IMPERIAL OIL LTD 10-Q

Item 1. Financial statements Consolidated statement of income (U.S. GAAP, unaudited) Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Revenues and other income Revenues (a) 13,215 13,873 38,812 37,694 Investment and other income (note 3) 44 47 113 166 Total revenues and other income 13,259 13,920 38,925 37,860 Expenses Exploration 1 1 3 3 Purchases of crude oil and products (b) 8,734 8,748 25,296 24,082 Production and manufacturing (c) 1,517 1,666 4,870 5,207 Selling and general (c) 223 237 690 629 Federal excise tax and fuel charge 661 654 1,908 1,781 Depreciation and depletion 508 475 1,454 1,418 Non-service pension and postretirement benefit 1 20 3 60 Financing (d) (note 5) 11 19 37 51 Total expenses 11,656 11,820 34,261 33,231 Income (loss) before income taxes 1,603 2,100 4,664 4,629 Income taxes 366 499 1,099 1,105 Net income (loss) 1,237 1,601 3,565 3,524 Per share information (Canadian dollars) Net income (loss) per common share - basic (note 9) 2.33 2.77 6.67 6.05 Net income (loss) per common share - diluted (note 9) 2.33 2.76 6.66 6.04 (a) Amounts from related parties included in revenues. 2,999 3,553 8,674 10,245 (b) Amounts to related parties included in purchases of crude oil and products. 1,199 1,228 3,022 3,270 (c) Amounts to related parties included in production and manufacturing, and selling and general expenses. 121 121 406 381 (d) Amounts to related parties included in financing. 40 44 127 124 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) Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Net income (loss) 1,237 1,601 3,565 3,524 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 9 38 29 Total other comprehensive income (loss) 13 9 42 50 Comprehensive income (loss) 1,250 1,610 3,607 3,574 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 Sep 30 As at Dec 31 millions of Canadian dollars 2024 2023 Assets Current assets Cash and cash equivalents 1,490 864 Accounts receivable - net (a) 5,524 4,482 Inventories of crude oil and products 1,415 1,944 Materials, supplies and prepaid expenses 978 1,008 Total current assets 9,407 8,298 Investments and long-term receivables (b) 1,072 1,062 Property, plant and equipment, 57,614 56,200 less accumulated depreciation and depletion ( 26,789 ) ( 25,365 ) Property, plant and equipment - net 30,825 30,835 Goodwill 166 166 Other assets, including intangibles - net 1,059 838 Total assets 42,529 41,199 Liabilities Current liabilities Notes and loans payable 118 121 Accounts payable and accrued liabilities (a) (note 7) 6,353 6,231 Income taxes payable 45 251 Total current liabilities 6,516 6,603 Long-term debt (c) (note 6) 3,997 4,011 Other long-term obligations (note 7) 3,977 3,851 Deferred income tax liabilities 4,400 4,512 Total liabilities 18,890 18,977 Shareholders’ equity Common shares at stated value (d) (note 9) 969 992 Earnings reinvested 23,305 21,907 Accumulated other comprehensive income (loss) (note 10) ( 635 ) ( 677 ) Total shareholders’ equity 23,639 22,222 Total liabilities and shareholders’ equity 42,529 41,199 (a) Accounts receivable - net included net amounts receivable from related parties. 820 1,048 (b) Investments and long-term receivables included amounts from related parties. 267 283 (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). 523 536 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) Third Quarter Nine Months to September 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 ( 23 ) ( 32 ) ( 23 ) ( 32 ) At end of period 969 1,047 969 1,047 Earnings reinvested At beginning of period 23,592 23,220 21,907 21,846 Net income (loss) for the period 1,237 1,601 3,565 3,524 Share purchases in excess of stated value ( 1,207 ) ( 1,310 ) ( 1,207 ) ( 1,310 ) Dividends declared ( 317 ) ( 288 ) ( 960 ) ( 837 ) At end of period 23,305 23,223 23,305 23,223 Accumulated other comprehensive income (loss) (note 10) At beginning of period ( 648 ) ( 471 ) ( 677 ) ( 512 ) Other comprehensive income (loss) 13 9 42 50 At end of period ( 635 ) ( 462 ) ( 635 ) ( 462 ) Shareholders’ equity at end of period 23,639 23,808 23,639 23,808 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) Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Operating activities Net income (loss) 1,237 1,601 3,565 3,524 Adjustments for non-cash items: Depreciation and depletion 508 475 1,454 1,418 (Gain) loss on asset sales (note 3) ( 2 ) 3 ( 5 ) ( 19 ) Deferred income taxes and other 53 ( 168 ) ( 186 ) ( 239 ) Changes in operating assets and liabilities: Accounts receivable 548 ( 805 ) ( 1,040 ) ( 671 ) Inventories, materials, supplies and prepaid expenses 502 ( 330 ) 552 ( 389 ) Income taxes payable ( 47 ) 234 ( 208 ) ( 2,164 ) Accounts payable and accrued liabilities ( 1,313 ) 1,314 62 1,011 All other items - net (b) 1 35 ( 2 ) ( 48 ) Cash flows from (used in) operating activities 1,487 2,359 4,192 2,423 Investing activities Additions to property, plant and equipment ( 486 ) ( 387 ) ( 1,444 ) ( 1,315 ) Proceeds from asset sales (note 3) — 6 7 29 Loans to equity companies - net 2 1 16 3 Cash flows from (used in) investing activities ( 484 ) ( 380 ) ( 1,421 ) ( 1,283 ) Financing activities Finance lease obligations - reduction (note 6) ( 5 ) ( 5 ) ( 18 ) ( 16 ) Dividends paid ( 322 ) ( 292 ) ( 921 ) ( 815 ) Common shares purchased (note 9) ( 1,206 ) ( 1,342 ) ( 1,206 ) ( 1,342 ) Cash flows from (used in) financing activities ( 1,533 ) ( 1,639 ) ( 2,145 ) ( 2,173 ) Increase (decrease) in cash and cash equivalents ( 530 ) 340 626 ( 1,033 ) Cash and cash equivalents at beginning of period 2,020 2,376 864 3,749 Cash and cash equivalents at end of period (a) 1,490 2,716 1,490 2,716 (a) Cash equivalents are all highly liquid securities with maturity of three months or less. (b) Includes contributions to registered pension plans. ( 37 ) ( 43 ) ( 112 ) ( 129 ) Income taxes (paid) refunded. ( 423 ) ( 438 ) ( 1,557 ) ( 3,627 ) Interest (paid), net of capitalization. ( 11 ) ( 15 ) ( 37 ) ( 52 ) 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 nine months ended September 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 Third Quarter Upstream Downstream (d) Chemical (d) millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 24 43 12,997 13,540 194 290 Intersegment sales 4,583 4,768 1,562 1,560 60 92 Investment and other income (note 3) 2 ( 4 ) 11 12 1 — 4,609 4,807 14,570 15,112 255 382 Expenses Exploration 1 1 — — — — Purchases of crude oil and products 1,766 1,852 13,014 13,061 157 254 Production and manufacturing 1,050 1,187 423 405 36 74 Selling and general — — 170 177 22 21 Federal excise tax and fuel charge — — 660 653 1 1 Depreciation and depletion 447 418 48 46 3 2 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 2 3 — — — — Total expenses 3,266 3,461 14,315 14,342 219 352 Income (loss) before income taxes 1,343 1,346 255 770 36 30 Income tax expense (benefit) 316 318 50 184 8 7 Net income (loss) 1,027 1,028 205 586 28 23 Cash flows from (used in) operating activities 1,298 1,771 164 378 49 74 Capital and exploration expenditures (c) 300 244 133 103 3 2 Third Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 13,215 13,873 Intersegment sales — — ( 6,205 ) ( 6,420 ) — — Investment and other income (note 3) 30 39 — — 44 47 30 39 ( 6,205 ) ( 6,420 ) 13,259 13,920 Expenses Exploration — — — — 1 1 Purchases of crude oil and products — — ( 6,203 ) ( 6,419 ) 8,734 8,748 Production and manufacturing 8 — — — 1,517 1,666 Selling and general 33 40 ( 2 ) ( 1 ) 223 237 Federal excise tax and fuel charge — — — — 661 654 Depreciation and depletion 10 9 — — 508 475 Non-service pension and postretirement benefit 1 20 — — 1 20 Financing (note 5) 9 16 — — 11 19 Total expenses 61 85 ( 6,205 ) ( 6,420 ) 11,656 11,820 Income (loss) before income taxes ( 31 ) ( 46 ) — — 1,603 2,100 Income tax expense (benefit) ( 8 ) ( 10 ) — — 366 499 Net income (loss) ( 23 ) ( 36 ) — — 1,237 1,601 Cash flows from (used in) operating activities ( 24 ) 136 — — 1,487 2,359 Capital and exploration expenditures (c) 50 38 — — 486 387 9 IMPERIAL OIL LIMITED (a) Includes export sales to the United States of $ 2,631 million (2023 - $ 2,180 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 Third Quarter millions of Canadian dollars 2024 2023 Revenue from contracts with customers 10,404 12,271 Revenue outside the scope of ASC 606 2,811 1,602 Total 13,215 13,873 (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. (d) In the third quarter of 2024, benzene and aromatic solvents are reported under the Downstream segment, whereas in the third quarter of 2023, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast. 10 IMPERIAL OIL LIMITED Nine Months to September 30 Upstream Downstream (d) Chemical (d) millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) 95 180 37,862 36,534 855 980 Intersegment sales 13,227 11,909 4,949 4,748 235 272 Investment and other income (note 3) 7 8 32 47 2 — 13,329 12,097 42,843 41,329 1,092 1,252 Expenses Exploration 3 3 — — — — Purchases of crude oil and products 5,479 4,827 37,549 35,390 673 791 Production and manufacturing 3,441 3,730 1,279 1,291 137 186 Selling and general — — 503 494 71 69 Federal excise tax and fuel charge — — 1,905 1,778 3 3 Depreciation and depletion 1,275 1,250 139 135 11 10 Non-service pension and postretirement benefit — — — — — — Financing (note 5) 4 3 — — — — Total expenses 10,202 9,813 41,375 39,088 895 1,059 Income (loss) before income taxes 3,127 2,284 1,468 2,241 197 193 Income tax expense (benefit) 743 542 338 535 47 46 Net income (loss) 2,384 1,742 1,130 1,706 150 147 Cash flows from (used in) operating activities 3,351 1,946 555 187 120 97 Capital and exploration expenditures (c) 857 868 435 329 11 11 Total assets as at September 30 28,186 28,356 11,104 10,912 452 441 Nine Months to September 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2024 2023 2024 2023 2024 2023 Revenues and other income Revenues (a) (b) — — — — 38,812 37,694 Intersegment sales — — ( 18,411 ) ( 16,929 ) — — Investment and other income (note 3) 72 111 — — 113 166 72 111 ( 18,411 ) ( 16,929 ) 38,925 37,860 Expenses Exploration — — — — 3 3 Purchases of crude oil and products — — ( 18,405 ) ( 16,926 ) 25,296 24,082 Production and manufacturing 13 — — — 4,870 5,207 Selling and general 122 69 ( 6 ) ( 3 ) 690 629 Federal excise tax and fuel charge — — — — 1,908 1,781 Depreciation and depletion 29 23 — — 1,454 1,418 Non-service pension and postretirement benefit 3 60 — — 3 60 Financing (note 5) 33 48 — — 37 51 Total expenses 200 200 ( 18,411 ) ( 16,929 ) 34,261 33,231 Income (loss) before income taxes ( 128 ) ( 89 ) — — 4,664 4,629 Income tax expense (benefit) ( 29 ) ( 18 ) — — 1,099 1,105 Net income (loss) ( 99 ) ( 71 ) — — 3,565 3,524 Cash flows from (used in) operating activities 166 193 — — 4,192 2,423 Capital and exploration expenditures (c) 141 101 — — 1,444 1,309 Total assets as at September 30 2,942 4,346 ( 155 ) ( 469 ) 42,529 43,586 11 IMPERIAL OIL LIMITED (a) Includes export sales to the United States of $ 7,641 million (2023 - $ 6,589 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 Nine Months to September 30 millions of Canadian dollars 2024 2023 Revenue from contracts with customers 30,915 33,713 Revenue outside the scope of ASC 606 7,897 3,981 Total 38,812 37,694 (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. (d) In 2024, benzene and aromatic solvents are reported under the Downstream segment, whereas in 2023, they were reported under the Chemicals segment. The company has determined that the impact of this change is not material; therefore, the comparative period has not been recast. 12 IMPERIAL OIL LIMITED 3. Investment and other income Investment and other income included gains and losses on asset sales as follows: Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Proceeds from asset sales — 6 7 29 Book value of asset sales ( 2 ) 9 2 10 Gain (loss) on asset sales, before tax 2 ( 3 ) 5 19 Gain (loss) on asset sales, after tax 2 ( 2 ) 5 16 4. Employee retirement benefits The components of net benefit cost were as follows: Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Pension benefits: Service cost 47 41 139 122 Interest cost 91 94 274 280 Expected return on plan assets ( 113 ) ( 94 ) ( 340 ) ( 280 ) Amortization of prior service cost 7 5 21 13 Amortization of actuarial loss (gain) 11 10 35 32 Net benefit cost 43 56 129 167 Other postretirement benefits: Service cost 3 3 10 9 Interest cost 7 7 19 21 Amortization of actuarial loss (gain) ( 2 ) ( 2 ) ( 6 ) ( 6 ) Net benefit cost 8 8 23 24 5. Financing costs Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Debt-related interest 48 53 152 148 Capitalized interest ( 39 ) ( 37 ) ( 119 ) ( 100 ) Net interest expense 9 16 33 48 Other interest 2 3 4 3 Total financing 11 19 37 51 13 IMPERIAL OIL LIMITED 6. Long-term debt As at Sep 30 As at Dec 31 millions of Canadian dollars 2024 2023 Long-term debt 3,447 3,447 Finance leases 550 564 Total long-term debt 3,997 4,011 As previously communicated, 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 Sep 30 As at Dec 31 millions of Canadian dollars 2024 2023 Employee retirement benefits (a) 934 954 Asset retirement obligations and other environmental liabilities (b) 2,604 2,564 Share-based incentive compensation liabilities 165 90 Operating lease liability (c) 149 111 Other obligations 125 132 Total other long-term obligations 3,977 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 $ 98 million in current liabilities (2023 - $ 87 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $ 58 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 September 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 Sep 30 As at Dec 31 thousands of barrels 2024 2023 Crude 5,243 ( 4,450 ) Products ( 418 ) ( 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: Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Revenues ( 34 ) 6 ( 47 ) ( 7 ) 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 September 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) 87 17 — 104 ( 86 ) ( 1 ) 17 Liabilities Derivative liabilities (b) 86 37 — 123 ( 86 ) — 37 (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 September 30, 2024 and December 31, 2023, the company had $ 25 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 Sep 30 As at Dec 31 thousands of shares 2024 2023 Authorized 1,100,000 1,100,000 Outstanding 523,403 535,837 The current 12-month normal course issuer bid program came into effect June 29, 2024 under which Imperial has continued 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 ( 12,434 ) ( 23 ) Balance as at September 30, 2024 523,403 969 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: Third Quarter Nine Months to September 30 2024 2023 2024 2023 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 1,237 1,601 3,565 3,524 Weighted-average number of common shares outstanding (millions of shares) 530.6 578.0 534.1 582.1 Net income (loss) per common share (dollars) 2.33 2.77 6.67 6.05 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 1,237 1,601 3,565 3,524 Weighted-average number of common shares outstanding (millions of shares) 530.6 578.0 534.1 582.1 Effect of employee share-based awards (millions of shares) 1.3 1.3 1.2 1.2 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 531.9 579.3 535.3 583.3 Net income (loss) per common share (dollars) 2.33 2.76 6.66 6.04 Dividends per common share – declared (dollars) 0.60 0.50 1.80 1.44 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 38 29 Balance at September 30 ( 635 ) ( 462 ) Amounts reclassified out of accumulated other comprehensive income (loss) – before-tax income (expense): Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) ( 16 ) ( 13 ) ( 50 ) ( 39 ) (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): Third Quarter Nine Months to September 30 millions of Canadian dollars 2024 2023 2024 2023 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) 1 — 1 7 Amortization of postretirement benefits liability adjustment included in net benefit cost 3 4 12 10 Total 4 4 13 17 18 IMPERIAL OIL LIMITED