 Accounts receivable - net (a) 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 (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 Goodwill 166 166 Other assets, including intangibles - net 1,054 838 Total assets 44,135 41,199 Liabilities Current liabilities Notes and loans payable 118 121 Accounts payable and accrued liabilities (a) (note 7) 7,665 6,231 Income taxes payable 90 251 Total current liabilities 7,873 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 liabilities 4,382 4,512 Total liabilities 20,199 18,977 Shareholders’ equity Common shares at stated value (d) (note 9) 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 (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 dollars 2024 2023 2024 2023 Common shares at stated value (note 9) At beginning of period 992 1,079 992 1,079 Share purchases at stated value — — — — At end of period 992 1,079 992 1,079 Earnings reinvested At beginning of period 22,781 22,837 21,907 21,846 Net income (loss) for the period 1,133 675 2,328 1,923 Share purchases in excess of stated value — — — — Dividends declared ( 322 ) ( 292 ) ( 643 ) ( 549 ) At end of period 23,592 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 period 23,936 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 dollars 2024 2023 2024 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 (b) ( 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) — — — — 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 (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 dollars 2024 2023 2024 2023 2024 2023 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 Exploration 1 1 — — — — Purchases of crude oil and products 1,900 1,432 12,944 11,133 256 263 Production and manufacturing 1,203 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 depletion 396 398 46 44 4 4 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 1 — — — — — Total expenses 3,501 3,087 14,251 12,409 332 344 Income (loss) before income taxes 1,051 503 383 326 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 dollars 2024 2023 2024 2023 2024 2023 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 manufacturing 3 — — — 1,689 1,785 Selling and general 29 25 ( 2 ) ( 1 ) 221 206 Federal excise tax and fuel charge — — — — 656 598 Depreciation and depletion 10 7 — — 456 453 Non-service pension and postretirement benefit 1 20 — — 1 20 Financing (note 5) 13 16 — — 14 16 Total expenses 56 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 dollars 2024 2023 Revenue from contracts with customers 10,782 10,922 Revenue outside the scope of ASC 606 2,566 842 Total 13,348 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 dollars 2024 2023 2024 2023 2024 2023 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 Exploration 2 2 — — — — Purchases of crude oil and products 3,713 2,975 24,535 22,329 516 537 Production and manufacturing 2,391 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 depletion 828 832 91 89 8 8 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 2 — — — — — Total expenses 6,936 6,352 27,060 24,746 676 707 Income (loss) before income taxes 1,784 938 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 dollars 2024 2023 2024 2023 2024 2023 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 manufacturing 5 — — — 3,353 3,541 Selling and general 89 29 ( 4 ) ( 2 ) 467 392 Federal excise tax and fuel charge — — — — 1,247 1,127 Depreciation and depletion 19 14 — — 946 943 Non-service pension and postretirement benefit 2 40 — — 2 40 Financing (note 5) 24 32 — — 26 32 Total expenses 139 115 ( 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 dollars 2024 2023 Revenue from contracts with customers 20,511 21,442 Revenue outside the scope of ASC 606 5,086 2,379 Total 25,597 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 dollars 2024 2023 2024 2023 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 4. Employee retirement benefits The components of net benefit cost were as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2024 2023 2024 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 5. Financing costs Second Quarter Six Months to June 30 millions of Canadian dollars 2024 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 dollars 2024 2023 Long-term debt 3,447 3,447 Finance leases 554 564 Total long-term debt 4,001 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 dollars 2024 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 obligations 3,943 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 barrels 2024 2023 Crude 10,620 ( 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 dollars 2024 2023 2024 2023 Revenues 11 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 value Effect of counterparty netting Effect of collateral netting Net carrying value Level 1 Level 2 Level 3 Total 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 value Effect of counterparty netting Effect of collateral netting Net carrying value Level 1 Level 2 Level 3 Total 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 shares 2024 2023 Authorized 1,100,000 1,100,000 Outstanding 535,837 535,837 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 2024 2023 2024 2023 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 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) (millions of Canadian dollars) 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 17 IMPERIAL OIL LIMITED 10. Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2024 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 income 25 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 dollars 2024 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 dollars 2024 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 Total 3 3 9 13 18 IMPERIAL OIL LIMITED