Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 133

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 133
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,       less related costs— 58 664 Development costs incurred during the year1,191 1,182 1,160 Revisions of previous quantity estimates 1,788 2,146 (4,431)Accretion of discount1,485 2,535 1,439 Net change in income taxes(1,392)4,353 (4,550)Net change4,165 (11,552)11,384 Balance at end of year18,167 14,002 25,554 (a)SEC rules require the company’s reserves to be calculated on the basis of average first-day-of-the-month oil and natural gas prices during the reporting year. Future net cash flows are determined based on the net proved reserves as outlined in the "Net proved reserves table". 

108

Net proved reserves (a) 

 Liquids (b) Natural gas Synthetic crude oil Bitumen Totaloil-equivalentbasis (c)  millions ofbarrels billions ofcubic feet millions ofbarrels millions ofbarrels millions ofbarrels Beginning of year 202216 281 438 2,216 2,717 Revisions— (41)(62)(363)(432)Improved recovery— — — — — (Sale) purchase of reserves in place(9)(141)— — (32)Discoveries and extensions— 2 — 67 67 Production(3)(29)(23)(96)(127)End of year 20224 72 353 1,824 2,193 Revisions(2)2 26 90 114 Improved recovery— — — — — (Sale) purchase of reserves in place— (1)— — — Discoveries and extensions— — — — — Production(2)(12)(25)(103)(132)End of year 2023— 61 354 1,811 2,175 Revisions2 3 (35)114 82 Improved recovery— — — — — (Sale) purchase of reserves in place— — — — — Discoveries and extensions— — — — — Production(2)(11)(23)(109)(136)End of year 2024— 53 296 1,816 2