Imperial Oil announces estimated third-quarter financial and operating results
Third Quarter Nine Months
(millions of dollars, unless noted) 2009 2008 % 2009 2008 %
Net income (U.S. GAAP) 547 1,389 (61) 1,045 3,218 (68)
Net income per common share
- assuming dilution (dollars) 0.64 1.57 (59) 1.22 3.60 (66)
Capital and exploration expenditures 575 360 60 1,604 930 72
Bruce March, chairman, president and chief executive officer of Imperial Oil, commented:
“Net income for the third quarter was $547 million, down 61 percent from the third quarter of 2008, but up
162 percent from the second quarter of 2009. Earnings in the third quarter were down from the same
quarter in 2008 primarily due to lower Upstream crude oil and natural gas commodity prices as a result of
the global economic downturn. Downstream earnings in the third quarter of 2009 were impacted by reduced
demand for products, resulting in lower overall downstream margins.
Net income for the first nine months of 2009 was $1,045 million or $1.22 a share, versus $3,218 million or
$3.60 a share for the first nine months of 2008.
Continued lower commodity prices and tight downstream margins resulted in challenging business
conditions for the quarter compared to the same period last year. Imperial continues to weather this
economic downturn well, with earnings supporting our investments in company growth projects through the
down cycle. Our proven approach of focusing on those elements of the business within our control,
combined with prudent financial management and disciplined capital investment, will continue to reward our
shareholders in these uncertain times.
Imperial Oil continued its long-term focus and disciplined approach to capital investment. In the third
quarter, capital and exploration expenditures increased to $575 million, up 60 percent from the same period
last year. For the first nine months of 2009, capital and exploration expenditures were $1,604 million, an
increase of 72 percent over the first nine months of 2008. The company continues to develop its
outstanding portfolio of company growth projects, delivering new energy supplies which are vital to
economic growth.
During the first nine months of 2009, the company distributed $747 million cash to shareholders through
dividends of $257 million and share repurchases of $490 million."

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