Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 129

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 129
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 in a number of upstream activities conducted jointly in Canada. In addition, the company has existing agreements with ExxonMobil:a)To provide computer and customer support services to the company and to share common business and operational support services that allow the companies to consolidate duplicate work and systems; b)To operate certain western Canada production properties owned by ExxonMobil, as well as provide for the delivery of management, business and technical services to ExxonMobil in Canada. These agreements are designed to provide organizational efficiencies and to reduce costs. No separate legal entities were created from these arrangements. Separate books of account continue to be maintained for the company and ExxonMobil. The company and ExxonMobil retain ownership of their respective assets, and there is no impact on operations or reserves; c)To provide for the option of equal participation in new upstream opportunities; and d)To enter into derivative agreements on each other’s behalf. Certain charges from ExxonMobil have been capitalized; they are not material in the aggregate. The amounts of purchases and revenues by Imperial in 2024, with ExxonMobil, were $3,617 million and $11,725 million respectively (2023 - $4,026 million and $13,544 million respectively). As at December 31, 2024, the company had an outstanding long-term loan of $3,447 million (2023 - $3,447 million) from ExxonMobil (see note 14, "Long-term debt", and note 12, "Financing and additional notes and loans payable information" for further details). The amount of financing costs with ExxonMobil were $161 million (2023 - $169 million). Imperial has other related party transactions not detailed above in note 16, as they are not significant.

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Note 17. Other comprehensive income (loss) information

Changes in accumulated other comprehensive income (loss):  millions of Canadian dollars2024 2023 2022 Balance at January 1(677)(512)(1,177)Postretirement benefits liability adjustment:   Current period change excluding amounts reclassified       from accumulated other comprehensive income412 (206)582 Amounts reclassified from accumulated other comprehensive income51 41 83 Balance at December 31(214)(677)(512)Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense): millions of Canadian dollars2024 2023 2022 Amortization of postretirement benefits liability adjustment