Imperial Oil announces estimated fourth quarter financial and operating results

Imperial Oil announces estimated fourth quarter financial and operating results 
CALGARY, Feb. 1, 2013 /CNW/ - 
                               Fourth quarter       Twelve months 
(millions of dollars, unless                                
noted)                           2012    2011    %    2012    2011    % 
                                                                    
Net income (U.S. GAAP)          1,076   1,005    7   3,766   3,371   12 
Net income per common share                                             
- assuming dilution (dollars)  1.26    1.18    7    4.42    3.95   12 
                                                                    
Capital and exploration                                     
expenditures                    1,793   1,178   52   5,683   4,066   40 


                                                                       

Bruce March, chairman, president and chief executive officer of Imperial Oil, 
commented:

Imperial Oil made significant progress in advancing its growth strategy in 
2012. Earnings in the fourth quarter were $1,076 million, an increase of seven 
percent compared with the corresponding 2011 period. Fourth quarter Downstream 
earnings were $549 million, the strongest single quarter earnings on record. 
Solid refining operations allowed us to capture strong mid-continent refining 
margins.

Earnings for the full year 2012 were $3,766 million, the second highest in our 
company's history and up 12 percent from 2011. Both the Downstream and 
Chemical businesses achieved best-ever annual earnings of $1,772 million and 
$165 million, respectively.

We commenced commissioning of the Kearl initial development in the latter 
months of 2012, and good progress toward first oil continues today. Despite 
U.S. permitting and regulatory issues that continued for almost two years 
involving transportation of facility modules, our project team achieved 
industry-leading safety performance, and mitigated significant challenges, 
including an early onset of winter and exceptionally harsh weather during 
current start-up operations. We continue to focus on completing start-up 
safely, and expect production of mined diluted bitumen from the first froth 
treatment train in this quarter. Production will ramp up to 110,000 barrels a 
day over the next several months. The final cost for the Kearl initial 
development is expected to be $12.9 billion.

Together, the initial development and expansion projects will develop 3.2 
billion barrels at a unit development cost of approximately $6.80 per barrel. 
This is up 10 percent from the prior estimate of $6.20 per barrel driven by 
the cost to re-sequence work from the module transportation issues and the 
early onset of winter and harsh weather during start-up of the Kearl initial 
development.

The Kearl expansion project, sanctioned in 2011 for $8.9 billion, will benefit 
substantially from the infrastructure provided by the initial development. We 
are making good progress and are currently ahead of schedule. Start-up of the 
expansion project is planned in 2015.

Imperial Oil is one of Canada's largest corporations and a leading member of 
the country's petroleum industry. The company is a major producer of crude oil 
and natural gas, Canada's largest petroleum refiner, a key petrochemical 
producer and a leading marketer with coast-to-coast supply and retail service 
station networks.

Fourth quarter highlights
    --  Net income was $1,076 million, compared with $1,005 million for
        the fourth quarter of 2011, an increase of seven percent.
    --  Net income per common share on a diluted basis was $1.26, up
        seven percent from the fourth quarter of 2011.
    --  Cash generated from operating activities was $1,647 million, an
        increase from $1,216 million in the fourth quarter of 2011,
        primarily due to deferred income tax effects.
    --  A strong balance sheet was maintained, with total debt
        representing nine percent of capital at 2012 year-end.
    --  Gross oil-equivalent barrels of production averaged 285,000
        barrels a day versus 291,000 barrels in the same period last
        year. Lower production was due primarily to fourth quarter 2011
        conventional gas producing property divestments, along with the
        cyclic nature of production at Cold Lake.
    --  Safety performance - Imperial continues to make progress toward
        the safety objective of 'nobody gets hurt'.  In 2012, the
        company achieved its best-ever total workforce safety
        performance and exceptional Kearl contractor safety
        performance.
    --  Kearl initial development - At the end of the fourth quarter of
        2012, construction was complete and phased start-up activities
        were underway.
    --  Kearl expansion and Cold Lake expansion project updates - At
        the end of the fourth quarter of 2012, the Kearl expansion
        project was 27 percent complete. The Nabiye project, 37 percent
        complete at the end of the fourth quarter, continued to
        progress with module construction underway and drilling
        completed on two of seven pads.
    --  Imperial Oil to participate in Celtic Exploration acquisition -
        In December, Imperial announced it will participate as a 50
        percent owner with ExxonMobil Canada in Celtic Exploration. The
        agreement is conditional upon approval by Celtic Exploration's
        shareholders, which was received in December, and approval by
        Canadian regulatory authorities. Imperial's acquisition of a 50
        percent interest in Celtic will be for a consideration of $1.55
        billion.
    --  Beaufort Sea preliminary information package - Imperial and its
        joint venture partners, ExxonMobil Canada and BP Exploration
        Operating Company Limited, have begun community consultation
        regarding potential future exploration activities on offshore
        licenses in the Beaufort Sea. No business investment decision
        has been made at this time.
    --  Dartmouth refinery - The marketing effort and evaluation of
        alternative options for the Dartmouth refinery and related
        terminals continues. Given that Imperial has received
        expressions of interest from multiple potential buyers,
        decision timing could extend beyond the first quarter and
        further into 2013.
    --  Capital and exploration expenditures - Capital and exploration
        expenditures in 2012 of $5.7 billion were primarily funded by
        cash generated by Imperial's businesses. The expenditures
        included continued investment in the Kearl and Nabiye growth
        projects, along with sustaining capital for Syncrude mining and
        tailing projects. In 2013, planned capital and exploration
        expenditures are expected to be about $7 billion, including
        $1.55 billion associated with Imperial's 50 percent
        participation in the acquisition of Celtic, as the company
        enters its fourth year of a decade-long strategy to invest
        about $40 billion in growth projects.

Kearl initial development project update

At the end of the fourth quarter of 2012, construction of the Kearl initial 
development was complete and phased start-up activities were underway. 
Activities completed in the fourth quarter or currently progressing towards 
the planned start of production include:
    --  All equipment modules have been set in place at the Kearl site.
        The issues associated with the transportation of modules,
        constructed in South Korea and moved through the United States,
        have been addressed through construction re-sequencing.
    --  The operating organization is fully staffed and trained.
    --  Mining operations have commenced and ore is being stockpiled
        adjacent to the ore processing plant, which is being
        commissioned.
    --  Commissioning of the utilities systems is well advanced with
        start of the first boiler in early November and the second
        boiler in mid-December.
    --  Ore preparation plant crusher and slurry preparation conveyors
        have been run-in in December.
    --  Bitumen processing facilities (which use a proprietary
        technology that eliminates the need for an upgrader) are being
        readied for the introduction of solvent.
    --  Diluent and natural gas supply systems are operational.
    --  A new diluted bitumen pipeline connecting to markets is being
        commissioned.

Start-up of an operation of this size and scope is a sequential process 
involving multiple, integrated systems, and good progress towards first oil 
continues.

Imperial's first priority is completing start-up activities safely, which 
includes mitigating the impacts of abnormally cold weather on both workers and 
equipment.

We expect production of mined diluted bitumen from the first froth treatment 
train in this quarter. Production will ramp up to 110,000 barrels a day over 
the next several months. The final cost for the Kearl initial development is 
expected to be $12.9 billion.

Fourth quarter 2012 vs. fourth quarter 2011

The company's net income for the fourth quarter of 2012 was $1,076 million or 
$1.26 a share on a diluted basis, compared with $1,005 million or $1.18 a 
share for the same period last year.

Higher fourth quarter earnings were primarily attributable to higher 
mid-continent industry refining margins of about $275 million, lower royalty 
costs of about $150 million due to lower Upstream realizations and higher 
Syncrude volumes of about $70 million partially offset by lower Upstream 
realizations of about $255 million and higher Kearl production readiness 
expenditures of about $65 million. Fourth quarter earnings in 2011 also 
included a gain of about $110 million from asset divestments.

Upstream net income in the fourth quarter was $488 million versus $771 million 
in the same period of 2011. Earnings decreased primarily due to lower 
realizations of about $255 million. Other factors that contributed to lower 
earnings included higher Kearl production readiness expenditures of about $65 
million, the impact of a stronger Canadian dollar of about $35 million and 
lower Cold Lake production of about $20 million. Fourth quarter earnings in 
2011 also included a gain of about $110 million from conventional asset 
divestments. These factors were partially offset by lower royalty costs of 
about $150 million due to lower realizations and higher Syncrude volumes of 
about $70 million.

Prices for most of the company's liquids production are based on West Texas 
Intermediate (WTI) crude oil, a common benchmark for mid-continent North 
American oil markets. Compared to the corresponding period last year, the 
average WTI crude oil price in U.S. dollars was lower by $5.83 a barrel or 
about six percent in the fourth quarter of 2012. Decreases in the company's 
average realizations in Canadian dollars on sales of conventional and 
synthetic crude oils were in line with WTI. The company's average bitumen 
realizations in Canadian dollars in the fourth quarter of 2012 decreased 23 
percent to $55.90 a barrel as supply/demand imbalances of heavier crude oils 
in mid-continent North American markets widened the price spread between light 
crude oil and Cold Lake bitumen. The company's average realizations on natural 
gas sales were lower by about nine percent in the fourth quarter in line with 
the decline in the average of 30-day spot prices for natural gas in Alberta.

Gross production of Cold Lake bitumen averaged 155 thousand barrels a day 
during the fourth quarter, versus 162 thousand barrels in the same period last 
year. Lower volumes were primarily due to the cyclic nature of production at 
Cold Lake.

The company's share of Syncrude's gross production in the fourth quarter was 
75 thousand barrels a day, up from 63 thousand barrels in the fourth quarter 
of 2011. Higher volumes were primarily the result of lower maintenance 
activities.

Gross production of conventional crude oil averaged 20 thousand barrels a day 
in the fourth quarter, unchanged from the corresponding period in 2011.

Gross production of natural gas during the fourth quarter of 2012 was 187 
million cubic feet a day, down from 240 million cubic feet in the same period 
last year. The lower production volume was primarily a result of the impact of 
divested producing properties.

Downstream net income was $549 million in the fourth quarter, $277 million 
higher than the fourth quarter of 2011. The fourth quarter earnings for 2012 
were the best quarterly earnings on record, exceeding the record previously 
achieved in the third quarter of 2012. These results were primarily driven by 
solid refining operations that captured strong mid-continent refining margins.

Mid-continent North America industry refining margins continued to be strong 
in the fourth quarter of 2012. The overall cost of crude oil processed at 
three of the company's four refineries followed the trend of WTI prices and 
Western Canadian crude oils. Canadian wholesale prices of refined products are 
largely determined by wholesale prices in adjacent U.S. regions, where 
wholesale prices are predominately tied to international product markets. 
Stronger industry refining margins are the result of the widened differential 
between product prices and cost of crude oil processed.

Chemical net income was $44 million in the fourth quarter, up from $11 million 
in the same quarter last year as a result of continuing strong polyethylene 
margins and sales volumes.

Net income effects from Corporate & Other were negative $5 million in the 
fourth quarter, compared with negative $49 million in the same period of 2011. 
Favourable effects were due to lower share-based compensation charges.

Cash flow generated from operating activities was $1,647 million in the fourth 
quarter, an increase of $431 million from the corresponding period in 2011. 
Higher cash flow was primarily due to deferred income tax effects.

Investing activities used net cash of $1,632 million in the fourth quarter, 
compared with $833 million in the same period of 2011. Additions to property, 
plant and equipment were $1,655 million in the fourth quarter, compared with 
$1,107 million during the same quarter 2011. Expenditures during the quarter 
were primarily directed towards the advancement of Kearl initial development 
and expansion. At the end of the fourth quarter of 2012, the construction of 
the initial development at Kearl was complete and phased startup was underway. 
Other investments included advancing the Nabiye expansion project at Cold Lake 
and capacity maintenance and environmental projects at Syncrude.

The company's cash balance was $482 million at December 31, 2012, down from 
$1,202 million at the end of 2011.

Full year highlights
    --  Net income was $3,766 million, up from $3,371 million in 2011.
    --  Net income per common share increased to $4.42 compared to
        $3.95 in 2011.
    --  Downstream and Chemical earnings were $1,772 million and $165
        million respectively, the strongest annual earnings on record.
        These results have primarily been driven by strong refining
        margins resulting from the discounted mid-continent crude,
        higher polyethylene margins and higher Chemical sales volumes.
    --  Cash generated from operations was $4,680 million, versus
        $4,489 million in 2011.
    --  Gross oil-equivalent barrels of production averaged 282,000
        barrels a day, compared to 297,000 barrels in 2011. Lower
        production was due primarily to the impact of divestment of
        natural gas assets completed in 2011.
    --  Per-share dividends declared in the year totalled $0.48, up
        from $0.44 in 2011.

Full year 2012 vs. full year 2011

Net income in 2012 was $3,766 million or $4.42 a share on a diluted basis, 
versus $3,371 million or $3.95 a share in 2011.

Earnings increased primarily due to stronger industry refining margins of 
about $975 million and lower royalty costs of about $300 million. These 
factors were partially offset by the impacts of lower Upstream realizations of 
about $580 million, higher Kearl production readiness expenditures of about 
$125 million and higher refinery planned maintenance of about $80 million. 
Gains on asset divestments were also lower by about $85 million in 2012.

Upstream net income for the year was $1,888 million versus $2,457 million in 
2011. Earnings were lower primarily due to the impacts of lower realizations 
of about $580 million, higher Kearl production readiness expenditures of about 
$125 million and lower Cold Lake volumes of about $75 million. Gains on asset 
divestments were also lower by about $85 million in 2012. These factors were 
partially offset by lower royalty costs of about $300 million due to lower 
realizations and higher conventional volumes of about $45 million.

Prices for most of the company's liquids production are based on West Texas 
Intermediate (WTI) crude oil, a common benchmark for mid-continent North 
American oil markets. Compared to 2011, the average WTI crude price in U.S. 
dollars was lower by $0.96 a barrel or about one percent in 2012. The 
company's Western Canadian liquids realizations were also impacted by market 
discounts caused by supply/demand imbalances in mid-continent North America. 
In 2012, the company's conventional and synthetic crude oil realizations in 
Canadian dollars decreased by about nine percent and bitumen realizations in 
Canadian dollars decreased by about seven percent compared to 2011. The 
company's average realizations on natural gas sales were lower by about 35 
percent in 2012 in line with the decline in the average of 30-day spot prices 
for natural gas in Alberta.

Gross production of Cold Lake bitumen was 154 thousand barrels a day, compared 
with 160 thousand barrels in 2011. Lower volumes were primarily due to the 
cyclic nature of production at Cold Lake.

During the year, the company's share of gross production from Syncrude 
averaged 72 thousand barrels a day, unchanged from 2011.

Gross production of conventional crude oil averaged 20 thousand barrels a day 
in 2012, up from 18 thousand barrels in 2011 when third-party pipeline 
downtime reduced production at the Norman Wells field.

Gross production of natural gas was 192 million cubic feet a day, down from 
254 million cubic feet in 2011. The lower production volume was primarily a 
result of producing properties divestments.

Downstream net income was $1,772 million, an increase of $888 million over 
2011. Earnings in 2012 were the best annual earnings on record and were 
primarily due to stronger industry refining margins and partially offset by 
the unfavourable impact of a higher level of refinery planned maintenance 
activities compared with 2011.

Chemical net income was $165 million, up $43 million from 2011. Earnings in 
2012 were the best annual earnings on record. Strong operating performance 
along with higher polyethylene margins and sales volumes were the main 
contributors to the increase.

In 2012, net income effects from Corporate & Other were negative $59 million, 
versus negative $92 million last year. Favourable effects were due to lower 
share-based compensation charges.

Key financial and operating data follow.

Forward-Looking Statements

Statements of future events or conditions in this report, including 
projections, targets, expectations, estimates, and business plans are 
forward-looking statements. Actual future results, including demand growth and 
energy source mix; production growth and mix; project plans, dates, costs and 
capacities; production rates and resource recoveries; cost savings; product 
sales; financing sources; and capital and environmental expenditures could 
differ materially depending on a number of factors, such as changes in the 
price, supply of and demand for crude oil, natural gas, and petroleum and 
petrochemical products; political or regulatory events; project schedules; 
commercial negotiations; the receipt, in a timely manner, of regulatory and 
third-party approvals; unanticipated operational disruptions; unexpected 
technological developments; and other factors discussed in this report and 
Item 1A of Imperial's most recent Form 10-K. 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.

The term "project" as used in this report does not necessarily have the same 
meaning as under SEC Rule 13q-1 relating to government payment reporting. For 
example, a single project for purposes of the rule may encompass numerous 
properties, agreements, investments, developments, phases, work efforts, 
activities and components, each of which we may also informally describe as a 
"project".


                                                           Attachment I
                                       IMPERIAL OIL LIMITED
                                     FOURTH QUARTER 2012
                                                                     
                                     Fourth Quarter    Twelve Months

millions of Canadian dollars,         2012     2011     2012     2011
unless noted                                                  
                                                                     

Net Income (U.S. GAAP)                                               


Total revenues and other          7,804    8,124   31,188   30,714 
income                                                      


    Total expenses                    6,390    6,860   26,195   26,308
    Income before income taxes        1,414    1,264    4,993    4,406
    Income taxes                        338      259    1,227    1,035
    Net income                        1,076    1,005    3,766    3,371
                                                                     


Net income per common share        1.27     1.19     4.44     3.98 
(dollars)                                                   
Net income per common share -      1.26     1.18     4.42     3.95 
assuming dilution (dollars)                                 
                                                                  
Other Financial Data                                                  
Federal excise tax included         327      335    1,338    1,320 
in operating revenues                                       
                                                                  
Gain/(loss) on asset sales,           5      134       72      153 
after tax                                                   


                                                                     
    Total assets at December 31                        29,364   25,429
                                                                     
    Total debt at December 31                           1,647    1,207


Interest coverage ratio - 
earnings basis                                                     


     (times covered)                                   238.8    260.2
                                                                     


Other long-term obligations                         3,983    3,876 
at December 31                                              
                                                                  
Shareholders' equity at                            16,377   13,321 
December 31                                                 
Capital employed at December                       18,048   14,556 
31                                                          
Return on average capital 
employed (a)                                                       


     (percent)                                          23.1     25.4
                                                                     


Dividends declared on common 
stock                                                              


     Total                             102       93      408      373
     Per common share (dollars)       0.12     0.11     0.48     0.44
                                                                     


Millions of common shares 
outstanding                                                        


     At December 31                                    847.6    847.6
     Average - assuming dilution     850.3    852.6    851.1    853.6
                                                                     
                                                                     

(a) Return on capital employed is the net income excluding after-tax
    cost of financing, divided by the average of beginning and ending
    capital employed.
     
                                                              Attachment II
                                         IMPERIAL OIL LIMITED
                                       FOURTH QUARTER 2012
                                                                       
                                    Fourth Quarter       Twelve Months

millions of Canadian dollars           2012    2011      2012      2011
                                                                       

Total cash and cash equivalents         482   1,202       482     1,202
at period end                                                  
                                                                       

Net income                            1,076   1,005     3,766     3,371

Adjustment for non-cash items:                                         

  Depreciation and depletion            210     194       761       764

  (Gain)/loss on asset sales            (8)   (174)      (94)     (197)

  Deferred income taxes and             330      98       619        71
  other                                                        

Changes in operating assets and          39      93     (372)       480
liabilities                                                    

Cash flows from (used in)             1,647   1,216     4,680     4,489
operating activities (a)                                       
                                                                       

Cash flows from (used in)           (1,632)   (833)   (5,238)   (3,593)
investing activities                                           

  Proceeds from asset sales              17     270       226       314
                                                                       

Cash flows from (used in)               (2)   (101)     (162)        39
financing activities                                           
                                                                       
                                                                       

(a) Cash flows from operating activities was higher in the fourth
    quarter of 2012 when compared to the same period in 2011
    primarily due to deferred income tax effects.
    Cash flows from operating activities was higher in 2012 when
    compared to 2011 primarily due to deferred income tax effects and
    higher net income partially offset by working capital effects.
     
    
                                                        Attachment III
                                        IMPERIAL OIL LIMITED
                                      FOURTH QUARTER 2012
                                                                      
                                   Fourth Quarter       Twelve Months

millions of Canadian dollars        2012      2011      2012      2011
                                                              
                                                                      

Net income (U.S. GAAP)                                                

  Upstream                           488       771     1,888     2,457

  Downstream                         549       272     1,772       884

  Chemical                            44        11       165       122

  Corporate and other                (5)      (49)      (59)      (92)

  Net income                       1,076     1,005     3,766     3,371
                                                                      

Revenues and other income                                             

  Upstream                         2,210     2,766     8,830     9,906

  Downstream                       6,996     6,975    27,761    26,756

  Chemical                           390       360     1,601     1,641

  Eliminations/Other             (1,792)   (1,977)   (7,004)   (7,589)

  Total                            7,804     8,124    31,188    30,714
                                                                      

Purchases of crude oil and
products                                                              

  Upstream                           702       976     3,056     3,581

  Downstream                       5,243     5,630    21,316    21,642

  Chemical                           265       282     1,115     1,222

  Eliminations                   (1,791)   (1,980)   (7,011)   (7,598)

  Purchases of crude oil and       4,419     4,908    18,476    18,847
  products                                                    
                                                                      

Production and manufacturing
expenses                                                              

  Upstream                           741       662     2,704     2,484

  Downstream                         372       352     1,569     1,451

  Chemical                            47        46       185       179

  Eliminations                       (1)         -       (1)         -

  Production and                   1,159     1,060     4,457     4,114
  manufacturing expenses                                      
                                                                      

Capital and exploration
expenditures                                                          

  Upstream                         1,725     1,127     5,518     3,880

  Downstream                          60        46       140       166

  Chemical                             1         1         4         4

  Corporate and other                  7         4        21        16

  Capital and exploration          1,793     1,178     5,683     4,066
  expenditures                                                
                                                                      

  Exploration expenses                16        16        83        92
  charged to income included
  above                                                       
                                                                      
                                                                

  


                                                          Attachment IV
                                        IMPERIAL OIL LIMITED
                                       FOURTH QUARTER 2012
                                                                      

Operating statistics                   Fourth Quarter   Twelve Months
                                        2012     2011    2012     2011
                                                                      

Gross crude oil and Natural Gas
Liquids (NGL) production                                              

(thousands of barrels a day)                                          

  Cold Lake                              155      162     154      160

  Syncrude                                75       63      72       72

  Conventional                            20       20      20       18

  Total crude oil production             250      245     246      250

  NGLs available for sale                  4        6       4        5

  Total crude oil and NGL                254      251     250      255
  production                                                   
                                                                      

Gross natural gas production             187      240     192      254
(millions of cubic feet a day)                                 
                                                                      

Gross oil-equivalent production
(a)                                                                   

(thousands of oil-equivalent             285      291     282      297
barrels a day)                                                 
                                                                      

Net crude oil and NGL production
(thousands of barrels a day)                                          

  Cold Lake                              133      123     123      120

  Syncrude                                75       60      69       67

  Conventional                            15       15      15       13

  Total crude oil production             223      198     207      200

  NGLs available for sale                  3        4       3        4

  Total crude oil and NGL                226      202     210      204
  production                                                   
                                                                      

Net natural gas production               192      226     195      228
(millions of cubic feet a day)                                 
                                                                      

Net oil-equivalent production (a)
                                                                      

(thousands of oil-equivalent             258      240     243      242
barrels a day)                                                 
                                                                      

Cold Lake blend sales (thousands         206      212     201      209
of barrels a day)                                              

NGL sales (thousands of barrels a          8       10       8        9
day)                                                           

Natural gas sales (millions of           159      227     177      237
cubic feet a day)                                              
                                                                      

Average realizations (Canadian
dollars)                                                              

  Conventional crude oil               76.47    89.06   77.19    85.22
  realizations (a barrel)                                      

  NGL realizations (a barrel)          37.24    60.15   42.06    59.08

  Natural gas realizations (a           2.95     3.25    2.33     3.59
  thousand cubic feet)                                         

  Synthetic oil realizations (a        90.90   104.82   92.48   101.43
  barrel)                                                      

  Bitumen realizations (a barrel)      55.90    72.83   59.76    63.95
                                                                      

Refinery throughput (thousands of        468      433     435      430
barrels a day)                                                 

Refinery capacity utilization             92       85      86       85
(percent)                                                      
                                                                      

Petroleum product sales (thousands
of barrels a day)                                                     

  Gasolines (Mogas)                      223      224     221      220

  Heating, diesel and jet fuels          160      156     151      157
  (Distillates)                                                

  Heavy fuel oils (HFO)                   31       37      30       29

  Lube oils and other products            47       36      43       41
  (Other)                                                      

  Net petroleum products sales           461      453     445      447
                                                                      

Petrochemical sales (thousands of        264      238   1,044    1,016
tonnes)                                                        
                                                                      

 (a) Gas converted to oil-equivalent at 6 million cubic feet = 1
     thousand barrels
    
                                                       Attachment V
                                    IMPERIAL OIL LIMITED
                                 FOURTH QUARTER 2012
                                                                
                                                      Net income
                   Net income (U.S. GAAP)       per common share
                    (millions of Canadian              (dollars)
                                 dollars)      
                                                                

2008                                                            

First Quarter                         681                   0.76

Second Quarter                      1,148                   1.29

Third Quarter                       1,389                   1.57

Fourth Quarter                        660                   0.77

Year                                3,878                   4.39
                                                                

2009                                                            

First Quarter                         289                   0.34

Second Quarter                        209                   0.25

Third Quarter                         547                   0.64

Fourth Quarter                        534                   0.63

Year                                1,579                   1.86
                                                                

2010                                                            

First Quarter                         476                   0.56

Second Quarter                        517                   0.61

Third Quarter                         418                   0.49

Fourth Quarter                        799                   0.95

Year                                2,210                   2.61
                                                                

2011                                                            

First Quarter                         781                   0.92

Second Quarter                        726                   0.86

Third Quarter                         859                   1.01

Fourth Quarter                      1,005                   1.19

Year                                3,371                   3.98
                                                                

2012                                                            

First Quarter                       1,015                   1.20

Second Quarter                        635                   0.75

Third Quarter                       1,040                   1.22

Fourth Quarter                      1,076                   1.27

Year                                3,766                   4.44



403-237-2710

SOURCE: Imperial Oil Limited

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CO: Imperial Oil Limited
ST: Alberta
NI: OIL ERN 

-0- Feb/01/2013 13:00 GMT