Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 131

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 131
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b)3,3373,2204,18210,5089,64011,336Production expenses4,7695,0155,521Exploration expenses355Depreciation and depletion1,5391,4751,467Income taxes9747331,030Results of operations 3,2232,4123,313(a)Sales to third parties or transfers do not include the sale of natural gas and natural gas liquids purchased for resale, as well as royalty payments or diluent costs. These items are reported gross in note 2 in "Revenues", "Intersegment sales" and in "Purchases of crude oil and products". (b)Sales of crude oil to consolidated affiliates are at market value, using posted field prices. Sales of natural gas liquids to consolidated affiliates are at prices estimated to be obtainable in a competitive, arm’s-length transaction. 

The amounts reported as costs incurred in property acquisitions, exploration and development activities include both capitalized costs and costs charged to expense during the year. Costs incurred also include new asset retirement obligations established in the current year, as well as increases or decreases to the asset retirement obligation resulting from changes in cost estimates or abandonment date. 

Costs incurred in property acquisitions, exploration and development activities 

millions of Canadian dollars2024 2023 2022 Property costs (a)Proved— — — Unproved— — — Exploration costs3 5 5 Development costs1,171 1,580 1,602 Total costs incurred in property acquisitions, exploration and     development activities 1,174 1,585 1,607 (a)"Property costs" are payments for rights to explore for petroleum and natural gas and for purchased reserves (acquired tangible and intangible assets such as gas plants, production facilities and producing-well costs are included under "producing assets"). "Proved" represents areas where successful drilling has delineated a field capable of production. "Unproved" represents all other areas. 

107

Capitalized costs 

millions of Canadian dollars2024 2023 Property costs (a)Proved1,840 1,840 Unproved492 493 Producing assets41,034 39,759 Incomplete construction2,555 2,683 Total capitalized cost 45,921 44,775 Accumulated depreciation and depletion(21,247)(19,568)Net capitalized costs24,674 25,207 (a)"