First Quarter 2023 Financial statements and management's discussion and ...

First Quarter 2023 Financial statements and management's discussion and analysis of financial condition and operating results For the three months ended March 31, 2023

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IMPERIAL OIL LIMITED

Consolidated statement of income (U.S. GAAP, unaudited)

millions of Canadian dollars Revenues and other income

Revenues (a) Investment and other income (note 3) Total revenues and other income

Expenses Exploration Purchases of crude oil and products (b) Production and manufacturing (c) Selling and general (c) Federal excise tax and fuel charge Depreciation and depletion Non-service pension and postretirement benefit Financing (d) (note 5)

Total expenses

Income (loss) before income taxes

Income taxes

Net income (loss)

Per share information (Canadian dollars) Net income (loss) per common share - basic (note 9) Net income (loss) per common share - diluted (note 9) (a) Amounts from related parties included in revenues. (b) Amounts to related parties included in purchases of crude oil and products. (c) Amounts to related parties included in production and manufacturing,

and selling and general expenses. (d) Amounts to related parties included in financing, (note 5).

The information in the notes to consolidated financial statements is an integral part of these statements.

Three Months to March 31

2023

2022

12,057 64

12,121

12,657 29

12,686

1 7,478 1,756

186 529 490

20 16 10,476

2 8,350 1,659

225 479 426

4 7 11,152

1,645

1,534

397

361

1,248

1,173

2.14 2.13 3,136 1,078 135

39

1.75 1.75 3,959 650 118

4

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IMPERIAL OIL LIMITED

Consolidated statement of comprehensive income (U.S. GAAP, unaudited)

millions of Canadian dollars Net income (loss)

Other comprehensive income (loss), net of income taxes Postretirement benefits liability adjustment (excluding amortization)

Amortization of postretirement benefits liability adjustment included in net benefit costs

Total other comprehensive income (loss)

Comprehensive income (loss)

The information in the notes to consolidated financial statements is an integral part of these statements.

Three Months to March 31

2023

2022

1,248

1,173

21

24

10 31

1,279

21 45

1,218

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IMPERIAL OIL LIMITED

Consolidated balance sheet (U.S. GAAP, unaudited)

millions of Canadian dollars Assets Current assets

Cash and cash equivalents Accounts receivable - net (a) Inventories of crude oil and products Materials, supplies and prepaid expenses Total current assets Investments and long-term receivables (b) Property, plant and equipment, less accumulated depreciation and depletion Property, plant and equipment, net Goodwill Other assets, including intangibles - net Total assets

As at Mar 31

2023

As at Dec 31

2022

2,243 4,283 1,757

989 9,272

995 54,991 (24,549) 30,442

166 1,240 42,115

3,749 4,719 1,514

754 10,736

893 54,568 (24,062) 30,506

166 1,223 43,524

Liabilities Current liabilities

Notes and loans payable Accounts payable and accrued liabilities (a) (note 7) Income taxes payable Total current liabilities Long-term debt (c) (note 6) Other long-term obligations (note 7) Deferred income tax liabilities Total liabilities

122 5,930

505 6,557 4,027 3,409 4,687 18,680

122 6,194 2,582 8,898 4,033 3,467 4,713 21,111

Shareholders' equity Common shares at stated value (d) (note 9) Earnings reinvested Accumulated other comprehensive income (loss) (note 10) Total shareholders' equity

1,079 22,837

(481) 23,435

1,079 21,846

(512) 22,413

Total liabilities and shareholders' equity

42,115

43,524

(a) Accounts receivable - net included net amounts receivable from related parties of $908 million (2022 - $1,108 million).

(b) Investments and long-term receivables included amounts from related parties of $287 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 584 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.

Approved by the directors May 2, 2023

/s/ Bradley W. Corson Chairman, president and chief executive officer

/s/ Daniel E. Lyons Senior vice-president, finance and administration, and controller

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IMPERIAL OIL LIMITED

Consolidated statement of shareholders' equity (U.S. GAAP, unaudited)

millions of Canadian dollars Common shares at stated value (note 9)

At beginning of period Share purchases at stated value At end of period

Earnings reinvested At beginning of period Net income (loss) for the period Share purchases in excess of stated value Dividends declared At end of period

Accumulated other comprehensive income (loss) (note 10) At beginning of period Other comprehensive income (loss) At end of period

Shareholders' equity at end of period

The information in the notes to consolidated financial statements is an integral part of these statements.

Three Months to March 31

2023

2022

1,079 --

1,079

1,252 (15)

1,237

21,846 1,248 -- (257)

22,837

21,660 1,173 (434) (228)

22,171

(512) 31

(481)

(1,177) 45

(1,132)

23,435 22,276

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