Company: IMO
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000049938-25-000015
Chunk: 62

Company: IMPERIAL OIL LTD
Filing Date: 2025-02-19
Form: 10-K
Item: Item 16
Chunk 62
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 a non-GAAP financial measure that is the costs during the period to produce, manufacture, and otherwise prepare the company’s products for sale – including energy costs, staffing and maintenance costs. It excludes the cost of raw materials, taxes and interest expense and is presented on a before-tax basis. The most directly comparable financial measure that is disclosed in the financial statements is total expenses within the company’s Consolidated statement of income. While the company is responsible for all revenue and expense elements of net income, operating costs represent the expenses most directly under the company’s control and therefore, are useful in evaluating the company’s performance. 

Reconciliation of operating costs 

millions of Canadian dollars2024 2023 2022 From the Consolidated statement of incomeTotal expenses45,293 44,600 50,186 Less:        Purchases of crude oil and products33,184 32,399 37,742         Federal excise tax and fuel charge2,535 2,402 2,179         Financing41 69 60 Subtotal35,760 34,870 39,981 Imperial's share of equity company expenses80 76 71 Total operating costs9,613 9,806 10,276 

Components of operating costs

millions of Canadian dollars2024 2023 2022 From the Consolidated statement of incomeProduction and manufacturing6,599 6,879 7,404 Selling and general945 857 882 Depreciation and depletion1,983 1,907 1,897 Non-service pension and postretirement benefit3 82 17 Exploration3 5 5 Subtotal9,533 9,730 10,205 Imperial's share of equity company expenses80 76 71 Total operating costs9,613 9,806 10,276 

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Net income (loss) excluding identified items 

Net income (loss) excluding identified items is a non-GAAP financial measure that is total net income (loss) excluding individually significant non-operational events with an absolute corporate total earnings impact of at least $100 million in a given quarter. The net income (loss) impact of an identified item for an individual segment in a given quarter may be less than $100 million when the item impacts several segments or several periods. The most directly comparable financial measure that is disclosed in the financial statements is "Net income (loss)" within the