FALSE2023Q3000004993812/31
(a) Amounts from related parties included in revenues.3,553 4,454 10,245 13,588 
(b) Amounts to related parties included in purchases of crude oil and products.1,228 1,086 3,270 2,865 
(c) Amounts to related parties included in production and manufacturing,
and selling and general expenses.		121 120 381 354 
(d) Amounts to related parties included in financing.44 28 124 45 
(b) Included contributions to registered pension plans.(43)(41)(129)(137)
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ___ to ___
Commission file number 0-12014
IMPERIAL OIL LIMITED
(Exact name of registrant as specified in its charter)
Canada 98-0017682
(State or other jurisdiction (I.R.S. Employer
of incorporation or organization) Identification No.)
505 Quarry Park Boulevard S.E. Calgary, Alberta, Canada
 T2C 5N1
(Address of principal executive offices) (Postal Code)
1-800-567-3776
(Registrant’s telephone number, including area code)
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbol
Name of each exchange on
which registered
NoneNone
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
Yes
 ✓
No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes
 ✓
No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act of 1934.
 Large accelerated filer
 ✓
 Smaller reporting company
 Non-accelerated filer Emerging growth company
 Accelerated filer  
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ___
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act of 1934).
Yes
 
No ✓

The number of common shares outstanding, as of September 30, 2023 was 566,667,118.


IMPERIAL OIL LIMITED
Table of contents
Page
PART I. FINANCIAL INFORMATION
Item 1. Financial statements
Consolidated statement of income
Consolidated statement of comprehensive income
Consolidated balance sheet
Consolidated statement of shareholders’ equity
Consolidated statement of cash flows
Notes to consolidated financial statements
Item 2. Management’s discussion and analysis of financial condition and results of operations
Item 3. Quantitative and qualitative disclosures about market risk
Item 4. Controls and procedures
PART II. OTHER INFORMATION
Item 1. Legal proceedings
Item 2. Unregistered sales of equity securities and use of proceeds
Item 5. Other information
Item 6. Exhibits
SIGNATURES
In this report, all dollar amounts are expressed in Canadian dollars unless otherwise stated. This report should be read in conjunction with the company’s annual report on Form 10-K for the year ended December 31, 2022. Note that numbers may not add due to rounding.
The term “project” as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.
In this report, unless the context otherwise indicates, reference to “the company” or “Imperial” includes Imperial Oil Limited and its subsidiaries.
2

IMPERIAL OIL LIMITED
PART I. FINANCIAL INFORMATION
Item 1. Financial statements
Consolidated statement of income (U.S. GAAP, unaudited)
 
       Third Quarter
       Nine Months
       to September 30
millions of Canadian dollars2023 2022 2023 2022 
Revenues and other income  
Revenues (a)
13,873 15,071 37,694 45,013 
Investment and other income (note 3)
47 153 166 204 
Total revenues and other income13,920 15,224 37,860 45,217 
 
Expenses  
Exploration1 1 3 4 
Purchases of crude oil and products (b)
8,748 9,478 24,082 28,849 
Production and manufacturing (c)
1,666 1,872 5,207 5,439 
Selling and general (c)
237 209 629 625 
Federal excise tax and fuel charge654 584 1,781 1,616 
Depreciation and depletion475 555 1,418 1,432 
Non-service pension and postretirement benefit20 4 60 13 
Financing (d) (note 5)
19 16 51 34 
Total expenses11,820 12,719 33,231 38,012 
 
Income (loss) before income taxes2,100 2,505 4,629 7,205 
Income taxes499 474 1,105 1,592 
Net income (loss)1,601 2,031 3,524 5,613 
Per share information (Canadian dollars)
 
Net income (loss) per common share - basic (note 9)
2.77 3.25 6.05 8.60 
Net income (loss) per common share - diluted (note 9)
2.76 3.24 6.04 8.58 
(a) Amounts from related parties included in revenues.3,553 4,454 10,245 13,588 
(b) Amounts to related parties included in purchases of crude oil and products.1,228 1,086 3,270 2,865 
(c) Amounts to related parties included in production and manufacturing,
       and selling and general expenses.
121 120 381 354 
(d) Amounts to related parties included in financing.44 28 124 45 
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 dollars2023 2022 2023 2022 
Net income (loss)1,601 2,031 3,524 5,613 
Other comprehensive income (loss), net of income taxes  
Postretirement benefits liability adjustment (excluding amortization)— — 21 24 
Amortization of postretirement benefits liability adjustment
       included in net benefit costs
9 21 29 63 
Total other comprehensive income (loss)9 21 50 87 
Comprehensive income (loss)1,610 2,052 3,574 5,700 
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
2023
2022
Assets  
Current assets  
Cash and cash equivalents2,716 3,749 
Accounts receivable - net (a)
5,390 4,719 
Inventories of crude oil and products1,744 1,514 
Materials, supplies and prepaid expenses910 754 
Total current assets10,760 10,736 
Investments and long-term receivables (b)
1,048 893 
Property, plant and equipment,55,780 54,568 
less accumulated depreciation and depletion(25,399)(24,062)
Property, plant and equipment, net
30,381 30,506 
Goodwill166 166 
Other assets, including intangibles - net1,231 1,223 
Total assets43,586 43,524 
Liabilities  
Current liabilities  
Notes and loans payable121 122 
Accounts payable and accrued liabilities (a) (note 7)
7,234 6,194 
Income taxes payable418 2,582 
Total current liabilities7,773 8,898 
Long-term debt (c) (note 6)
4,017 4,033 
Other long-term obligations (note 7)
3,462 3,467 
Deferred income tax liabilities4,526 4,713 
Total liabilities19,778 21,111 
Shareholders’ equity  
Common shares at stated value (d) (note 9)
1,047 1,079 
Earnings reinvested23,223 21,846 
Accumulated other comprehensive income (loss) (note 10)
(462)(512)
Total shareholders’ equity23,808 22,413 
 
Total liabilities and shareholders’ equity43,586 43,524 
(a) Accounts receivable - net included net amounts receivable from related parties of $1,139 million (2022 - $1,108 million).
(b) Investments and long-term receivables included amounts from related parties of $285 million (2022 - $288 million).
(c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).
(d) Number of common shares authorized and outstanding were 1,100 million and 567 million, respectively (2022 - 1,100 million and 584 million, respectively).
The information in the notes to consolidated financial statements is an integral part of these statements.

5

IMPERIAL OIL LIMITED
Consolidated statement of shareholders’ equity (U.S. GAAP, unaudited)
 
       Third Quarter
       Nine Months
       to September 30
millions of Canadian dollars2023 2022 2023 2022 
Common shares at stated value (note 9)
  
At beginning of period1,079 1,177 1,079 1,252 
Share purchases at stated value(32)(48)(32)(123)
At end of period1,047 1,129 1,047 1,129 
Earnings reinvested
At beginning of period23,220 21,913 21,846 21,660 
Net income (loss) for the period1,601 2,031 3,524 5,613 
Share purchases in excess of stated value(1,310)(1,464)(1,310)(4,338)
Dividends declared(288)(211)(837)(666)
At end of period23,223 22,269 23,223 22,269 
 
Accumulated other comprehensive income (loss) (note 10)
  
At beginning of period(471)(1,111)(512)(1,177)
Other comprehensive income (loss)9 21 50 87 
At end of period(462)(1,090)(462)(1,090)
Shareholders’ equity at end of period23,808 22,308 23,808 22,308 
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 dollars2023 2022 2023 2022 
Operating activities  
Net income (loss)1,601 2,031 3,524 5,613 
Adjustments for non-cash items:
Depreciation and depletion475 555 1,418 1,432 
(Gain) loss on asset sales (note 3)
3 (131)(19)(155)
Deferred income taxes and other(168)122 (239)(358)
Changes in operating assets and liabilities:  
Accounts receivable(805)1,648 (671)(1,322)
Inventories, materials, supplies and prepaid expenses(330)(70)(389)(461)
Income taxes payable234 296 (2,164)1,608 
Accounts payable and accrued liabilities1,314 (1,328)1,011 1,315 
All other items - net (b)
35 (34)(48)13 
Cash flows from (used in) operating activities2,359 3,089 2,423 7,685 
 
Investing activities  
Additions to property, plant and equipment(387)(397)(1,315)(1,034)
Proceeds from asset sales (note 3)
6 760 29 886 
Additional investments— (6)— (6)
Loans to equity companies - net1 7 3 9 
Cash flows from (used in) investing activities(380)364 (1,283)(145)
Financing activities  
Long-term debt - reduction (note 6)
— (1,000)— (1,000)
Finance lease obligations - reduction (note 6)
(5)(5)(16)(16)
Dividends paid(292)(227)(815)(640)
Common shares purchased (note 9)
(1,342)(1,512)(1,342)(4,461)
Cash flows from (used in) financing activities(1,639)(2,744)(2,173)(6,117)
 
Increase (decrease) in cash and cash equivalents340 709 (1,033)1,423 
Cash and cash equivalents at beginning of period2,376 2,867 3,749 2,153 
Cash and cash equivalents at end of period (a)
2,716 3,576 2,716 3,576 
(a) Cash equivalents are all highly liquid securities with maturity of three months or less.
(b) Included contributions to registered pension plans.(43)(41)(129)(137)
 
Income taxes (paid) refunded.(438)(64)(3,627)(339)
Interest (paid), net of capitalization.(15)(19)(52)(41)
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 2022 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, 2023, 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
       Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
43 156 13,540 14,537 290 378 
Intersegment sales
4,768 4,665 1,560 1,693 92 142 
Investment and other income (note 3)
(4)128 12 6 — — 
 4,807 4,949 15,112 16,236 382 520 
Expenses      
Exploration1 1 — — — — 
Purchases of crude oil and products
1,852 1,937 13,061 13,686 254 354 
Production and manufacturing1,187 1,381 405 419 74 72 
Selling and general— — 177 174 21 17 
Federal excise tax and fuel charge— — 653 583 1 1 
Depreciation and depletion418 501 46 44 2 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
3 — — — — — 
Total expenses3,461 3,820 14,342 14,906 352 448 
Income (loss) before income taxes1,346 1,129 770 1,330 30 72 
Income tax expense (benefit)318 143 184 318 7 18 
Net income (loss)
1,028 986 586 1,012 23 54 
Cash flows from (used in) operating activities
1,771 1,280 378 1,532 74 109 
Capital and exploration expenditures (c)
244 309 103 64 2 2 
Third Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 13,873 15,071 
Intersegment sales
— — (6,420)(6,500)— — 
Investment and other income (note 3)
39 19 — — 47 153 
 39 19 (6,420)(6,500)13,920 15,224 
Expenses      
Exploration— — — — 1 1 
Purchases of crude oil and products
— — (6,419)(6,499)8,748 9,478 
Production and manufacturing— — — — 1,666 1,872 
Selling and general40 19 (1)(1)237 209 
Federal excise tax and fuel charge— — — — 654 584 
Depreciation and depletion9 6 — — 475 555 
Non-service pension and postretirement benefit20 4 — — 20 4 
Financing (note 5)
16 16 — — 19 16 
Total expenses85 45 (6,420)(6,500)11,820 12,719 
Income (loss) before income taxes(46)(26)— — 2,100 2,505 
Income tax expense (benefit)(10)(5)— — 499 474 
Net income (loss)
(36)(21)— — 1,601 2,031 
Cash flows from (used in) operating activities
136 168 — — 2,359 3,089 
Capital and exploration expenditures (c)
38 17 — — 387 392 

9

IMPERIAL OIL LIMITED
(a)Includes export sales to the United States of $2,180 million (2022 - $3,176 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 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. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
        Third Quarter
millions of Canadian dollars2023 2022 
Revenue from contracts with customers12,271 13,223 
Revenue outside the scope of ASC 606
1,602 1,848 
Total13,873 15,071 
(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
Nine Months to September 30
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
180 374 36,534 43,480 980 1,159 
Intersegment sales
11,909 14,923 4,748 5,550 272 395 
Investment and other income (note 3)
8 135 47 36 — — 
12,097 15,432 41,329 49,066 1,252 1,554 
Expenses
Exploration3 4 — — — — 
Purchases of crude oil and products
4,827 6,184 35,390 42,459 791 1,070 
Production and manufacturing3,730 4,053 1,291 1,193 186 193 
Selling and general— — 494 474 69 62 
Federal excise tax and fuel charge— — 1,778 1,615 3 1 
Depreciation and depletion1,250 1,269 135 130 10 13 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
3 1 — — — — 
Total expenses9,813 11,511 39,088 45,871 1,059 1,339 
Income (loss) before income taxes2,284 3,921 2,241 3,195 193 215 
Income tax expense (benefit)542 807 535 761 46 52 
Net income (loss)
1,742 3,114 1,706 2,434 147 163 
Cash flows from (used in) operating activities
1,946 4,814 187 2,548 97 240 
Capital and exploration expenditures (c)
868 764 329 201 11 5 
Total assets as at September 30
28,356 28,099 10,912 9,972 441 482 
Nine Months to September 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 37,694 45,013 
Intersegment sales
— — (16,929)(20,868)— — 
Investment and other income (note 3)
111 33 — — 166 204 
111 33 (16,929)(20,868)37,860 45,217 
Expenses
Exploration— — — — 3 4 
Purchases of crude oil and products
— — (16,926)(20,864)24,082 28,849 
Production and manufacturing— — — — 5,207 5,439 
Selling and general69 93 (3)(4)629 625 
Federal excise tax and fuel charge— — — — 1,781 1,616 
Depreciation and depletion23 20 — — 1,418 1,432 
Non-service pension and postretirement benefit60 13 — — 60 13 
Financing (note 5)
48 33 — — 51 34 
Total expenses200 159 (16,929)(20,868)33,231 38,012 
Income (loss) before income taxes(89)(126)— — 4,629 7,205 
Income tax expense (benefit)(18)(28)— — 1,105 1,592 
Net income (loss)
(71)(98)— — 3,524 5,613 
Cash flows from (used in) operating activities
193 83 — — 2,423 7,685 
Capital and exploration expenditures (c)
101 32 — — 1,309 1,002 
Total assets as at September 30
4,346 4,704 (469)(271)43,586 42,986 
11

IMPERIAL OIL LIMITED
(a)Includes export sales to the United States of $6,589 million (2022 - $9,551 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 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. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
       Nine Months
       to September 30
millions of Canadian dollars2023 2022 
Revenue from contracts with customers33,713 39,958 
Revenue outside the scope of ASC 606
3,981 5,055 
Total37,694 45,013 
(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:
       Third Quarter
       Nine Months
       to September 30
millions of Canadian dollars2023 2022 2023 2022 
Proceeds from asset sales6 854 29 886 
Book value of asset sales9 723 10 731 
Gain (loss) on asset sales, before tax (a)
(3)131 19 155 
Gain (loss) on asset sales, after tax (a)
(2)222 16 241 
(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.
4.    Employee retirement benefits
The components of net benefit cost were as follows:
 
       Third Quarter
       Nine Months
       to September 30
millions of Canadian dollars2023 2022 2023 2022 
Pension benefits:
Service cost41 70 122 210 
Interest cost94 74 280 221 
Expected return on plan assets(94)(103)(280)(309)
Amortization of prior service cost5 4 13 12 
Amortization of actuarial loss (gain)10 21 32 64 
Net benefit cost56 66 167 198 
Other postretirement benefits:   
Service cost3 6 9 17 
Interest cost7 6 21 18 
Amortization of actuarial loss (gain)(2)2 (6)7 
Net benefit cost8 14 24 42 
5.    Financing costs
       Third Quarter
      Nine Months
      to September 30
millions of Canadian dollars2023 2022 2023 2022 
Debt-related interest
53 34 148 66 
Capitalized interest
(37)(18)(100)(33)
Net interest expense
16 16 48 33 
Other interest
3 — 3 1 
Total financing
19 16 51 34 


13

IMPERIAL OIL LIMITED
6.    Long-term debt
As at
Sep 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Long-term debt
3,447 3,447 
Finance leases
570 586 
Total long-term debt4,017 4,033 
7.    Other long-term obligations
 
As at
Sep 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Employee retirement benefits (a)
876 902 
Asset retirement obligations and other environmental liabilities (b)
2,189 2,150 
Share-based incentive compensation liabilities
130 101 
Operating lease liability (c)
122 151 
Other obligations
145 163 
Total other long-term obligations3,462 3,467 
(a)Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million).
(b)Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million).
(c)Total operating lease liability also included $107 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $55 million (2022 - $14 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, 2023 and December 31, 2022, 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 and currency exchange 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 flow from (used in) operating activities". The company does not designate derivative instruments as a hedge for hedge accounting purposes.
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 barrels20232022
Crude3,280 1,800 
Products(850)(350)
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 dollars2023 2022 2023 2022 
Revenues6 105 (7)91 


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, 2023
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
24 33 — 57 (23)(1)33 
Liabilities
Derivative liabilities (b)
24 39 — 63 (23)— 40 
(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, 2022
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
17 32 — 49 (27)— 22 
Liabilities
Derivative liabilities (b)
21 20 — 41 (27)(4)10 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At September 30, 2023 and December 31, 2022, the company had $21 million and $14 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
thousands of shares
As at
Sep 30
2023
As at
Dec 31
2022
Authorized1,100,000 1,100,000 
Outstanding566,667 584,153 
The most recent 12-month normal course issuer bid program came into effect June 29, 2023 under which Imperial continued its existing share purchase program. The program enabled the company to purchase up to a maximum of 29,207,635 common shares (5 percent of the total shares on June 15, 2023) 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. 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. Imperial accelerated its 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 19, 2023 as a result of the company purchasing the maximum allowable number of shares under the program.
The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.
On October 27, 2023, 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. 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. Shares may also be tendered by way of a proportionate tender, which will result in a shareholder maintaining their proportionate share ownership. 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. 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:
 Thousands of
 shares 		Millions of
 dollars
Balance as at December 31, 2021
678,080 1,252 
Issued under employee share-based awards— — 
Purchases at stated value(93,927)(173)
Balance as at December 31, 2022
584,153 1,079 
Issued under employee share-based awards— — 
Purchases at stated value(17,486)(32)
Balance as at September 30, 2023
566,667 1,047 
17

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:
 
      Third Quarter
    Nine Months
    to September 30
2023202220232022
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
1,6012,0313,5245,613
Weighted-average number of common shares outstanding (millions of shares)
578.0625.3582.1652.9
Net income (loss) per common share (dollars)
2.773.256.058.60
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
1,6012,0313,5245,613
Weighted-average number of common shares outstanding (millions of shares)
578.0625.3582.1652.9
Effect of employee share-based awards (millions of shares)
1.31.61.21.5
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
579.3626.9583.3654.4
Net income (loss) per common share (dollars)
2.763.246.048.58
Dividends per common share – declared (dollars)
0.500.341.441.02
18

IMPERIAL OIL LIMITED
10. Other comprehensive income (loss) information

Changes in accumulated other comprehensive income (loss):

millions of Canadian dollars2023 2022 
Balance at January 1(512)(1,177)
Postretirement benefits liability adjustment:
Current period change excluding amounts reclassified
       from accumulated other comprehensive income
21 24 
Amounts reclassified from accumulated other comprehensive income29 63 
Balance at September 30(462)(1,090)

Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
 
      Third Quarter
      Nine Months
       to September 30
millions of Canadian dollars2023 2022 2023 2022 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost (a)
(13)(28)(39)(83)
(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 dollars2023 2022 2023 2022 
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization)— — 7 8 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost
4 7 10 20 
Total4 7 17 28 

19

IMPERIAL OIL LIMITED
Item 2. Management’s discussion and analysis of financial condition and results of operations
Non-GAAP financial measures and other specified financial measures
Certain measures included in this document are not prescribed by U.S. Generally Accepted Accounting Principles (GAAP). These measures constitute “non-GAAP financial measures” under Securities and Exchange Commission Regulation G and Item 10(e) of Regulation S-K, and “specified financial measures” under National Instrument 52-112 Non-GAAP and Other Financial Measures Disclosure of the Canadian Securities Administrators.

Reconciliation of these non-GAAP financial measures to the most comparable GAAP measure, and other information required by these regulations, have been provided. Non-GAAP financial measures and specified financial measures are not standardized financial measures under GAAP and do not have a standardized definition. As such, these measures may not be directly comparable to measures presented by other companies, and should not be considered a substitute for GAAP financial measures.
Net income (loss) excluding identified items
Net income (loss) excluding identified items is a non-GAAP financial measure that is total net income (loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $100 million in a given quarter. The net income (loss) impact of an identified item for an individual segment in a given quarter may be less than $100 million when the item impacts several segments or several periods. The most directly comparable financial measure that is disclosed in the financial statements is "Net income (loss)" within the company’s Consolidated statement of income. Management uses these figures to improve comparability of the underlying business across multiple periods by isolating and removing significant non-operational events from business results. The company believes this view provides investors increased transparency into business results and trends, and provides investors with a view of the business as seen through the eyes of management. Net income (loss) excluding identified items is not meant to be viewed in isolation or as a substitute for net income (loss) as prepared in accordance with U.S. GAAP. All identified items are presented on an after-tax basis.
Reconciliation of net income (loss) excluding identified items
Third Quarter
Nine Months
millions of Canadian dollars2023 2022 2023 2022 
From Imperial's Consolidated statement of income
Net income (loss) (U.S. GAAP)1,601 2,031 3,524 5,613 
Less identified items included in Net income (loss)
Gain/(loss) on sale of assets— 208 — 208 
Subtotal of identified items— 208 — 208 
Net income (loss) excluding identified items1,601 1,823 3,524 5,405 
20

IMPERIAL OIL LIMITED
Recent business environment

During the first quarter of 2023, the price of crude oil declined, impacted by higher inventory levels, and the price of crude oil remained relatively flat during the second quarter. In the third quarter, crude oil prices increased as demand exceeded supply after OPEC+ oil producers further reduced oil output. In addition, the Canadian WTI/WCS spread continued to recover in the third quarter, but remains weaker than 2022 on an annual basis. Similarly, 2023 refining margins remain strong but fall short of 2022 levels on an annual basis.
Operating results
Third quarter 2023 vs. third quarter 2022
 
        Third Quarter
millions of Canadian dollars, unless noted20232022
Net income (loss) (U.S. GAAP)
1,6012,031
Net income (loss) per common share, assuming dilution (dollars)
2.763.24
Net income (loss) excluding identified items¹1,6011,823

Prior year third quarter results included favourable identified items1 of $208 million related to the company's gain on the sale of interests in XTO Energy Canada.
Upstream
Net income (loss) factor analysis
millions of Canadian dollars
78
Price – Synthetic crude oil realizations decreased by $11.82 per barrel, generally in line with WTI. Average bitumen realizations increased by $4.47 per barrel. Higher bitumen realizations were primarily driven by the narrowing of the WTI/WCS spread, partially offset by lower marker prices.

Volumes – Higher volumes were primarily driven by increased plant capacity utilization and mine equipment productivity at Kearl, and annual turnaround timing and duration at Syncrude, partially offset by steam cycle timing and planned turnaround activity at Cold Lake.

Identified Items1 – Prior year third quarter results included favourable identified items1 related to the company's gain on the sale of interests in XTO Energy Canada.

Other – Includes lower operating expenses of about $160 million, and favourable foreign exchange impacts of about $80 million.








1 non-GAAP financial measure - see non-GAAP financial measures and other specified financial measures for definition and reconciliation
21

IMPERIAL OIL LIMITED
Marker prices and average realizations
 
       Third Quarter
Canadian dollars, unless noted2023 2022 
West Texas Intermediate (US$ per barrel)
82.32 91.43 
Western Canada Select (US$ per barrel)
69.39 71.53 
WTI/WCS Spread (US$ per barrel)
12.93 19.90 
Bitumen (per barrel)
86.05 81.58 
Synthetic crude oil (per barrel)
112.98 124.80 
Average foreign exchange rate (US$)
0.75 0.77 
Production
 
      Third Quarter
thousands of barrels per day2023 2022 
Kearl (Imperial's share)
209 193 
Cold Lake
128 150 
Syncrude (a)
75 62 
Kearl total gross production (thousands of barrels per day)
295 271 
(a)In the third quarter of 2023, Syncrude gross production included about 0 thousand barrels per day of bitumen and other products (2022 - 7 thousand barrels per day) that were exported to the operator's facilities using an existing interconnect pipeline.

Higher production at Kearl was primarily driven by increased plant capacity utilization and mine equipment productivity.

Lower production at Cold Lake was primarily driven by steam cycle timing and planned turnaround activity.

Higher production at Syncrude was primarily driven by annual turnaround timing and duration.
Downstream
Net income (loss) factor analysis
millions of Canadian dollars
81

Margins – Lower margins primarily reflect weaker market conditions.

Other – Includes favourable foreign exchange impacts of about $50 million, partially offset by higher turnaround impacts of about $50 million reflecting the planned turnaround activities at Sarnia refinery.
22

IMPERIAL OIL LIMITED
Refinery utilization and petroleum product sales
 
       Third Quarter
thousands of barrels per day, unless noted2023 2022 
Refinery throughput416 426 
Refinery capacity utilization (percent)
96 100 
Petroleum product sales478 484 

Lower refinery throughput in the third quarter of 2023 reflects the impact of planned turnaround activities at Sarnia refinery.
Chemicals
Net income (loss) factor analysis
millions of Canadian dollars
80
Corporate and other
 
       Third Quarter
millions of Canadian dollars2023 2022 
Net income (loss) (U.S. GAAP)
(36)(21)
Liquidity and capital resources
 
        Third Quarter
millions of Canadian dollars2023 2022 
Cash flows from (used in):  
Operating activities2,359 3,089 
Investing activities(380)364 
Financing activities(1,639)(2,744)
Increase (decrease) in cash and cash equivalents340 709 
Cash and cash equivalents at period end2,716 3,576 

Cash flows from operating activities primarily reflect lower Downstream margins.

Cash flows used in investing activities primarily reflect the absence of proceeds from the sale of interests in XTO Energy Canada.

Cash flows used in financing activities primarily reflect:
 
       Third Quarter
millions of Canadian dollars, unless noted2023 2022 
Dividends paid
292 227 
Per share dividend paid (dollars)
0.50 0.34 
Share repurchases (a)
1,342 1,512 
  Number of shares purchased (millions) (a)
17.5 25.2 
(a)Share repurchases were made under the company's normal course issuer bid program, and include shares purchased from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid.

23

IMPERIAL OIL LIMITED
Nine months 2023 vs. nine months 2022
 
        Nine Months
millions of Canadian dollars, unless noted20232022
Net income (loss) (U.S. GAAP)
3,5245,613
Net income (loss) per common share, assuming dilution (dollars)
6.048.58
Net income (loss) excluding identified items¹3,5245,405

Prior year results included favourable identified items1 of $208 million related to the company's gain on the sale of interests in XTO Energy Canada.
Upstream
Net income (loss) factor analysis
millions of Canadian dollars
79
Price – Lower bitumen realizations were primarily driven by lower marker prices and the widening WTI/WCS spread. Average bitumen realizations decreased by $25.31 per barrel, generally in line with WCS, and synthetic crude oil realizations decreased by $23.87 per barrel, generally in line with WTI.

Volumes – Lower volumes were primarily driven by steam cycle timing at Cold Lake, and the absence of XTO Energy Canada production, partially offset by improved reliability and absence of extreme cold weather at Kearl.

Royalty – Lower royalties were primarily driven by weakened commodity prices.

Identified Items1 – Prior year results included favourable identified items1 related to the company's gain on the sale of interests in XTO Energy Canada.

Other – Includes favourable foreign exchange impacts of about $400 million, and lower operating expenses of about $220 million, primarily due to lower energy prices.
Marker prices and average realizations
 
      Nine Months
Canadian dollars, unless noted2023 2022 
West Texas Intermediate (US$ per barrel)
77.29 98.25 
Western Canada Select (US$ per barrel)
59.67 82.60 
WTI/WCS Spread (US$ per barrel)
17.62 15.65 
Bitumen (per barrel)
68.70 94.01 
Synthetic crude oil (per barrel)
105.65 129.52 
Average foreign exchange rate (US$)
0.74 0.78 




1 non-GAAP financial measure - see non-GAAP financial measures and other specified financial measures for definition and reconciliation
24

IMPERIAL OIL LIMITED
Production
 
       Nine Months
thousands of barrels per day2023 2022 
Kearl (Imperial's share)
182 162 
Cold Lake
134 145 
Syncrude (a)
72 74 
Kearl total gross production (thousands of barrels per day)
257 228 
(a)In 2023, Syncrude gross production included about 1 thousand barrels per day of bitumen and other products (2022 - 4 thousand barrels per day) that were exported to the operator's facilities using an existing interconnect pipeline.

Higher production at Kearl was primarily driven by improved reliability as a result of the successful rollout of the winterization strategy, the absence of extreme cold weather, increased plant capacity utilization, and mine equipment productivity.

Lower production at Cold Lake was primarily driven by steam cycle timing.
Downstream
Net income (loss) factor analysis
millions of Canadian dollars

82

Margins – Lower margins primarily reflect weaker market conditions.

Other – Favourable foreign exchange impacts of about $240 million and improved volumes of about $140 million, partially offset by higher turnaround impacts of about $300 million, associated with the planned turnaround activities at the Strathcona and Sarnia refineries.
Refinery utilization and petroleum product sales
 
        Nine Months
thousands of barrels per day, unless noted2023 2022 
Refinery throughput407 413 
Refinery capacity utilization (percent)
94 96 
Petroleum product sales469 471 
Chemicals
Net income (loss) factor analysis
millions of Canadian dollars

80
25

IMPERIAL OIL LIMITED
Corporate and other
        Nine Months
millions of Canadian dollars2023 2022 
Net income (loss) (U.S. GAAP)
(71)(98)
Liquidity and capital resources

 
        Nine Months
millions of Canadian dollars2023 2022 
Cash flows from (used in):  
Operating activities2,423 7,685 
Investing activities(1,283)(145)
Financing activities(2,173)(6,117)
Increase (decrease) in cash and cash equivalents(1,033)1,423 

Cash flows from operating activities primarily reflect unfavourable working capital impacts, including an income tax catch-up payment of $2.1 billion, as well as lower Upstream realizations and Downstream margins.

Cash flows used in investing activities primarily reflect the absence of proceeds from the sale of interests in XTO Energy Canada, and higher additions to property, plant and equipment.

Cash flows used in financing activities primarily reflect:
        Nine Months
millions of Canadian dollars, unless noted2023 2022 
Dividends paid
815 640 
Per share dividend paid (dollars)
1.38 0.95 
Share repurchases (a)
1,342 4,461 
  Number of shares purchased (millions) (a)
17.5 66.6 
(a)Share repurchases were made under the company's normal course issuer bid program. In the second quarter of 2022, share repurchases were made under the company's substantial issuer bid that commenced on May 6, 2022 and expired on June 10, 2022. Includes shares purchased from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid, and by way of a proportionate tender under the company's substantial issuer bid.

On June 27, 2023, the company announced by news release that it had received final approval from the Toronto Stock Exchange for a new normal course issuer bid to continue its then existing share purchase program. The program enabled the company to purchase up to a maximum of 29,207,635 common shares during the period June 29, 2023 to June 28, 2024. This maximum included shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid. 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. 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 19, 2023 as a result of the company purchasing the maximum allowable number of shares under the program.

On October 27, 2023, 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. 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. Shares may also be tendered by way of a proportionate tender, which will result in a shareholder maintaining their proportionate share ownership. 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. Nothing in this report shall constitute an offer to purchase or a solicitation of an offer to sell any shares.





26

IMPERIAL OIL LIMITED
Contractual obligations

As previously communicated, in the second quarter of 2023, the company entered into a long-term purchase agreement with a third party for about $3 billion. It has no impact on the 2023 and 2024 obligations disclosed in Imperial's 2022 annual report on Form 10-K. The company does not believe that the increased obligation will have a material effect on Imperial's operations, financial condition or financial statements.
27

IMPERIAL OIL LIMITED
Forward-looking statements

Statements of future events or conditions in this report, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements can be identified by words such as believe, anticipate, intend, propose, plan, goal, seek, project, predict, target, estimate, expect, strategy, outlook, schedule, future, continue, likely, may, should, will and similar references to future periods. Forward-looking statements in this release include, but are not limited to, the company’s intention to initiate a substantial issuer bid, including the size, structure, timing for determining the terms, pricing and commencement, and ExxonMobil’s intent to make a proportionate tender; the continued evaluation of the share purchase program in context of overall capital activities; references to the use of derivative instruments and effectiveness of risk mitigation; and the company’s belief that the commitment related to the long-term purchase agreement will not have a material effect on the company’s operations, financial condition or financial statements.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and mix; production rates, growth and mix; for shareholder returns, assumptions such as cash flow forecasts, financing sources and capital structure, that the necessary exemptive relief to proceed with the substantial issuer bid under applicable securities laws will be received on the timeline anticipated, and ExxonMobil making a proportionate tender in connection with the substantial issuer bid; project plans, timing, costs, technical evaluations and capacities and the company’s ability to effectively execute on these plans and operate its assets; capital and environmental expenditures; and commodity prices, foreign exchange rates and general market conditions, could differ materially depending on a number of factors.

These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum and petrochemical products and resulting price, differential and margin impacts, including foreign government action with respect to supply levels and prices, and the occurrence of wars; the receipt, in a timely manner, of regulatory and third-party approvals, including for the company’s substantial issuer bid;availability and allocation of capital; project management and schedules and timely completion of projects; unanticipated technical or operational difficulties; availability and performance of third-party service providers; environmental risks inherent in oil and gas exploration and production activities; political or regulatory events, including changes in law or government policy; management effectiveness and disaster response preparedness; operational hazards and risks; cybersecurity incidents, including increased reliance on remote working arrangements; currency exchange rates; general economic conditions; and other factors discussed in Item 1A risk factors and Item 7 management’s discussion and analysis of financial condition and results of operations of Imperial Oil Limited’s most recent annual report on Form 10-K and subsequent interim reports.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial. Imperial’s actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

The term "project" as used in this report can refer to a variety of different activities and does not necessarily have the same meaning as in any government payment transparency reports.

28

IMPERIAL OIL LIMITED
Item 3. Quantitative and qualitative disclosures about market risk
Information about market risks for the nine months ended September 30, 2023, does not differ materially from that discussed on page 32 of the company’s annual report on Form 10-K for the year ended December 31, 2022.
Item 4. Controls and procedures
As indicated in the certifications in Exhibit 31 of this report, the company’s principal executive officer and principal financial officer have evaluated the company’s disclosure controls and procedures as of September 30, 2023. Based on that evaluation, these officers have concluded that the company’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms. There has not been any change in the company’s internal control over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting.
29

IMPERIAL OIL LIMITED
PART II. OTHER INFORMATION
Item 1. Legal proceedings
Imperial has elected to use a $1 million (U.S. dollars) threshold for disclosing environmental proceedings.
Item 2. Unregistered sales of equity securities and use of proceeds
Issuer purchases of equity securities
 
Total number of
shares purchased
Average price paid
per share
(Canadian dollars)
Total number of
shares purchased
as part of publicly
announced plans
or programs
Maximum number
of shares that may
yet be purchased
under the plans or
programs (a)
July 2023
    
(July 1 - July 31)
2,283,731 66.72 2,283,731 26,923,904 
August 2023
(August 1 - August 31)
5,923,101 74.12 5,923,101 21,000,803 
September 2023
  
(September 1 - September 30)9,278,768 80.91 9,278,768 11,722,035 
(a)On June 27, 2023, the company announced by news release that it had received final approval from the Toronto Stock Exchange for a new normal course issuer bid and to continue its existing share purchase program. The program enabled the company to purchase up to a maximum of 29,207,635 common shares during the period June 29, 2023 to June 28, 2024. This maximum included shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of, the normal course issuer bid. 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. Imperial accelerated its 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 19, 2023 as a result of the company purchasing the maximum allowable number of shares under the program.
On October 27, 2023, 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. 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. Shares may also be tendered by way of a proportionate tender, which will result in a shareholder maintaining their proportionate share ownership. 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. Nothing in this report shall constitute an offer to purchase or a solicitation of an offer to sell any shares.
The company will continue to evaluate its share purchase program in the context of its overall capital activities. Purchase plans may be modified at any time without prior notice.

Item 5. Other information

During the three months ended September 30, 2023, none of the Company's directors or officers adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.
30

IMPERIAL OIL LIMITED
Item 6. Exhibits
(31.1) Certification by the principal executive officer of the company pursuant to Rule 13a-14(a).
(31.2) Certification by the principal financial officer of the company pursuant to Rule 13a-14(a).
(32.1) Certification by the chief executive officer of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350.
(32.2) Certification by the chief financial officer of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350.
(101) Interactive Data Files (formatted as Inline XBRL).
(104) Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101).
31

IMPERIAL OIL LIMITED
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Imperial Oil Limited
(Registrant)
Date:October 31, 2023
/s/ Daniel E. Lyons
(Signature)
Daniel E. Lyons
Senior vice-president, finance and
administration, and controller
(Principal accounting officer)
Date:October 31, 2023
/s/ Cathryn Walker
(Signature)
Cathryn Walker
Assistant corporate secretary
32


IMPERIAL OIL LIMITED


Exhibit (31.1)
Certification
Pursuant to Securities Exchange Act Rule 13a-14(a)
I, Bradley W. Corson, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Imperial Oil Limited;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 31, 2023
/s/ Bradley W. Corson
Bradley W. Corson
Chairman, president and
chief executive officer
(Principal executive officer)



IMPERIAL OIL LIMITED
Exhibit (31.2)
Certification
Pursuant to Securities Exchange Act Rule 13a-14(a)
I, Daniel E. Lyons, certify that:
1.I have reviewed this quarterly report on Form 10-Q of Imperial Oil Limited;
2.Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and
(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.
Date: October 31, 2023
/s/ Daniel E. Lyons
Daniel E. Lyons
Senior vice-president, finance and
administration, and controller
(Principal financial officer)



IMPERIAL OIL LIMITED
Exhibit (32.1)
Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Bradley W. Corson, the chief executive officer of Imperial Oil Limited (the “company”), hereby certifies that, to his knowledge:
(i)The quarterly report on Form 10-Q of the company for the quarter ended September 30, 2023 as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii)The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the company.
Date: October 31, 2023
/s/ Bradley W. Corson
Bradley W. Corson
Chairman, president and
chief executive officer
(Principal executive officer)



IMPERIAL OIL LIMITED
Exhibit (32.2)
Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Daniel E. Lyons, the chief financial officer of Imperial Oil Limited (the “company”), hereby certifies that, to his knowledge:
(i)The quarterly report on Form 10-Q of the company for the quarter ended September 30, 2023 as filed with the Securities and Exchange Commission (the “Report”), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

(ii)The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the company.
Date: October 31, 2023
/s/ Daniel E. Lyons
Daniel E. Lyons
Senior vice-president, finance and
administration, and controller
(Chief financial officer)

v3.23.3
Cover Page
 9 Months Ended
Sep. 30, 2023
shares
Cover [Abstract]  
Document Type 10-Q
Document Quarterly Report true
Document Period End Date Sep. 30, 2023
Document Transition Report false
Entity File Number 0-12014
Entity Registrant Name IMPERIAL OIL LIMITED
Entity Incorporation, State or Country Code Z4
Entity Tax Identification Number 98-0017682
Entity Address, Address Line One 505 Quarry Park Boulevard S.E.
Entity Address, City or Town Calgary
Entity Address, State or Province AB
Entity Address, Country CA
Entity Address, Postal Zip Code T2C 5N1
City Area Code 800
Local Phone Number 567-3776
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Filer Category Large Accelerated Filer
Entity Small Business false
Entity Emerging Growth Company false
Entity Shell Company false
Entity Common Stock, Shares Outstanding 566,667,118
Amendment Flag false
Document Fiscal Year Focus 2023
Document Fiscal Period Focus Q3
Entity Central Index Key 0000049938
Current Fiscal Year End Date --12-31
v3.23.3
Consolidated statement of income (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Revenues and other income        
Revenues [1] $ 13,873 $ 15,071 $ 37,694 $ 45,013
Investment and other income (note 3) 47 153 166 204
Total revenues and other income 13,920 15,224 37,860 45,217
Expenses        
Exploration 1 1 3 4
Purchases of crude oil and products [2] 8,748 9,478 24,082 28,849
Production and manufacturing [3] 1,666 1,872 5,207 5,439
Selling and general [3] 237 209 629 625
Federal excise tax and fuel charge 654 584 1,781 1,616
Depreciation and depletion 475 555 1,418 1,432
Non-service pension and postretirement benefit 20 4 60 13
Financing [4] 19 16 51 34
Total expenses 11,820 12,719 33,231 38,012
Income (loss) before income taxes 2,100 2,505 4,629 7,205
Income taxes 499 474 1,105 1,592
Net income (loss) $ 1,601 $ 2,031 $ 3,524 $ 5,613
Per share information (Canadian dollars)        
Net income (loss) per common share - basic (note 9) (in CAD per share) $ 2.77 $ 3.25 $ 6.05 $ 8.60
Net income (loss) per common share - diluted (note 9) (in CAD per share) $ 2.76 $ 3.24 $ 6.04 $ 8.58
[1]
(a) Amounts from related parties included in revenues.3,553 4,454 10,245 13,588 
[2]
(b) Amounts to related parties included in purchases of crude oil and products.1,228 1,086 3,270 2,865 
[3]
(c) Amounts to related parties included in production and manufacturing,
and selling and general expenses.		121 120 381 354 
[4]
(d) Amounts to related parties included in financing.44 28 124 45 
v3.23.3
Consolidated statement of income (U.S. GAAP, unaudited) (Parenthetical) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Amounts from related parties included in revenues [1] $ 13,873 $ 15,071 $ 37,694 $ 45,013
Amounts to related parties included in purchases of crude oil and products [2] 8,748 9,478 24,082 28,849
Amounts to related parties included in financing [3] 19 16 51 34
Related Party        
Amounts from related parties included in revenues 3,553 4,454 10,245 13,588
Amounts to related parties included in purchases of crude oil and products 1,228 1,086 3,270 2,865
Amounts to related parties included in production and manufacturing, and selling and general expenses 121 120 381 354
Amounts to related parties included in financing $ 44 $ 28 $ 124 $ 45
[1]
(a) Amounts from related parties included in revenues.3,553 4,454 10,245 13,588 
[2]
(b) Amounts to related parties included in purchases of crude oil and products.1,228 1,086 3,270 2,865 
[3]
(d) Amounts to related parties included in financing.44 28 124 45 
v3.23.3
Consolidated statement of comprehensive income (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 1,601 $ 2,031 $ 3,524 $ 5,613
Other comprehensive income (loss), net of income taxes        
Postretirement benefits liability adjustment (excluding amortization) 0 0 21 24
Amortization of postretirement benefits liability adjustment included in net benefit costs 9 21 29 63
Total other comprehensive income (loss) 9 21 50 87
Comprehensive income (loss) $ 1,610 $ 2,052 $ 3,574 $ 5,700
v3.23.3
Consolidated balance sheet (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Current assets    
Cash and cash equivalents $ 2,716 $ 3,749
Accounts receivable - net [1] 5,390 4,719
Inventories of crude oil and products 1,744 1,514
Materials, supplies and prepaid expenses 910 754
Total current assets 10,760 10,736
Investments and long-term receivables [2] 1,048 893
Property, plant and equipment, 55,780 54,568
less accumulated depreciation and depletion (25,399) (24,062)
Property, plant and equipment, net 30,381 30,506
Goodwill 166 166
Other assets, including intangibles - net 1,231 1,223
Total assets 43,586 43,524
Current liabilities    
Notes and loans payable 121 122
Accounts payable and accrued liabilities (note 7) [1] 7,234 6,194
Income taxes payable 418 2,582
Total current liabilities 7,773 8,898
Long-term debt [3] 4,017 4,033
Other long-term obligations (note 7) 3,462 3,467
Deferred income tax liabilities 4,526 4,713
Total liabilities 19,778 21,111
Shareholders’ equity    
Common shares at stated value (note 9) [4] 1,047 1,079
Earnings reinvested 23,223 21,846
Accumulated other comprehensive income (loss) (note 10) (462) (512)
Total shareholders’ equity 23,808 22,413
Total liabilities and shareholders’ equity $ 43,586 $ 43,524
[1] (a) Accounts receivable - net included net amounts receivable from related parties of $1,139 million (2022 - $1,108 million).
[2] (b) Investments and long-term receivables included amounts from related parties of $285 million (2022 - $288 million).
[3] (c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).
[4] (d) Number of common shares authorized and outstanding were 1,100 million and 567 million, respectively (2022 - 1,100 million and 584 million, respectively).
v3.23.3
Consolidated balance sheet (U.S. GAAP, unaudited) (Parenthetical) - CAD ($)
shares in Thousands, $ in Millions
Sep. 30, 2023
Dec. 31, 2022
Investments and long-term receivables, related party amount [1] $ 1,048 $ 893
Long-term debt, related party amount [2] $ 4,017 $ 4,033
Common shares authorized 1,100,000 1,100,000
Common shares outstanding 567,000 584,000
Related Party    
Accounts receivable, net $ 1,139 $ 1,108
Investments and long-term receivables, related party amount 285 288
Long-term debt, related party amount $ 3,447 $ 3,447
[1] (b) Investments and long-term receivables included amounts from related parties of $285 million (2022 - $288 million).
[2] (c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).
v3.23.3
Consolidated statement of shareholders' equity (U.S GAAP, unaudited) - CAD ($)
$ in Millions
Total
Common shares at stated value (note 9)
Earnings reinvested
Accumulated other comprehensive income (loss) (note 10)
At beginning of period at Dec. 31, 2021   $ 1,252 $ 21,660 $ (1,177)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   (123)    
Net income (loss) for the period $ 5,613   5,613  
Share purchases in excess of stated value     (4,338)  
Dividends declared     (666)  
Other comprehensive income (loss) 87     87
At end of period at Sep. 30, 2022 22,308 1,129 22,269 (1,090)
At beginning of period at Dec. 31, 2021   1,252 21,660 (1,177)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   (173)    
At end of period at Dec. 31, 2022 22,413 1,079 21,846 (512)
At beginning of period at Jun. 30, 2022   1,177 21,913 (1,111)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   (48)    
Net income (loss) for the period 2,031   2,031  
Share purchases in excess of stated value     (1,464)  
Dividends declared     (211)  
Other comprehensive income (loss) 21     21
At end of period at Sep. 30, 2022 22,308 1,129 22,269 (1,090)
At beginning of period at Dec. 31, 2022 22,413 1,079 21,846 (512)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   (32)    
Net income (loss) for the period 3,524   3,524  
Share purchases in excess of stated value     (1,310)  
Dividends declared     (837)  
Other comprehensive income (loss) 50     50
At end of period at Sep. 30, 2023 23,808 1,047 23,223 (462)
At beginning of period at Jun. 30, 2023   1,079 23,220 (471)
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Share purchases at stated value   (32)    
Net income (loss) for the period 1,601   1,601  
Share purchases in excess of stated value     (1,310)  
Dividends declared     (288)  
Other comprehensive income (loss) 9     9
At end of period at Sep. 30, 2023 $ 23,808 $ 1,047 $ 23,223 $ (462)
v3.23.3
Consolidated statement of cash flows (U.S. GAAP, unaudited) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Operating activities        
Net income (loss) $ 1,601 $ 2,031 $ 3,524 $ 5,613
Adjustments for non-cash items:        
Depreciation and depletion 475 555 1,418 1,432
(Gain) loss on asset sales (note 3) 3 (131) (19) (155)
Deferred income taxes and other (168) 122 (239) (358)
Changes in operating assets and liabilities:        
Accounts receivable (805) 1,648 (671) (1,322)
Inventories, materials, supplies and prepaid expenses (330) (70) (389) (461)
Income taxes payable 234 296 (2,164) 1,608
Accounts payable and accrued liabilities 1,314 (1,328) 1,011 1,315
All other items - net [1] 35 (34) (48) 13
Cash flows from (used in) operating activities 2,359 3,089 2,423 7,685
Investing activities        
Additions to property, plant and equipment (387) (397) (1,315) (1,034)
Proceeds from asset sales (note 3) 6 760 29 886
Additional investments 0 (6) 0 (6)
Loans to equity companies - net 1 7 3 9
Cash flows from (used in) investing activities (380) 364 (1,283) (145)
Financing activities        
Long-term debt - reduction (note 6) 0 (1,000) 0 (1,000)
Finance lease obligations - reduction (note 6) (5) (5) (16) (16)
Dividends paid (292) (227) (815) (640)
Common shares purchased (note 9) (1,342) (1,512) (1,342) (4,461)
Cash flows from (used in) financing activities (1,639) (2,744) (2,173) (6,117)
Increase (decrease) in cash and cash equivalents 340 709 (1,033) 1,423
Cash and cash equivalents at beginning of period 2,376 2,867 3,749 2,153
Cash and cash equivalents at end of period [2] $ 2,716 $ 3,576 $ 2,716 $ 3,576
[1]
(b) Included contributions to registered pension plans.(43)(41)(129)(137)
[2] (a) Cash equivalents are all highly liquid securities with maturity of three months or less.
v3.23.3
Consolidated statement of cash flows (U.S. GAAP, unaudited) (Parenthetical) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Statement of Cash Flows [Abstract]        
Included contributions to registered pension plans $ (43) $ (41) $ (129) $ (137)
Income taxes (paid) refunded. (438) (64) (3,627) (339)
Interest (paid), net of capitalization. $ (15) $ (19) $ (52) $ (41)
v3.23.3
Basis of financial statement preparation
 9 Months Ended
Sep. 30, 2023
Accounting Policies [Abstract]  
Basis of financial statement preparation 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 2022 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, 2023, are not necessarily indicative of the operations to be expected for the full year.
All amounts are in Canadian dollars unless otherwise indicated.
v3.23.3
Business segments
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Business segments Business segments
Third Quarter
      Upstream
      Downstream
       Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
43 156 13,540 14,537 290 378 
Intersegment sales
4,768 4,665 1,560 1,693 92 142 
Investment and other income (note 3)
(4)128 12 6 — — 
 4,807 4,949 15,112 16,236 382 520 
Expenses      
Exploration1 1 — — — — 
Purchases of crude oil and products
1,852 1,937 13,061 13,686 254 354 
Production and manufacturing1,187 1,381 405 419 74 72 
Selling and general— — 177 174 21 17 
Federal excise tax and fuel charge— — 653 583 1 1 
Depreciation and depletion418 501 46 44 2 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
3 — — — — — 
Total expenses3,461 3,820 14,342 14,906 352 448 
Income (loss) before income taxes1,346 1,129 770 1,330 30 72 
Income tax expense (benefit)318 143 184 318 7 18 
Net income (loss)
1,028 986 586 1,012 23 54 
Cash flows from (used in) operating activities
1,771 1,280 378 1,532 74 109 
Capital and exploration expenditures (c)
244 309 103 64 2 2 
Third Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 13,873 15,071 
Intersegment sales
— — (6,420)(6,500)— — 
Investment and other income (note 3)
39 19 — — 47 153 
 39 19 (6,420)(6,500)13,920 15,224 
Expenses      
Exploration— — — — 1 1 
Purchases of crude oil and products
— — (6,419)(6,499)8,748 9,478 
Production and manufacturing— — — — 1,666 1,872 
Selling and general40 19 (1)(1)237 209 
Federal excise tax and fuel charge— — — — 654 584 
Depreciation and depletion9 6 — — 475 555 
Non-service pension and postretirement benefit20 4 — — 20 4 
Financing (note 5)
16 16 — — 19 16 
Total expenses85 45 (6,420)(6,500)11,820 12,719 
Income (loss) before income taxes(46)(26)— — 2,100 2,505 
Income tax expense (benefit)(10)(5)— — 499 474 
Net income (loss)
(36)(21)— — 1,601 2,031 
Cash flows from (used in) operating activities
136 168 — — 2,359 3,089 
Capital and exploration expenditures (c)
38 17 — — 387 392 
Includes export sales to the United States of $2,180 million (2022 - $3,176 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 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. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
        Third Quarter
millions of Canadian dollars2023 2022 
Revenue from contracts with customers12,271 13,223 
Revenue outside the scope of ASC 606
1,602 1,848 
Total13,873 15,071 
(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.
Nine Months to September 30
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
180 374 36,534 43,480 980 1,159 
Intersegment sales
11,909 14,923 4,748 5,550 272 395 
Investment and other income (note 3)
8 135 47 36 — — 
12,097 15,432 41,329 49,066 1,252 1,554 
Expenses
Exploration3 4 — — — — 
Purchases of crude oil and products
4,827 6,184 35,390 42,459 791 1,070 
Production and manufacturing3,730 4,053 1,291 1,193 186 193 
Selling and general— — 494 474 69 62 
Federal excise tax and fuel charge— — 1,778 1,615 3 1 
Depreciation and depletion1,250 1,269 135 130 10 13 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
3 1 — — — — 
Total expenses9,813 11,511 39,088 45,871 1,059 1,339 
Income (loss) before income taxes2,284 3,921 2,241 3,195 193 215 
Income tax expense (benefit)542 807 535 761 46 52 
Net income (loss)
1,742 3,114 1,706 2,434 147 163 
Cash flows from (used in) operating activities
1,946 4,814 187 2,548 97 240 
Capital and exploration expenditures (c)
868 764 329 201 11 5 
Total assets as at September 30
28,356 28,099 10,912 9,972 441 482 
Nine Months to September 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 37,694 45,013 
Intersegment sales
— — (16,929)(20,868)— — 
Investment and other income (note 3)
111 33 — — 166 204 
111 33 (16,929)(20,868)37,860 45,217 
Expenses
Exploration— — — — 3 4 
Purchases of crude oil and products
— — (16,926)(20,864)24,082 28,849 
Production and manufacturing— — — — 5,207 5,439 
Selling and general69 93 (3)(4)629 625 
Federal excise tax and fuel charge— — — — 1,781 1,616 
Depreciation and depletion23 20 — — 1,418 1,432 
Non-service pension and postretirement benefit60 13 — — 60 13 
Financing (note 5)
48 33 — — 51 34 
Total expenses200 159 (16,929)(20,868)33,231 38,012 
Income (loss) before income taxes(89)(126)— — 4,629 7,205 
Income tax expense (benefit)(18)(28)— — 1,105 1,592 
Net income (loss)
(71)(98)— — 3,524 5,613 
Cash flows from (used in) operating activities
193 83 — — 2,423 7,685 
Capital and exploration expenditures (c)
101 32 — — 1,309 1,002 
Total assets as at September 30
4,346 4,704 (469)(271)43,586 42,986 
Includes export sales to the United States of $6,589 million (2022 - $9,551 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 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. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
       Nine Months
       to September 30
millions of Canadian dollars2023 2022 
Revenue from contracts with customers33,713 39,958 
Revenue outside the scope of ASC 606
3,981 5,055 
Total37,694 45,013 
(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.
v3.23.3
Investment and other income
 9 Months Ended
Sep. 30, 2023
Other Income and Expenses [Abstract]  
Investment and other income 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 dollars2023 2022 2023 2022 
Proceeds from asset sales6 854 29 886 
Book value of asset sales9 723 10 731 
Gain (loss) on asset sales, before tax (a)
(3)131 19 155 
Gain (loss) on asset sales, after tax (a)
(2)222 16 241 
(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.
v3.23.3
Employee retirement benefits
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Employee retirement benefits Employee retirement benefits
The components of net benefit cost were as follows:
 
       Third Quarter
       Nine Months
       to September 30
millions of Canadian dollars2023 2022 2023 2022 
Pension benefits:
Service cost41 70 122 210 
Interest cost94 74 280 221 
Expected return on plan assets(94)(103)(280)(309)
Amortization of prior service cost5 4 13 12 
Amortization of actuarial loss (gain)10 21 32 64 
Net benefit cost56 66 167 198 
Other postretirement benefits:   
Service cost3 6 9 17 
Interest cost7 6 21 18 
Amortization of actuarial loss (gain)(2)2 (6)7 
Net benefit cost8 14 24 42 
v3.23.3
Financing costs
 9 Months Ended
Sep. 30, 2023
Financing costs and additional notes and loans payable information [Abstract]  
Financing costs Financing costs
       Third Quarter
      Nine Months
      to September 30
millions of Canadian dollars2023 2022 2023 2022 
Debt-related interest
53 34 148 66 
Capitalized interest
(37)(18)(100)(33)
Net interest expense
16 16 48 33 
Other interest
3 — 3 1 
Total financing
19 16 51 34 
v3.23.3
Long-term debt
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Long-term debt Long-term debt
As at
Sep 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Long-term debt
3,447 3,447 
Finance leases
570 586 
Total long-term debt4,017 4,033 
v3.23.3
Other long-term obligations
 9 Months Ended
Sep. 30, 2023
Other Liabilities Disclosure [Abstract]  
Other long-term obligations Other long-term obligations
 
As at
Sep 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Employee retirement benefits (a)
876 902 
Asset retirement obligations and other environmental liabilities (b)
2,189 2,150 
Share-based incentive compensation liabilities
130 101 
Operating lease liability (c)
122 151 
Other obligations
145 163 
Total other long-term obligations3,462 3,467 
(a)Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million).
(b)Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million).
(c)Total operating lease liability also included $107 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $55 million (2022 - $14 million).
v3.23.3
Financial and derivative instruments
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Financial and derivative instruments 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, 2023 and December 31, 2022, 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 and currency exchange 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 flow from (used in) operating activities". The company does not designate derivative instruments as a hedge for hedge accounting purposes.
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 barrels20232022
Crude3,280 1,800 
Products(850)(350)
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 dollars2023 2022 2023 2022 
Revenues6 105 (7)91 
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows:
At September 30, 2023
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
24 33 — 57 (23)(1)33 
Liabilities
Derivative liabilities (b)
24 39 — 63 (23)— 40 
(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, 2022
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
17 32 — 49 (27)— 22 
Liabilities
Derivative liabilities (b)
21 20 — 41 (27)(4)10 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
At September 30, 2023 and December 31, 2022, the company had $21 million and $14 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.
v3.23.3
Common shares
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Common shares Common shares
thousands of shares
As at
Sep 30
2023
As at
Dec 31
2022
Authorized1,100,000 1,100,000 
Outstanding566,667 584,153 
The most recent 12-month normal course issuer bid program came into effect June 29, 2023 under which Imperial continued its existing share purchase program. The program enabled the company to purchase up to a maximum of 29,207,635 common shares (5 percent of the total shares on June 15, 2023) 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. 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. Imperial accelerated its 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 19, 2023 as a result of the company purchasing the maximum allowable number of shares under the program.
The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.
On October 27, 2023, 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. 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. Shares may also be tendered by way of a proportionate tender, which will result in a shareholder maintaining their proportionate share ownership. 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. 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:
 Thousands of
 shares 		Millions of
 dollars
Balance as at December 31, 2021
678,080 1,252 
Issued under employee share-based awards— — 
Purchases at stated value(93,927)(173)
Balance as at December 31, 2022
584,153 1,079 
Issued under employee share-based awards— — 
Purchases at stated value(17,486)(32)
Balance as at September 30, 2023
566,667 1,047 
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
2023202220232022
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
1,6012,0313,5245,613
Weighted-average number of common shares outstanding (millions of shares)
578.0625.3582.1652.9
Net income (loss) per common share (dollars)
2.773.256.058.60
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
1,6012,0313,5245,613
Weighted-average number of common shares outstanding (millions of shares)
578.0625.3582.1652.9
Effect of employee share-based awards (millions of shares)
1.31.61.21.5
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
579.3626.9583.3654.4
Net income (loss) per common share (dollars)
2.763.246.048.58
Dividends per common share – declared (dollars)
0.500.341.441.02
v3.23.3
Other comprehensive income (loss) information
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Other comprehensive income (loss) information Other comprehensive income (loss) information
Changes in accumulated other comprehensive income (loss):

millions of Canadian dollars2023 2022 
Balance at January 1(512)(1,177)
Postretirement benefits liability adjustment:
Current period change excluding amounts reclassified
       from accumulated other comprehensive income
21 24 
Amounts reclassified from accumulated other comprehensive income29 63 
Balance at September 30(462)(1,090)

Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
 
      Third Quarter
      Nine Months
       to September 30
millions of Canadian dollars2023 2022 2023 2022 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost (a)
(13)(28)(39)(83)
(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 dollars2023 2022 2023 2022 
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization)— — 7 8 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost
4 7 10 20 
Total4 7 17 28 
v3.23.3
Pay vs Performance Disclosure - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pay vs Performance Disclosure        
Net income (loss) $ 1,601 $ 2,031 $ 3,524 $ 5,613
v3.23.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2023
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.23.3
Business segments (Tables)
 9 Months Ended
Sep. 30, 2023
Segment Reporting [Abstract]  
Business segments
Third Quarter
      Upstream
      Downstream
       Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
43 156 13,540 14,537 290 378 
Intersegment sales
4,768 4,665 1,560 1,693 92 142 
Investment and other income (note 3)
(4)128 12 6 — — 
 4,807 4,949 15,112 16,236 382 520 
Expenses      
Exploration1 1 — — — — 
Purchases of crude oil and products
1,852 1,937 13,061 13,686 254 354 
Production and manufacturing1,187 1,381 405 419 74 72 
Selling and general— — 177 174 21 17 
Federal excise tax and fuel charge— — 653 583 1 1 
Depreciation and depletion418 501 46 44 2 4 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
3 — — — — — 
Total expenses3,461 3,820 14,342 14,906 352 448 
Income (loss) before income taxes1,346 1,129 770 1,330 30 72 
Income tax expense (benefit)318 143 184 318 7 18 
Net income (loss)
1,028 986 586 1,012 23 54 
Cash flows from (used in) operating activities
1,771 1,280 378 1,532 74 109 
Capital and exploration expenditures (c)
244 309 103 64 2 2 
Third Quarter
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 13,873 15,071 
Intersegment sales
— — (6,420)(6,500)— — 
Investment and other income (note 3)
39 19 — — 47 153 
 39 19 (6,420)(6,500)13,920 15,224 
Expenses      
Exploration— — — — 1 1 
Purchases of crude oil and products
— — (6,419)(6,499)8,748 9,478 
Production and manufacturing— — — — 1,666 1,872 
Selling and general40 19 (1)(1)237 209 
Federal excise tax and fuel charge— — — — 654 584 
Depreciation and depletion9 6 — — 475 555 
Non-service pension and postretirement benefit20 4 — — 20 4 
Financing (note 5)
16 16 — — 19 16 
Total expenses85 45 (6,420)(6,500)11,820 12,719 
Income (loss) before income taxes(46)(26)— — 2,100 2,505 
Income tax expense (benefit)(10)(5)— — 499 474 
Net income (loss)
(36)(21)— — 1,601 2,031 
Cash flows from (used in) operating activities
136 168 — — 2,359 3,089 
Capital and exploration expenditures (c)
38 17 — — 387 392 
Includes export sales to the United States of $2,180 million (2022 - $3,176 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 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. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
        Third Quarter
millions of Canadian dollars2023 2022 
Revenue from contracts with customers12,271 13,223 
Revenue outside the scope of ASC 606
1,602 1,848 
Total13,873 15,071 
(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.
Nine Months to September 30
        Upstream
       Downstream
        Chemical
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
180 374 36,534 43,480 980 1,159 
Intersegment sales
11,909 14,923 4,748 5,550 272 395 
Investment and other income (note 3)
8 135 47 36 — — 
12,097 15,432 41,329 49,066 1,252 1,554 
Expenses
Exploration3 4 — — — — 
Purchases of crude oil and products
4,827 6,184 35,390 42,459 791 1,070 
Production and manufacturing3,730 4,053 1,291 1,193 186 193 
Selling and general— — 494 474 69 62 
Federal excise tax and fuel charge— — 1,778 1,615 3 1 
Depreciation and depletion1,250 1,269 135 130 10 13 
Non-service pension and postretirement benefit— — — — — — 
Financing (note 5)
3 1 — — — — 
Total expenses9,813 11,511 39,088 45,871 1,059 1,339 
Income (loss) before income taxes2,284 3,921 2,241 3,195 193 215 
Income tax expense (benefit)542 807 535 761 46 52 
Net income (loss)
1,742 3,114 1,706 2,434 147 163 
Cash flows from (used in) operating activities
1,946 4,814 187 2,548 97 240 
Capital and exploration expenditures (c)
868 764 329 201 11 5 
Total assets as at September 30
28,356 28,099 10,912 9,972 441 482 
Nine Months to September 30
Corporate and other
      Eliminations
       Consolidated
millions of Canadian dollars202320222023202220232022
Revenues and other income
Revenues (a) (b)
— — — — 37,694 45,013 
Intersegment sales
— — (16,929)(20,868)— — 
Investment and other income (note 3)
111 33 — — 166 204 
111 33 (16,929)(20,868)37,860 45,217 
Expenses
Exploration— — — — 3 4 
Purchases of crude oil and products
— — (16,926)(20,864)24,082 28,849 
Production and manufacturing— — — — 5,207 5,439 
Selling and general69 93 (3)(4)629 625 
Federal excise tax and fuel charge— — — — 1,781 1,616 
Depreciation and depletion23 20 — — 1,418 1,432 
Non-service pension and postretirement benefit60 13 — — 60 13 
Financing (note 5)
48 33 — — 51 34 
Total expenses200 159 (16,929)(20,868)33,231 38,012 
Income (loss) before income taxes(89)(126)— — 4,629 7,205 
Income tax expense (benefit)(18)(28)— — 1,105 1,592 
Net income (loss)
(71)(98)— — 3,524 5,613 
Cash flows from (used in) operating activities
193 83 — — 2,423 7,685 
Capital and exploration expenditures (c)
101 32 — — 1,309 1,002 
Total assets as at September 30
4,346 4,704 (469)(271)43,586 42,986 
Includes export sales to the United States of $6,589 million (2022 - $9,551 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 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. Contractual terms, credit quality, and type of customer are generally similar between those revenues and receivables within the scope of ASC 606 and those outside it.
Revenues
       Nine Months
       to September 30
millions of Canadian dollars2023 2022 
Revenue from contracts with customers33,713 39,958 
Revenue outside the scope of ASC 606
3,981 5,055 
Total37,694 45,013 
(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.
Disaggregation of Revenue
Revenues
        Third Quarter
millions of Canadian dollars2023 2022 
Revenue from contracts with customers12,271 13,223 
Revenue outside the scope of ASC 606
1,602 1,848 
Total13,873 15,071 
Revenues
       Nine Months
       to September 30
millions of Canadian dollars2023 2022 
Revenue from contracts with customers33,713 39,958 
Revenue outside the scope of ASC 606
3,981 5,055 
Total37,694 45,013 
v3.23.3
Investment and other income (Tables)
 9 Months Ended
Sep. 30, 2023
Other Income and Expenses [Abstract]  
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 dollars2023 2022 2023 2022 
Proceeds from asset sales6 854 29 886 
Book value of asset sales9 723 10 731 
Gain (loss) on asset sales, before tax (a)
(3)131 19 155 
Gain (loss) on asset sales, after tax (a)
(2)222 16 241 
(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.
v3.23.3
Employee retirement benefits (Tables)
 9 Months Ended
Sep. 30, 2023
Retirement Benefits [Abstract]  
Schedule of net benefit costs
The components of net benefit cost were as follows:
 
       Third Quarter
       Nine Months
       to September 30
millions of Canadian dollars2023 2022 2023 2022 
Pension benefits:
Service cost41 70 122 210 
Interest cost94 74 280 221 
Expected return on plan assets(94)(103)(280)(309)
Amortization of prior service cost5 4 13 12 
Amortization of actuarial loss (gain)10 21 32 64 
Net benefit cost56 66 167 198 
Other postretirement benefits:   
Service cost3 6 9 17 
Interest cost7 6 21 18 
Amortization of actuarial loss (gain)(2)2 (6)7 
Net benefit cost8 14 24 42 
v3.23.3
Financing costs (Tables)
 9 Months Ended
Sep. 30, 2023
Financing costs and additional notes and loans payable information [Abstract]  
Financing costs
       Third Quarter
      Nine Months
      to September 30
millions of Canadian dollars2023 2022 2023 2022 
Debt-related interest
53 34 148 66 
Capitalized interest
(37)(18)(100)(33)
Net interest expense
16 16 48 33 
Other interest
3 — 3 1 
Total financing
19 16 51 34 
v3.23.3
Long-term debt (Tables)
 9 Months Ended
Sep. 30, 2023
Debt Disclosure [Abstract]  
Long-term debt
As at
Sep 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Long-term debt
3,447 3,447 
Finance leases
570 586 
Total long-term debt4,017 4,033 
v3.23.3
Other long-term obligations (Tables)
 9 Months Ended
Sep. 30, 2023
Other Liabilities Disclosure [Abstract]  
Other long-term obligations
 
As at
Sep 30
As at
Dec 31
millions of Canadian dollars2023 2022 
Employee retirement benefits (a)
876 902 
Asset retirement obligations and other environmental liabilities (b)
2,189 2,150 
Share-based incentive compensation liabilities
130 101 
Operating lease liability (c)
122 151 
Other obligations
145 163 
Total other long-term obligations3,462 3,467 
(a)Total recorded employee retirement benefits obligations also included $63 million in current liabilities (2022 - $63 million).
(b)Total asset retirement obligations and other environmental liabilities also included $116 million in current liabilities (2022 - $116 million).
(c)Total operating lease liability also included $107 million in current liabilities (2022 - $100 million). In addition to the total operating lease liability, undiscounted commitments for leases not yet commenced totalled $55 million (2022 - $14 million).
v3.23.3
Financial and derivative instruments (Tables)
 9 Months Ended
Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of net long short position of derivative instruments
The net notional long/(short) position of derivative instruments was:
 
As at
Sep 30
As at Dec 31
thousands of barrels20232022
Crude3,280 1,800 
Products(850)(350)
Summary of realized and unrealized gain or (loss) on derivative instruments
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 dollars2023 2022 2023 2022 
Revenues6 105 (7)91 
Summary of estimated fair value of financial instruments
The estimated fair value of derivative instruments, and the related hierarchy level for the fair value measurement were as follows:
At September 30, 2023
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting 		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
24 33 — 57 (23)(1)33 
Liabilities
Derivative liabilities (b)
24 39 — 63 (23)— 40 
(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, 2022
millions of Canadian dollars
Fair valueEffect of
counterparty
netting		Effect of
collateral
netting		Net
carrying
value
Level 1Level 2Level 3Total
Assets
Derivative assets (a)
17 32 — 49 (27)— 22 
Liabilities
Derivative liabilities (b)
21 20 — 41 (27)(4)10 
(a)Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”, “Accounts receivable - net” and “Other assets, including intangibles - net”.
(b)Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities” and “Other long-term obligations”.
v3.23.3
Common shares (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Summary of common shares
thousands of shares
As at
Sep 30
2023
As at
Dec 31
2022
Authorized1,100,000 1,100,000 
Outstanding566,667 584,153 
Common share activities
The company’s common share activities are summarized below:
 Thousands of
 shares 		Millions of
 dollars
Balance as at December 31, 2021
678,080 1,252 
Issued under employee share-based awards— — 
Purchases at stated value(93,927)(173)
Balance as at December 31, 2022
584,153 1,079 
Issued under employee share-based awards— — 
Purchases at stated value(17,486)(32)
Balance as at September 30, 2023
566,667 1,047 
Calculation of basic and diluted earnings per share
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
2023202220232022
Net income (loss) per common share – basic
Net income (loss) (millions of Canadian dollars)
1,6012,0313,5245,613
Weighted-average number of common shares outstanding (millions of shares)
578.0625.3582.1652.9
Net income (loss) per common share (dollars)
2.773.256.058.60
Net income (loss) per common share – diluted
Net income (loss) (millions of Canadian dollars)
1,6012,0313,5245,613
Weighted-average number of common shares outstanding (millions of shares)
578.0625.3582.1652.9
Effect of employee share-based awards (millions of shares)
1.31.61.21.5
Weighted-average number of common shares outstanding,
        assuming dilution (millions of shares)
579.3626.9583.3654.4
Net income (loss) per common share (dollars)
2.763.246.048.58
Dividends per common share – declared (dollars)
0.500.341.441.02
v3.23.3
Other comprehensive income (loss) information (Tables)
 9 Months Ended
Sep. 30, 2023
Equity [Abstract]  
Changes in accumulated other comprehensive income (loss)
Changes in accumulated other comprehensive income (loss):

millions of Canadian dollars2023 2022 
Balance at January 1(512)(1,177)
Postretirement benefits liability adjustment:
Current period change excluding amounts reclassified
       from accumulated other comprehensive income
21 24 
Amounts reclassified from accumulated other comprehensive income29 63 
Balance at September 30(462)(1,090)
Amounts reclassified out of accumulated other comprehensive income (loss) - before tax income (expense)
Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
 
      Third Quarter
      Nine Months
       to September 30
millions of Canadian dollars2023 2022 2023 2022 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost (a)
(13)(28)(39)(83)
(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)
Income tax expense (credit) for components of other comprehensive income (loss):
      Third Quarter
       Nine Months
       to September 30
millions of Canadian dollars2023 2022 2023 2022 
Postretirement benefits liability adjustments:
Postretirement benefits liability adjustment (excluding amortization)— — 7 8 
Amortization of postretirement benefits liability adjustment
       included in net benefit cost
4 7 10 20 
Total4 7 17 28 
v3.23.3
Business Segments (Detail) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Revenues and other income          
Revenues [1] $ 13,873 $ 15,071 $ 37,694 $ 45,013  
Investment and other income (note 3) 47 153 166 204  
Total revenues and other income 13,920 15,224 37,860 45,217  
Expenses          
Exploration 1 1 3 4  
Purchases of crude oil and products [2] 8,748 9,478 24,082 28,849  
Production and manufacturing [3] 1,666 1,872 5,207 5,439  
Selling and general [3] 237 209 629 625  
Federal excise tax and fuel charge 654 584 1,781 1,616  
Depreciation and depletion 475 555 1,418 1,432  
Non-service pension and postretirement benefit 20 4 60 13  
Financing (note 5) [4] 19 16 51 34  
Total expenses 11,820 12,719 33,231 38,012  
Income (loss) before income taxes 2,100 2,505 4,629 7,205  
Income taxes 499 474 1,105 1,592  
Net income (loss) 1,601 2,031 3,524 5,613  
Cash flows from (used in) operating activities 2,359 3,089 2,423 7,685  
Capital and exploration expenditures 387 392 1,309 1,002  
Total assets as at September 30 43,586 42,986 43,586 42,986 $ 43,524
Corporate and other          
Revenues and other income          
Revenues 0 0 0 0  
Investment and other income (note 3) 39 19 111 33  
Total revenues and other income 39 19 111 33  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products 0 0 0 0  
Production and manufacturing 0 0 0 0  
Selling and general 40 19 69 93  
Federal excise tax and fuel charge 0 0 0 0  
Depreciation and depletion 9 6 23 20  
Non-service pension and postretirement benefit 20 4 60 13  
Financing (note 5) 16 16 48 33  
Total expenses 85 45 200 159  
Income (loss) before income taxes (46) (26) (89) (126)  
Income taxes (10) (5) (18) (28)  
Net income (loss) (36) (21) (71) (98)  
Cash flows from (used in) operating activities 136 168 193 83  
Capital and exploration expenditures 38 17 101 32  
Total assets as at September 30 4,346 4,704 4,346 4,704  
Eliminations          
Revenues and other income          
Revenues (6,420) (6,500) (16,929) (20,868)  
Total revenues and other income (6,420) (6,500) (16,929) (20,868)  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products (6,419) (6,499) (16,926) (20,864)  
Production and manufacturing 0 0 0 0  
Selling and general (1) (1) (3) (4)  
Federal excise tax and fuel charge 0 0 0 0  
Depreciation and depletion 0 0 0 0  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 0 0 0 0  
Total expenses (6,420) (6,500) (16,929) (20,868)  
Income (loss) before income taxes 0 0 0 0  
Income taxes 0 0 0 0  
Net income (loss) 0 0 0 0  
Cash flows from (used in) operating activities 0 0 0 0  
Capital and exploration expenditures 0 0 0 0  
Total assets as at September 30 (469) (271) (469) (271)  
Upstream          
Revenues and other income          
Revenues 43 156 180 374  
Investment and other income (note 3) (4) 128 8 135  
Upstream | Intersegment Eliminations          
Revenues and other income          
Revenues 4,768 4,665 11,909 14,923  
Upstream | Operating Segments          
Revenues and other income          
Total revenues and other income 4,807 4,949 12,097 15,432  
Expenses          
Exploration 1 1 3 4  
Purchases of crude oil and products 1,852 1,937 4,827 6,184  
Production and manufacturing 1,187 1,381 3,730 4,053  
Selling and general 0 0 0 0  
Federal excise tax and fuel charge 0 0 0 0  
Depreciation and depletion 418 501 1,250 1,269  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 3 0 3 1  
Total expenses 3,461 3,820 9,813 11,511  
Income (loss) before income taxes 1,346 1,129 2,284 3,921  
Income taxes 318 143 542 807  
Net income (loss) 1,028 986 1,742 3,114  
Cash flows from (used in) operating activities 1,771 1,280 1,946 4,814  
Capital and exploration expenditures 244 309 868 764  
Total assets as at September 30 28,356 28,099 28,356 28,099  
Downstream          
Revenues and other income          
Revenues 13,540 14,537 36,534 43,480  
Investment and other income (note 3) 12 6 47 36  
Downstream | Intersegment Eliminations          
Revenues and other income          
Revenues 1,560 1,693 4,748 5,550  
Downstream | Operating Segments          
Revenues and other income          
Total revenues and other income 15,112 16,236 41,329 49,066  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products 13,061 13,686 35,390 42,459  
Production and manufacturing 405 419 1,291 1,193  
Selling and general 177 174 494 474  
Federal excise tax and fuel charge 653 583 1,778 1,615  
Depreciation and depletion 46 44 135 130  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 0 0 0 0  
Total expenses 14,342 14,906 39,088 45,871  
Income (loss) before income taxes 770 1,330 2,241 3,195  
Income taxes 184 318 535 761  
Net income (loss) 586 1,012 1,706 2,434  
Cash flows from (used in) operating activities 378 1,532 187 2,548  
Capital and exploration expenditures 103 64 329 201  
Total assets as at September 30 10,912 9,972 10,912 9,972  
Chemical          
Revenues and other income          
Revenues 290 378 980 1,159  
Investment and other income (note 3) 0 0 0 0  
Chemical | Intersegment Eliminations          
Revenues and other income          
Revenues 92 142 272 395  
Chemical | Operating Segments          
Revenues and other income          
Total revenues and other income 382 520 1,252 1,554  
Expenses          
Exploration 0 0 0 0  
Purchases of crude oil and products 254 354 791 1,070  
Production and manufacturing 74 72 186 193  
Selling and general 21 17 69 62  
Federal excise tax and fuel charge 1 1 3 1  
Depreciation and depletion 2 4 10 13  
Non-service pension and postretirement benefit 0 0 0 0  
Financing (note 5) 0 0 0 0  
Total expenses 352 448 1,059 1,339  
Income (loss) before income taxes 30 72 193 215  
Income taxes 7 18 46 52  
Net income (loss) 23 54 147 163  
Cash flows from (used in) operating activities 74 109 97 240  
Capital and exploration expenditures 2 2 11 5  
Total assets as at September 30 $ 441 $ 482 $ 441 $ 482  
[1]
(a) Amounts from related parties included in revenues.3,553 4,454 10,245 13,588 
[2]
(b) Amounts to related parties included in purchases of crude oil and products.1,228 1,086 3,270 2,865 
[3]
(c) Amounts to related parties included in production and manufacturing,
and selling and general expenses.		121 120 381 354 
[4]
(d) Amounts to related parties included in financing.44 28 124 45 
v3.23.3
Business Segments - Table Narrative (Detail) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Segment Reporting Information [Line Items]        
Revenue from contracts with customers $ 12,271 $ 13,223 $ 33,713 $ 39,958
Revenue outside the scope of ASC 606 1,602 1,848 3,981 5,055
Total [1] 13,873 15,071 37,694 45,013
United States Exports        
Segment Reporting Information [Line Items]        
Operating revenues $ 2,180 $ 3,176 $ 6,589 $ 9,551
[1]
(a) Amounts from related parties included in revenues.3,553 4,454 10,245 13,588 
v3.23.3
Investment and other income - Gains and Losses on Asset Sales (Detail) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net Investment Income [Line Items]        
Proceeds from asset sales $ 6 $ 854 $ 29 $ 886
Book value of asset sales 9 723 10 731
Gain (loss) on asset sales, before tax (3) 131 19 155
Gain (loss) on asset sales, after tax $ (2) 222 $ 16 $ 241
XTO Energy Canada        
Net Investment Income [Line Items]        
Gain (loss) on asset sales, before tax   116    
Gain (loss) on asset sales, after tax   $ 208    
v3.23.3
Employee retirement benefits - Components of Net Periodic Benefit Cost (Detail) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Pension benefits:        
Service cost $ 41 $ 70 $ 122 $ 210
Interest cost 94 74 280 221
Expected return on plan assets (94) (103) (280) (309)
Amortization of prior service cost 5 4 13 12
Amortization of actuarial loss (gain) 10 21 32 64
Net benefit cost 56 66 167 198
Other postretirement benefits:        
Service cost 3 6 9 17
Interest cost 7 6 21 18
Amortization of actuarial loss (gain) (2) 2 (6) 7
Net benefit cost $ 8 $ 14 $ 24 $ 42
v3.23.3
Financing costs (Detail) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Financing costs and additional notes and loans payable information [Abstract]        
Debt-related interest $ 53 $ 34 $ 148 $ 66
Capitalized interest (37) (18) (100) (33)
Net interest expense 16 16 48 33
Other interest 3 0 3 1
Total financing [1] $ 19 $ 16 $ 51 $ 34
[1]
(d) Amounts to related parties included in financing.44 28 124 45 
v3.23.3
Long-term debt (Detail) - CAD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Debt Disclosure [Abstract]    
Long-term debt $ 3,447 $ 3,447
Finance leases 570 586
Total long-term debt [1] $ 4,017 $ 4,033
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] Total long-term debt Total long-term debt
[1] (c) Long-term debt included amounts to related parties of $3,447 million (2022 - $3,447 million).
v3.23.3
Other long-term obligations - Summary of Other Long-Term Obligations (Detail) - CAD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Other Liabilities Disclosure [Abstract]    
Employee retirement benefits $ 876 $ 902
Asset retirement obligations and other environmental liabilities 2,189 2,150
Share-based incentive compensation liabilities 130 101
Operating lease liability 122 151
Other obligations 145 163
Total other long-term obligations $ 3,462 $ 3,467
v3.23.3
Other long-term obligations - Table Narrative (Detail) - CAD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Schedule of Other Liabilities [Line Items]    
Employee retirement benefit obligations in current liabilities $ 63 $ 63
Asset retirement obligations and other environmental liabilities in current liabilities 116 116
Undiscounted commitments 55 14
Accounts Payable and Accrued Liabilities    
Schedule of Other Liabilities [Line Items]    
Lease liability due within one year, Operating leases $ 107 $ 100
v3.23.3
Financial and derivative instruments - Narrative (Detail) - CAD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Financial Instruments And Derivatives [Line Items]    
Long-term debt $ 3,447 $ 3,447
Master netting arrangements    
Financial Instruments And Derivatives [Line Items]    
Derivative collateral receivable $ 21 $ 14
v3.23.3
Financial and derivative instruments - Summary of net notional long/(short) position of derivative instruments (Detail) - bbl
bbl in Thousands
Sep. 30, 2023
Dec. 31, 2022
Crude    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, volume 3,280 1,800
Products    
Derivative [Line Items]    
Derivative, nonmonetary notional amount, volume 850 350
v3.23.3
Financial and derivative instruments - Summary of realized and unrealized gain or (loss) on derivative instruments (Detail) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Derivative Instruments and Hedging Activities Disclosure [Abstract]        
Revenues $ 6 $ 105 $ (7) $ 91
v3.23.3
Financial and derivative instruments - Summary of estimated fair value of financial instruments (Detail) - CAD ($)
$ in Millions
Sep. 30, 2023
Dec. 31, 2022
Assets    
Derivative Asset $ 57 $ 49
Liabilities    
Derivative liabilities 63 41
Effect of counterparty netting    
Assets    
Derivative Asset (23) (27)
Liabilities    
Derivative liabilities (23) (27)
Effect of collateral netting    
Assets    
Derivative Asset (1) 0
Liabilities    
Derivative liabilities 0 (4)
Net carrying value    
Assets    
Derivative Asset 33 22
Liabilities    
Derivative liabilities 40 10
Level 1    
Assets    
Derivative Asset 24 17
Liabilities    
Derivative liabilities 24 21
Level 2    
Assets    
Derivative Asset 33 32
Liabilities    
Derivative liabilities 39 20
Level 3    
Assets    
Derivative Asset 0 0
Liabilities    
Derivative liabilities $ 0 $ 0
v3.23.3
Common shares - Summary of Common Shares (Detail) - shares
shares in Thousands
Sep. 30, 2023
Dec. 31, 2022
Equity [Abstract]    
Authorized (in shares) 1,100,000 1,100,000
Common shares outstanding (in shares) 566,667 584,153
v3.23.3
Common shares - Narrative (Detail) - CAD ($)
Jun. 29, 2023
Oct. 27, 2023
Class of Stock [Line Items]    
Normal course issuer bid share repurchase term, months 12 months  
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Three    
Class of Stock [Line Items]    
Normal course issuer bid share repurchase shares authorized 29,207,635  
Normal Course Issuer Bid Effective From June Twenty Ninth Two Thousand And Twenty Three | Exxon Mobil Corporation    
Class of Stock [Line Items]    
Percent of total shares 5.00%  
Exxon Mobil Corporation's ownership interest in Imperial 69.60%  
Normal Course Issuer Bid Effective From October Twenty Seventh Two Thousand And Twenty Three | Exxon Mobil Corporation | Subsequent Event    
Class of Stock [Line Items]    
Exxon Mobil Corporation's ownership interest in Imperial   69.60%
Stock repurchase program, authorized amount   $ 1,500,000,000
v3.23.3
Common shares - Common Share Activities (Detail) - CAD ($)
shares in Thousands, $ in Millions
 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Dec. 31, 2022
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common stock beginning balance, (in shares)     584,153    
Common stock, ending balance, (in shares) 566,667   566,667   584,153
Common stock beginning balance [1]     $ 1,079    
Common stock, ending balance [1] $ 1,047   $ 1,047   $ 1,079
Common Stock          
Increase (Decrease) in Stockholders' Equity [Roll Forward]          
Common stock beginning balance, (in shares)     584,153 678,080 678,080
Issued under employee share-based awards, (in shares)     0   0
Purchases at stated value, (in shares)     (17,486)   (93,927)
Common stock, ending balance, (in shares) 566,667   566,667   584,153
Common stock beginning balance     $ 1,079 $ 1,252 $ 1,252
Issued under employee share-based awards     0   0
Purchases at stated value $ (32) $ (48) (32) $ (123) (173)
Common stock, ending balance $ 1,047   $ 1,047   $ 1,079
[1] (d) Number of common shares authorized and outstanding were 1,100 million and 567 million, respectively (2022 - 1,100 million and 584 million, respectively).
v3.23.3
Common shares - Calculation of basic and diluted earnings per common share and the dividend declared by the company on its outstanding common shares (Detail) - CAD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Net income (loss) per common share – basic        
Net income (loss) $ 1,601 $ 2,031 $ 3,524 $ 5,613
Weighted-average number of common shares outstanding (millions of shares) 578.0 625.3 582.1 652.9
Net income (loss) per common share (dollars) $ 2.77 $ 3.25 $ 6.05 $ 8.60
Net income (loss) per common share – diluted        
Net income (loss) $ 1,601 $ 2,031 $ 3,524 $ 5,613
Weighted-average number of common shares outstanding (millions of shares) 578.0 625.3 582.1 652.9
Effect of employee share-based awards (millions of shares) 1.3 1.6 1.2 1.5
Weighted-average number of common shares outstanding, assuming dilution (millions of shares) 579.3 626.9 583.3 654.4
Net income (loss) per common share (dollars) $ 2.76 $ 3.24 $ 6.04 $ 8.58
Dividends per common share – declared (dollars) $ 0.50 $ 0.34 $ 1.44 $ 1.02
v3.23.3
Other comprehensive income (loss) information - Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at January 1 $ (512)  
Balance at September 30 (462)  
Accumulated Defined Benefit Plans Adjustment Attributable to Parent    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at January 1 (512) $ (1,177)
Current period change excluding amounts reclassified from accumulated other comprehensive income 21 24
Amounts reclassified from accumulated other comprehensive income 29 63
Balance at September 30 $ (462) $ (1,090)
v3.23.3
Other comprehensive income (loss) information - Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Reclassification Adjustment out of Accumulated Other Comprehensive Income        
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items]        
Amortization of postretirement benefits liability adjustment included in net benefit cost $ (13) $ (28) $ (39) $ (83)
v3.23.3
Other comprehensive income (loss) information - Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2023
Sep. 30, 2022
Sep. 30, 2023
Sep. 30, 2022
Equity [Abstract]        
Postretirement benefits liability adjustment (excluding amortization) $ 0 $ 0 $ 7 $ 8
Amortization of postretirement benefits liability adjustment included in net benefit cost 4 7 10 20
Total $ 4 $ 7 $ 17 $ 28
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