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 2025 2024 2025 2024 Revenues and other income Revenues (a) 11,208 13,348 23,674 25,597 Investment and other income (note 3) 24 35 75 69 Total revenues and other income 11,232 13,383 23,749 25,666 Expenses Exploration — 1 2 2 Purchases of crude oil and products (b) 7,215 8,856 14,971 16,562 Production and manufacturing (c) 1,664 1,689 3,350 3,353 Selling and general (c) 251 221 510 467 Federal excise tax and fuel charge 372 656 964 1,247 Depreciation and depletion 478 456 1,009 946 Non-service pension and postretirement benefit 6 1 11 2 Financing (d) (note 5) 2 14 — 26 Total expenses 9,988 11,894 20,817 22,605 Income (loss) before income taxes 1,244 1,489 2,932 3,061 Income taxes 295 356 695 733 Net income (loss) 949 1,133 2,237 2,328 Per share information (Canadian dollars) Net income (loss) per common share - basic (note 9) 1.86 2.11 4.39 4.34 Net income (loss) per common share - diluted (note 9) 1.86 2.11 4.38 4.34 (a) Amounts from related parties included in revenues (note 1) 4,121 3,657 6,995 7,074 (b) Amounts to related parties included in purchases of crude oil and products (note 1) 2,142 1,549 2,569 3,222 (c) Amounts to related parties included in production and manufacturing, and selling and general expenses. 130 135 294 285 (d) Amounts to related parties included in financing. 23 43 49 87 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 2025 2024 2025 2024 Net income (loss) 949 1,133 2,237 2,328 Other comprehensive income (loss), net of income taxes Postretirement benefits liability adjustment (excluding amortization) — — 12 4 Amortization of postretirement benefits liability adjustment included in net benefit costs 5 13 10 25 Total other comprehensive income (loss) 5 13 22 29 Comprehensive income (loss) 954 1,146 2,259 2,357 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 2025 2024 Assets Current assets Cash and cash equivalents 2,386 979 Accounts receivable - net (a) 5,602 5,758 Inventories of crude oil and products 1,642 1,642 Materials, supplies and prepaid expenses 1,028 975 Total current assets 10,658 9,354 Investments and long-term receivables (b) 1,094 1,084 Property, plant and equipment, 58,876 58,048 less accumulated depreciation and depletion ( 28,208 ) ( 27,241 ) Property, plant and equipment - net 30,668 30,807 Goodwill 166 166 Other assets, including intangibles - net 1,592 1,527 Total assets 44,178 42,938 Liabilities Current liabilities Notes and loans payable 19 19 Accounts payable and accrued liabilities (a) (note 7) 6,710 6,907 Income taxes payable — 81 Total current liabilities 6,729 7,007 Long-term debt (c) (note 6) 3,983 3,992 Other long-term obligations (note 7) 3,901 3,870 Deferred income tax liabilities 4,566 4,596 Total liabilities 19,179 19,465 Shareholders’ equity Common shares at stated value (d) (note 9) 942 942 Earnings reinvested 24,249 22,745 Accumulated other comprehensive income (loss) (note 10) ( 192 ) ( 214 ) Total shareholders’ equity 24,999 23,473 Total liabilities and shareholders’ equity 44,178 42,938 (a) Accounts receivable - net included net amounts receivable from related parties. 1,145 756 (b) Investments and long-term receivables included amounts from related parties. 254 266 (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). 509 509 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 2025 2024 2025 2024 Common shares at stated value (note 9) At beginning of period 942 992 942 992 Share purchases at stated value — — — — At end of period 942 992 942 992 Earnings reinvested At beginning of period 23,666 22,781 22,745 21,907 Net income (loss) for the period 949 1,133 2,237 2,328 Share purchases in excess of stated value — — — — Dividends declared ( 366 ) ( 322 ) ( 733 ) ( 643 ) At end of period 24,249 23,592 24,249 23,592 Accumulated other comprehensive income (loss) (note 10) At beginning of period ( 197 ) ( 661 ) ( 214 ) ( 677 ) Other comprehensive income (loss) 5 13 22 29 At end of period ( 192 ) ( 648 ) ( 192 ) ( 648 ) Shareholders’ equity at end of period 24,999 23,936 24,999 23,936 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 2025 2024 2025 2024 Operating activities Net income (loss) 949 1,133 2,237 2,328 Adjustments for non-cash items: Depreciation and depletion 478 456 1,009 946 (Gain) loss on asset sales (note 3) ( 1 ) ( 1 ) ( 11 ) ( 3 ) Deferred income taxes and other — ( 75 ) ( 31 ) ( 239 ) Changes in operating assets and liabilities: Accounts receivable 168 ( 866 ) 156 ( 1,588 ) Inventories, materials, supplies and prepaid expenses 201 246 ( 53 ) 50 Income taxes payable — 73 ( 81 ) ( 161 ) Accounts payable and accrued liabilities ( 317 ) 668 ( 203 ) 1,375 All other items - net (c) ( 13 ) ( 5 ) ( 31 ) ( 3 ) Cash flows from (used in) operating activities 1,465 1,629 2,992 2,705 Investing activities Additions to property, plant and equipment ( 471 ) ( 461 ) ( 869 ) ( 958 ) Proceeds from asset sales (note 3) 2 3 13 7 Additional investments ( 4 ) — ( 4 ) — Loans to equity companies - net 1 2 11 14 Cash flows from (used in) investing activities ( 472 ) ( 456 ) ( 849 ) ( 937 ) Financing activities Finance lease obligations - reduction (note 6) ( 4 ) ( 8 ) ( 8 ) ( 13 ) Dividends paid ( 367 ) ( 321 ) ( 674 ) ( 599 ) Common shares purchased (b) (note 9) — — ( 54 ) — Cash flows from (used in) financing activities ( 371 ) ( 329 ) ( 736 ) ( 612 ) Increase (decrease) in cash and cash equivalents 622 844 1,407 1,156 Cash and cash equivalents at beginning of period 1,764 1,176 979 864 Cash and cash equivalents at end of period (a) 2,386 2,020 2,386 2,020 (a) Cash equivalents are all highly liquid securities with maturity of three months or less. (b) Includes 2 percent tax paid on repurchases of equity. (c) Includes contributions to registered pension plans. ( 37 ) ( 38 ) ( 74 ) ( 75 ) Income taxes (paid) refunded. ( 305 ) ( 434 ) ( 874 ) ( 1,134 ) Interest (paid), net of capitalization. ( 5 ) ( 15 ) ( 12 ) ( 26 ) 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) Note 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 2024 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. Amounts for related party revenues and purchases for the three months ended June 30, 2024 have been revised from $ 2,946 million to $ 3,657 million and from $ 838 million to $ 1,549 million, respectively. Amounts for related party revenues and purchases for the six months ended June 30, 2024 have been revised from $ 5,675 million to $ 7,074 million and from $ 1,823 million to $ 3,222 million, respectively. Impacts of the revision offset to zero. The results for the six months ended June 30, 2025, 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 Note 2. Business segments Second Quarter Upstream Downstream (d) Chemical (d) millions of Canadian dollars 2025 2024 2025 2024 2025 2024 Revenues and other income Revenues (a) (b) 87 29 10,862 12,986 259 333 Intersegment sales 3,701 4,522 1,550 1,639 97 85 Investment and other income (note 3) ( 4 ) 1 15 9 — — Total revenues and other income 3,784 4,552 12,427 14,634 356 418 Expenses Exploration — 1 — — — — Purchases of crude oil and products 1,369 1,900 10,952 12,944 240 256 Production and manufacturing 1,127 1,203 466 435 62 48 Selling and general — — 175 171 20 23 Federal excise tax and fuel charge — — 370 655 2 1 Depreciation and depletion 418 396 44 46 4 4 Non-service pension and postretirement benefit — — — — — — Financing (note 5) — 1 — — — — Total expenses 2,914 3,501 12,007 14,251 328 332 Income (loss) before income taxes 870 1,051 420 383 28 86 Income tax expense (benefit) 206 252 98 89 7 21 Net income (loss) 664 799 322 294 21 65 Cash flows from (used in) operating activities 1,021 1,162 641 384 ( 134 ) 74 Capital and exploration expenditures (c) 353 267 90 149 1 3 Second Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2025 2024 2025 2024 2025 2024 Revenues and other income Revenues (a) (b) — — — — 11,208 13,348 Intersegment sales — — ( 5,348 ) ( 6,246 ) — — Investment and other income (note 3) 13 25 — — 24 35 Total revenues and other income 13 25 ( 5,348 ) ( 6,246 ) 11,232 13,383 Expenses Exploration — — — — — 1 Purchases of crude oil and products — — ( 5,346 ) ( 6,244 ) 7,215 8,856 Production and manufacturing 9 3 — — 1,664 1,689 Selling and general 58 29 ( 2 ) ( 2 ) 251 221 Federal excise tax and fuel charge — — — — 372 656 Depreciation and depletion 12 10 — — 478 456 Non-service pension and postretirement benefit 6 1 — — 6 1 Financing (note 5) 2 13 — — 2 14 Total expenses 87 56 ( 5,348 ) ( 6,246 ) 9,988 11,894 Income (loss) before income taxes ( 74 ) ( 31 ) — — 1,244 1,489 Income tax expense (benefit) ( 16 ) ( 6 ) — — 295 356 Net income (loss) ( 58 ) ( 25 ) — — 949 1,133 Cash flows from (used in) operating activities ( 63 ) 9 — — 1,465 1,629 Capital and exploration expenditures (c) 29 43 — — 473 462 9 IMPERIAL OIL LIMITED (a) Includes export sales to the United States of $ 1,915 million (2024 - $ 2,632 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 2025 2024 Revenue from contracts with customers 9,559 10,782 Revenue outside the scope of ASC 606 1,649 2,566 Total 11,208 13,348 (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 second quarter of 2025, benzene and aromatic solvents are reported under the Downstream segment, whereas in the second quarter of 2024, 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 Six Months to June 30 Upstream Downstream (d) Chemical (d) millions of Canadian dollars 2025 2024 2025 2024 2025 2024 Revenues and other income Revenues (a) (b) 126 71 23,023 24,865 525 661 Intersegment sales 8,106 8,644 3,387 3,387 203 175 Investment and other income (note 3) 10 5 36 21 — 1 Total revenues and other income 8,242 8,720 26,446 28,273 728 837 Expenses Exploration 2 2 — — — — Purchases of crude oil and products 3,231 3,713 22,939 24,535 493 516 Production and manufacturing 2,303 2,391 923 856 113 101 Selling and general — — 349 333 42 49 Federal excise tax and fuel charge — — 961 1,245 3 2 Depreciation and depletion 888 828 89 91 8 8 Non-service pension and postretirement benefit — — — — — — Financing (note 5) ( 12 ) 2 — — — — Total expenses 6,412 6,936 25,261 27,060 659 676 Income (loss) before income taxes 1,830 1,784 1,185 1,213 69 161 Income tax expense (benefit) 435 427 279 288 17 39 Net income (loss) 1,395 1,357 906 925 52 122 Cash flows from (used in) operating activities 1,222 2,053 1,997 391 ( 75 ) 71 Capital and exploration expenditures (c) 619 557 178 302 4 8 Total assets as at June 30 29,387 28,505 11,784 12,016 519 503 Six Months to June 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2025 2024 2025 2024 2025 2024 Revenues and other income Revenues (a) (b) — — — — 23,674 25,597 Intersegment sales — — ( 11,696 ) ( 12,206 ) — — Investment and other income (note 3) 29 42 — — 75 69 Total revenues and other income 29 42 ( 11,696 ) ( 12,206 ) 23,749 25,666 Expenses Exploration — — — — 2 2 Purchases of crude oil and products — — ( 11,692 ) ( 12,202 ) 14,971 16,562 Production and manufacturing 11 5 — — 3,350 3,353 Selling and general 123 89 ( 4 ) ( 4 ) 510 467 Federal excise tax and fuel charge — — — — 964 1,247 Depreciation and depletion 24 19 — — 1,009 946 Non-service pension and postretirement benefit 11 2 — — 11 2 Financing (note 5) 12 24 — — — 26 Total expenses 181 139 ( 11,696 ) ( 12,206 ) 20,817 22,605 Income (loss) before income taxes ( 152 ) ( 97 ) — — 2,932 3,061 Income tax expense (benefit) ( 36 ) ( 21 ) — — 695 733 Net income (loss) ( 116 ) ( 76 ) — — 2,237 2,328 Cash flows from (used in) operating activities ( 137 ) 190 ( 15 ) — 2,992 2,705 Capital and exploration expenditures (c) 70 91 — — 871 958 Total assets as at June 30 4,510 3,528 ( 2,022 ) ( 417 ) 44,178 44,135 11 IMPERIAL OIL LIMITED (a) Includes export sales to the United States of $ 4,706 million (2024 - $ 5,010 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 2025 2024 Revenue from contracts with customers 19,694 20,511 Revenue outside the scope of ASC 606 3,980 5,086 Total 23,674 25,597 (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 2025, benzene and aromatic solvents are reported under the Downstream segment, whereas in 2024, 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 Note 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 2025 2024 2025 2024 Proceeds from asset sales 2 3 13 7 Book value of asset sales 1 2 2 4 Gain (loss) on asset sales, before tax 1 1 11 3 Gain (loss) on asset sales, after tax 1 1 10 3 Note 4. Employee retirement benefits The components of net benefit cost were as follows: Second Quarter Six Months to June 30 millions of Canadian dollars 2025 2024 2025 2024 Pension benefits: Service cost 46 46 93 92 Interest cost 91 92 184 183 Expected return on plan assets ( 98 ) ( 114 ) ( 197 ) ( 227 ) Amortization of prior service cost 8 7 14 14 Amortization of actuarial loss (gain) 3 12 6 24 Net benefit cost 50 43 100 86 Other postretirement benefits: Service cost 1 3 2 7 Interest cost 6 6 11 12 Amortization of prior service cost (credit) ( 1 ) — ( 2 ) — Amortization of actuarial loss (gain) ( 3 ) ( 2 ) ( 5 ) ( 4 ) Net benefit cost 3 7 6 15 Note 5. Financing costs Second Quarter Six Months to June 30 millions of Canadian dollars 2025 2024 2025 2024 Debt-related interest 27 52 64 104 Capitalized interest ( 25 ) ( 39 ) ( 52 ) ( 80 ) Net interest expense 2 13 12 24 Other interest — 1 ( 12 ) 2 Total financing 2 14 — 26 13 IMPERIAL OIL LIMITED Note 6. Long-term debt As at Jun 30 As at Dec 31 millions of Canadian dollars 2025 2024 Long-term debt 3,447 3,447 Finance leases 536 545 Total long-term debt 3,983 3,992 Note 7. Other long-term obligations As at Jun 30 As at Dec 31 millions of Canadian dollars 2025 2024 Employee retirement benefits (a) 828 846 Asset retirement obligations and other environmental liabilities (b) 2,607 2,641 Share-based incentive compensation liabilities 197 119 Operating lease liability (c) 147 144 Other obligations 122 120 Total other long-term obligations 3,901 3,870 (a) Total recorded employee retirement benefits obligations also included $ 61 million in current liabilities (2024 - $ 61 million). (b) Total asset retirement obligations and other environmental liabilities also included $ 291 million in current liabilities (2024 - $ 291 million). (c) Total operating lease liability also included $ 102 million in current liabilities (2024 - $ 100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totaled $ 48 million (2024 - $ 56 million). 14 IMPERIAL OIL LIMITED Note 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, 2025 and December 31, 2024, 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 2025 2024 Crude 4,374 4,260 Products ( 1,153 ) ( 371 ) Realized and unrealized gain/(loss) on derivative instruments recognized in the Consolidated statement of income is included in the following line on a before-tax basis: Second Quarter Six Months to June 30 millions of Canadian dollars 2025 2024 2025 2024 Revenues ( 24 ) 11 ( 9 ) ( 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, 2025 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) 40 44 — 84 ( 34 ) ( 6 ) 44 Liabilities Derivative liabilities (b) 34 50 — 84 ( 34 ) — 50 (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, 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) 38 21 — 59 ( 38 ) — 21 Liabilities Derivative liabilities (b) 52 30 — 82 ( 38 ) ( 14 ) 30 (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, 2025 and December 31, 2024, the company had $ 14 million and $ 22 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 Note 9. Common shares As at Jun 30 As at Dec 31 thousands of shares 2025 2024 Authorized 1,100,000 1,100,000 Outstanding 509,045 509,045 The current 12-month normal course issuer bid program came into effect June 29, 2025 under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 25,452,248 common shares ( 5 percent of the total shares on June 15, 2025) 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, 2023 535,837 992 Purchases at stated value ( 26,792 ) ( 50 ) Balance as at December 31, 2024 509,045 942 Purchases at stated value — — Balance as at June 30, 2025 509,045 942 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 2025 2024 2025 2024 Net income (loss) per common share – basic Net income (loss) (millions of Canadian dollars) 949 1,133 2,237 2,328 Weighted-average number of common shares outstanding (millions of shares) 509.0 535.8 509.0 535.8 Net income (loss) per common share (dollars) 1.86 2.11 4.39 4.34 Net income (loss) per common share – diluted Net income (loss) (millions of Canadian dollars) 949 1,133 2,237 2,328 Weighted-average number of common shares outstanding (millions of shares) 509.0 535.8 509.0 535.8 Effect of employee share-based awards (millions of shares) 1.3 1.2 1.2 1.2 Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 510.3 537.0 510.2 537.0 Net income (loss) per common share (dollars) 1.86 2.11 4.38 4.34 Dividends per common share – declared (dollars) 0.72 0.60 1.44 1.20 17 IMPERIAL OIL LIMITED Note 10. Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss): millions of Canadian dollars 2025 2024 Balance at January 1 ( 214 ) ( 677 ) Postretirement benefits liability adjustment: Current period change excluding amounts reclassified from accumulated other comprehensive income 12 4 Amounts reclassified from accumulated other comprehensive income 10 25 Balance at June 30 ( 192 ) ( 648 ) Amounts reclassified out of accumulated other comprehensive income (loss) – before-tax income (expense): Second Quarter Six Months to June 30 millions of Canadian dollars 2025 2024 2025 2024 Amortization of postretirement benefits liability adjustment included in net benefit cost (a) ( 7 ) ( 17 ) ( 13 ) ( 34 ) (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 2025 2024 2025 2024 Postretirement benefits liability adjustments: Postretirement benefits liability adjustment (excluding amortization) — ( 1 ) 4 — Amortization of postretirement benefits liability adjustment included in net benefit cost 2 4 3 9 Total 2 3 7 9 18 IMPERIAL OIL LIMITED