##### 



Imperial Oil Limited
237  4th Avenue S.W.
Calgary, AB T2P 0H6
    
    News Release
 Exhibit 99.1
 Imperial Oil announces record third quarter and nine-month earnings
 Calgary,
October 20, 2005
      For further information:
Investor relations
Susan Swan
(403) 237-4537
    
    Media relations
Richard OFarrell
(403) 237-2710




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##### 



Highlights/Items of Interest
 Application for Kearl project administratively complete
  Mackenzie Gas Project progress
  Second seismic program conducted for Orphan Basin
  Head office relocation to Calgary completed
  Energy supply maintained during difficult period




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##### 



IMPERIAL OIL LIMITED
 FINANCIAL HIGHLIGHTS (unaudited)
 Nine monthsThird quarter
    
    to September 302005
    
    2004
    
    2005
    
    2004Net income (U.S. GAAP, millions of dollars)Natural resources
    
    
    592
    
    
    
    417
    
    
    
    1,337
    
    
    
    1,118Petroleum products
    
    
    171
    
    
    
    111
    
    
    
    431
    
    
    
    378Chemicals
    
    
    12
    
    
    
    33
    
    
    
    89
    
    
    
    78Corporate and other
    
    
    (123
    )
    
    
    (17
    )
    
    
    (273
    )
    
    
    (60
    )Net income (U.S. GAAP)
    
    
    652
    
    
    
    544
    
    
    
    1,584
    
    
    
    1,514Cash flow from operating activities
    
    
    1,385
    
    
    
    1,109
    
    
    
    2,155
    
    
    
    2,197Capital and exploration expenditures
    
    
    395
    
    
    
    363
    
    
    
    1,073
    
    
    
    1,027Per-share information (dollars)Net income  basic
    
    
    1.92
    
    
    
    1.53
    
    
    
    4.61
    
    
    
    4.22Net income  diluted
    
    
    1.91
    
    
    
    1.53
    
    
    
    4.59
    
    
    
    4.21Dividends
    
    
    0.24
    
    
    
    0.22
    
    
    
    0.70
    
    
    
    0.66Share prices  close at September 30Toronto Stock Exchange (Canadian dollars)
    
    
    
    
    
    
    
    
    
    
    134.01
    
    
    
    65.48American Stock Exchange (U.S. dollars)
    
    
    
    
    
    
    
    
    
    
    115.06
    
    
    
    51.71
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS
  OPERATING RESULTS




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##### 



IMPERIAL OIL LIMITED
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued .....)
    Natural resources




---



##### 



IMPERIAL OIL LIMITED
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued .....)




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##### 



IMPERIAL OIL LIMITED
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued .....)
    Petroleum products
     Chemicals




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##### 



IMPERIAL OIL LIMITED
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued .....)
 Corporate and other
   LIQUIDITY AND CAPITAL RESOURCES




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##### 



IMPERIAL OIL LIMITED
 MANAGEMENTS DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION
AND RESULTS OF OPERATIONS (continued .....)
 RECENTLY ISSUED ACCOUNTING STANDARDS
   QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
  Earnings sensitivity (a)millions of dollars after taxNine cents decrease (increase) in the value of the Canadian dollar versus the U.S. dollar
    
    + (-) 630
  
 (a)
    
    The amount quoted to illustrate the impact of the sensitivity represents a change of about
10 percent in the value of the commodity at the end of the third quarter 2005. The sensitivity
calculation shows the impact on annual net income that results from a change in one factor, after
tax and royalties and holding all other factors constant. While the sensitivity is applicable under
current conditions, it may not apply proportionately to larger fluctuations.




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##### 



IMPERIAL
OIL LIMITED
 CONSOLIDATED STATEMENT OF INCOME
 Nine monthsThird quarter
    
    to September 30millions of Canadian dollars
    
    2005
    
    2004
    
    2005
    
    2004REVENUES AND OTHER INCOMEOperating revenues (a)(b)(13)
    
    
    7,683
    
    
    
    5,771
    
    
    
    20,333
    
    
    
    16,266Investment and other income (4)
    
    
    28
    
    
    
    43
    
    
    
    138
    
    
    
    81TOTAL REVENUES AND OTHER INCOME
    
    
    7,711
    
    
    
    5,814
    
    
    
    20,471
    
    
    
    16,347EXPENSESExploration
    
    
    10
    
    
    
    21
    
    
    
    37
    
    
    
    52Purchases of crude oil and products (b)(13)
    
    
    4,856
    
    
    
    3,405
    
    
    
    12,745
    
    
    
    9,412Production and manufacturing (5)
    
    
    841
    
    
    
    697
    
    
    
    2,406
    
    
    
    2,092Selling and general (5)(6)
    
    
    495
    
    
    
    313
    
    
    
    1,278
    
    
    
    936Federal excise tax (a)
    
    
    336
    
    
    
    328
    
    
    
    966
    
    
    
    946Depreciation and depletion
    
    
    217
    
    
    
    221
    
    
    
    672
    
    
    
    656Financing costs (7)
    
    
    (2
    )
    
    
    1
    
    
    
    8
    
    
    
    6TOTAL EXPENSES
    
    
    6,753
    
    
    
    4,986
    
    
    
    18,112
    
    
    
    14,100INCOME BEFORE INCOME TAXES
    
    
    958
    
    
    
    828
    
    
    
    2,359
    
    
    
    2,247INCOME TAXES
    
    
    306
    
    
    
    284
    
    
    
    775
    
    
    
    733NET INCOME (3)
    
    
    652
    
    
    
    544
    
    
    
    1,584
    
    
    
    1,514NET INCOME PER COMMON SHARE  BASIC (dollars) (10)
    
    
    1.92
    
    
    
    1.53
    
    
    
    4.61
    
    
    
    4.22NET INCOME PER COMMON SHARE  DILUTED (dollars) (10)
    
    
    1.91
    
    
    
    1.53
    
    
    
    4.59
    
    
    
    4.21DIVIDENDS PER COMMON SHARE (dollars)
    
    
    0.24
    
    
    
    0.22
    
    
    
    0.70
    
    
    
    0.66
 (a) Federal excise tax included
in operating revenues
    
    
    336
    
    
    
    328
    
    
    
    966
    
    
    
    946(b) Amounts included in operating revenues for purchase / sale
contracts with the same counterparty (associated costs are
included in purchases of crude oil and products)
    
    
    1,413
    
    
    
    904
    
    
    
    3,506
    
    
    
    2,524




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##### 



IMPERIAL OIL LIMITED
 CONSOLIDATED STATEMENT OF CASH FLOWS
 Nine monthsThird quarter
    
    to September 30millions of Canadian dollars
    
    2005
    
    2004
    
    2005
    
    2004OPERATING ACTIVITIESNet income
    
    
    652
    
    
    
    544
    
    
    
    1,584
    
    
    
    1,514Adjustment for non-cash items:Depreciation and depletion
    
    
    217
    
    
    
    221
    
    
    
    672
    
    
    
    656(Gain)/loss on asset sales, after income tax (4)
    
    
    (5
    )
    
    
    (15
    )
    
    
    (62
    )
    
    
    (29
    )Deferred income taxes and other
    
    
    (162
    )
    
    
    (55
    )
    
    
    (313
    )
    
    
    (209
    )Changes in operating assets and liabilities:Accounts receivable
    
    
    (271
    )
    
    
    (125
    )
    
    
    (451
    )
    
    
    (308
    )Inventories and prepaids
    
    
    (32
    )
    
    
    (15
    )
    
    
    (391
    )
    
    
    (217
    )Income taxes payable
    
    
    414
    
    
    
    289
    
    
    
    226
    
    
    
    432Accounts payable
    
    
    484
    
    
    
    265
    
    
    
    1,027
    
    
    
    283All other items  net (a)
    
    
    88
    
    
    
    
    
    
    
    (137
    )
    
    
    75CASH FROM (USED IN) OPERATING ACTIVITIES
    
    
    1,385
    
    
    
    1,109
    
    
    
    2,155
    
    
    
    2,197INVESTING ACTIVITIESAdditions to property, plant and
equipment and intangibles
    
    
    (385
    )
    
    
    (349
    )
    
    
    (1,036
    )
    
    
    (965
    )Proceeds from asset sales
    
    
    9
    
    
    
    28
    
    
    
    114
    
    
    
    94Loans to equity company
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (32
    )CASH FROM (USED IN) INVESTING ACTIVITIES
    
    
    (376
    )
    
    
    (321
    )
    
    
    (922
    )
    
    
    (903
    )FINANCING ACTIVITIESShort term debt  net
    
    
    
    
    
    
    
    
    
    
    18
    
    
    
    9Repayment of long-term debt
    
    
    (1
    )
    
    
    
    
    
    
    (21
    )
    
    
    (8
    )Issuance of common shares under stock option plan
    
    
    10
    
    
    
    1
    
    
    
    29
    
    
    
    8Common shares purchased (10)
    
    
    (565
    )
    
    
    (217
    )
    
    
    (1,367
    )
    
    
    (580
    )Dividends paid
    
    
    (82
    )
    
    
    (78
    )
    
    
    (236
    )
    
    
    (238
    )CASH FROM (USED IN) FINANCING ACTIVITIES
    
    
    (638
    )
    
    
    (294
    )
    
    
    (1,577
    )
    
    
    (809
    )INCREASE (DECREASE) IN CASH
    
    
    371
    
    
    
    494
    
    
    
    (344
    )
    
    
    485CASH AT BEGINNING OF PERIOD
    
    
    564
    
    
    
    439
    
    
    
    1,279
    
    
    
    448CASH AT END OF PERIOD
    
    
    935
    
    
    
    933
    
    
    
    935
    
    
    
    933(a) Includes contribution to registered pension plans
    
    
    (4
    )
    
    
    (56
    )
    
    
    (346
    )
    
    
    (61
    )




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##### 



IMPERIAL OIL LIMITED
 CONSOLIDATED BALANCE SHEET
 As at
    
    As atSept.  30
    
    Dec.  31millions of Canadian dollars
    
    2005
    
    2004ASSETSCurrent assetsCash
    
    
    935
    
    
    
    1,279Accounts receivable,less estimated doubtful accounts
    
    
    2,078
    
    
    
    1,626Inventories of crude oil and products
    
    
    716
    
    
    
    432Materials, supplies and prepaid expenses
    
    
    218
    
    
    
    112Deferred income tax assets
    
    
    748
    
    
    
    448Total current assets
    
    
    4,695
    
    
    
    3,897Investments and other long-term assets
    
    
    131
    
    
    
    130Property, plant and equipment,
    
    
    21,426
    
    
    
    20,503less accumulated depreciation and depletion
    
    
    11,439
    
    
    
    10,856Property, plant and equipment (net)
    
    
    9,987
    
    
    
    9,647Goodwill
    
    
    204
    
    
    
    204Other intangible assets, net
    
    
    146
    
    
    
    149TOTAL ASSETS
    
    
    15,163
    
    
    
    14,027LIABILITIESCurrent liabilitiesShort-term debt
    
    
    99
    
    
    
    81Accounts payable and accrued liabilities (6)
    
    
    3,555
    
    
    
    2,525Income taxes payable
    
    
    1,292
    
    
    
    1,057Current portion of long-term debt (8)
    
    
    795
    
    
    
    995Total current liabilities
    
    
    5,741
    
    
    
    4,658Long-term debt (8)
    
    
    546
    
    
    
    367Other long-term obligations (9)
    
    
    1,386
    
    
    
    1,525Deferred income tax liabilities
    
    
    1,161
    
    
    
    1,155TOTAL LIABILITIES
    
    
    8,834
    
    
    
    7,705SHAREHOLDERS EQUITYCommon shares at stated value (10)
    
    
    1,759
    
    
    
    1,801Earnings reinvested (11)
    
    
    4,938
    
    
    
    4,889Accumulated other nonowner changes in equity (12)
    
    
    (368
    )
    
    
    (368
    )TOTAL SHAREHOLDERS EQUITY
    
    
    6,329
    
    
    
    6,322TOTAL LIABILITIES AND SHAREHOLDERS EQUITY
    
    
    15,163
    
    
    
    14,027
   /s/ T. J. Hearn
    
    /s/ P. A. SmithChairman, president and
    
    Controller andchief executive officer
    
    senior vice-president,finance and administration




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##### 



IMPERIAL OIL LIMITED
 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
 1. Basis of financial statement presentation
    2. Differences between United States and Canadian generally accepted accounting principles
  Consolidated income statement
 Reported
    
    
    
    
    
    
    
    
    
    Reportedunder
    
    Increase/(decrease) due to
    
    undermillion of dollars
    
    Cdn.GAAP
    
    (a)
    
    (b)
    
    U.S.GAAP(Third quarter, 2005)Depreciation and depletion
    
    
    217
    
    
    
    
    
    
    
    
    
    
    
    217Financing costs
    
    
    12
    
    
    
    (14
    )
    
    
    
    
    
    
    (2
    )Income taxes
    
    
    301
    
    
    
    5
    
    
    
    
    
    
    
    306Net income
    
    
    643
    
    
    
    9
    
    
    
    
    
    
    
    652(Nine months to September 30, 2005)Depreciation and depletion
    
    
    671
    
    
    
    1
    
    
    
    
    
    
    
    672Financing costs
    
    
    35
    
    
    
    (27
    )
    
    
    
    
    
    
    8Income taxes
    
    
    765
    
    
    
    10
    
    
    
    
    
    
    
    775Net income
    
    
    1,568
    
    
    
    16
    
    
    
    
    
    
    
    1,584(Third quarter, 2004)Depreciation and depletion
    
    
    220
    
    
    
    1
    
    
    
    
    
    
    
    221Financing costs
    
    
    10
    
    
    
    (9
    )
    
    
    
    
    
    
    1Income taxes
    
    
    281
    
    
    
    3
    
    
    
    
    
    
    
    284Net income
    
    
    539
    
    
    
    5
    
    
    
    
    
    
    
    544(Nine months to September 30, 2004)Depreciation and depletion
    
    
    652
    
    
    
    4
    
    
    
    
    
    
    
    656Financing costs
    
    
    29
    
    
    
    (23
    )
    
    
    
    
    
    
    6Income taxes
    
    
    726
    
    
    
    7
    
    
    
    
    
    
    
    733Net income
    
    
    1,502
    
    
    
    12
    
    
    
    
    
    
    
    1,514




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##### 



IMPERIAL OIL LIMITED
 Consolidated statement of cash flows
 Reported
    


    
    Reportedunder
    
    Increase/(decrease) due to
    
    undermillion of dollars
    
    Cdn.GAAP
    
    (a)
    
    (b)
    
    U.S.GAAP(Third quarter, 2005)Net income
    
    
    643
    
    
    
    9
    
    
    
    
    
    
    
    652Depreciation and depletion
    
    
    217
    
    
    
    
    
    
    
    
    
    
    
    217Deferred income taxes and other
    
    
    (167
    )
    
    
    5
    
    
    
    
    
    
    
    (162
    )Cash from (used in) operating activities
    
    
    1371
    
    
    
    14
    
    
    
    
    
    
    
    1385Additions to property, plant and equipment
    
    
    (371
    )
    
    
    (14
    )
    
    
    
    
    
    
    (385
    )Cash from (used in) investing activities
    
    
    (362
    )
    
    
    (14
    )
    
    
    
    
    
    
    (376
    )(Nine months to September 30, 2005)Net income
    
    
    1,568
    
    
    
    16
    
    
    
    
    
    
    
    1,584Depreciation and depletion
    
    
    671
    
    
    
    1
    
    
    
    
    
    
    
    672Deferred income taxes and other
    
    
    (323
    )
    
    
    10
    
    
    
    
    
    
    
    (313
    )Cash from (used in) operating activities
    
    
    2,128
    
    
    
    27
    
    
    
    
    
    
    
    2,155Additions to property, plant and equipment
    
    
    (1,009
    )
    
    
    (27
    )
    
    
    
    
    
    
    (1,036
    )Cash from (used in) investing activities
    
    
    (895
    )
    
    
    (27
    )
    
    
    
    
    
    
    (922
    )(Third quarter, 2004)Net income
    
    
    539
    
    
    
    5
    
    
    
    
    
    
    
    544Depreciation and depletion
    
    
    220
    
    
    
    1
    
    
    
    
    
    
    
    221Deferred income taxes and other
    
    
    (58
    )
    
    
    3
    
    
    
    
    
    
    
    (55
    )Cash from (used in) operating activities
    
    
    1,100
    
    
    
    9
    
    
    
    
    
    
    
    1,109Additions to property, plant and equipment
    
    
    (340
    )
    
    
    (9
    )
    
    
    
    
    
    
    (349
    )Cash from (used in) investing activities
    
    
    (312
    )
    
    
    (9
    )
    
    
    
    
    
    
    (321
    )(Nine months to September 30, 2004)Net income
    
    
    1,502
    
    
    
    12
    
    
    
    
    
    
    
    1,514Depreciation and depletion
    
    
    652
    
    
    
    4
    
    
    
    
    
    
    
    656Deferred income taxes and other
    
    
    (216
    )
    
    
    7
    
    
    
    
    
    
    
    (209
    )Cash from (used in) operating activities
    
    
    2,174
    
    
    
    23
    
    
    
    
    
    
    
    2,197Additions to property, plant and equipment
    
    
    (942
    )
    
    
    (23
    )
    
    
    
    
    
    
    (965
    )Cash from (used in) investing activities
    
    
    (880
    )
    
    
    (23
    )
    
    
    
    
    
    
    (903
    )




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##### 



IMPERIAL OIL LIMITED
 Consolidated balance sheet
 Reported
    
    


    
    
    Reportedunder
    
    
Increase/(decrease) due to

    
    
    undermillions of dollars
    
    Cdn.GAAP
    
    
    (a)
    
    
    (b)
    
    
    U.S.GAAP(As at September 30, 2005)Investments and other long-term assets
    
    
    523
    
    
    
    
    
    
    
    (392
    )
    
    
    131Property, plant and equipment, net
    
    
    9,884
    
    
    
    103
    
    
    
    
    
    
    
    9,987Other intangible assets, net
    
    
    49
    
    
    
    
    
    
    
    97
    
    
    
    146Total assets
    
    
    15,355
    
    
    
    103
    
    
    
    (295
    )
    
    
    15,163Other long-term obligations
    
    
    1,123
    
    
    
    
    
    
    
    263
    
    
    
    1,386Deferred income tax liabilities
    
    
    1,316
    
    
    
    35
    
    
    
    (190
    )
    
    
    1,161Earnings reinvested
    
    
    4,870
    
    
    
    68
    
    
    
    
    
    
    
    4,938Accumulated other nonowner
changes in equity
    
    
    
    
    
    
    
    
    
    
    (368
    )
    
    
    (368
    )Total liabilities and
shareholders equity
    
    
    15,355
    
    
    
    103
    
    
    
    (295
    )
    
    
    15,163(As at December 31, 2004)Investments and other long-term assets
    
    
    270
    
    
    
    
    
    
    
    (140
    )
    
    
    130Property, plant and equipment, net
    
    
    9,569
    
    
    
    78
    
    
    
    
    
    
    
    9,647Other intangible assets, net
    
    
    52
    
    
    
    
    
    
    
    97
    
    
    
    149Total assets
    
    
    13,992
    
    
    
    78
    
    
    
    (43
    )
    
    
    14,027Other long-term obligations
    
    
    1,010
    
    
    
    
    
    
    
    515
    
    
    
    1,525Deferred income tax liabilities
    
    
    1,319
    
    
    
    26
    
    
    
    (190
    )
    
    
    1,155Earnings reinvested
    
    
    4,837
    
    
    
    52
    
    
    
    
    
    
    
    4,889Accumulated other nonowner
changes in equity
    
    
    
    
    
    
    
    
    
    
    (368
    )
    
    
    (368
    )Total liabilities and
shareholders equity
    
    
    13,992
    
    
    
    78
    
    
    
    (43
    )
    
    
    14,027
 
 (a)
    
    Under U.S. GAAP, interest costs related to major capital projects under construction
are required to be capitalized as part of property, plant and equipment. Under Canadian
GAAP, the company did not capitalize interest costs for the same projects.(b)
    
    Under U.S. GAAP, the accumulated benefit obligation (ABO) is the actuarial present
value of benefits attributed to employee service rendered up to the end of the year and is
based on current compensation levels. Since the amount by which the ABO less the fair
value of plan assets was greater than the liability previously recognized in the
consolidated balance sheet, an additional minimum pension liability was required. The
minimum pension liability has no impact on net income and because this adjustment was
non-cash, its effect has been excluded from the accompanying consolidated statement of
cash flows. No such adjustment is required under Canadian GAAP.




---



##### 



IMPERIAL OIL LIMITED
 3. BUSINESS SEGMENTS
 Natural
    
    PetroleumThird quarter
    
    Resources
    
    Products
    
    Chemicalsmillions of dollars
    
    2005
    
    2004
    
    2005
    
    2004
    
    2005
    
    2004REVENUES AND OTHER INCOMEExternal sales (a)
    
    
    1,252
    
    
    
    901
    
    
    
    6,117
    
    
    
    4,531
    
    
    
    314
    
    
    
    339Intersegment sales
    
    
    977
    
    
    
    801
    
    
    
    498
    
    
    
    389
    
    
    
    92
    
    
    
    76Investment and other income
    
    
    10
    
    
    
    23
    
    
    
    12
    
    
    
    15
    
    
    
    
    
    
    
    2,239
    
    
    
    1,725
    
    
    
    6,627
    
    
    
    4,935
    
    
    
    406
    
    
    
    415EXPENSESExploration (b)
    
    
    10
    
    
    
    21
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Purchases
    
    
    707
    
    
    
    504
    
    
    
    5,398
    
    
    
    3,873
    
    
    
    317
    
    
    
    293Production and manufacturing (c)
    
    
    480
    
    
    
    398
    
    
    
    306
    
    
    
    256
    
    
    
    56
    
    
    
    44Selling and general (c)
    
    
    10
    
    
    
    4
    
    
    
    271
    
    
    
    255
    
    
    
    12
    
    
    
    23Federal excise tax
    
    
    
    
    
    
    
    
    
    
    336
    
    
    
    328
    
    
    
    
    
    
    
    Depreciation and depletion
    
    
    158
    
    
    
    159
    
    
    
    56
    
    
    
    58
    
    
    
    3
    
    
    
    3Financing costs
    
    
    
    
    
    
    
    
    
    
    1
    
    
    
    1
    
    
    
    
    
    
    
    TOTAL EXPENSES
    
    
    1,365
    
    
    
    1,086
    
    
    
    6,368
    
    
    
    4,771
    
    
    
    388
    
    
    
    363INCOME BEFORE INCOME TAXES
    
    
    874
    
    
    
    639
    
    
    
    259
    
    
    
    164
    
    
    
    18
    
    
    
    52INCOME TAXES
    
    
    282
    
    
    
    222
    
    
    
    88
    
    
    
    53
    
    
    
    6
    
    
    
    19NET INCOME
    
    
    592
    
    
    
    417
    
    
    
    171
    
    
    
    111
    
    
    
    12
    
    
    
    33Export sales to the United States
    
    
    440
    
    
    
    310
    
    
    
    233
    
    
    
    259
    
    
    
    182
    
    
    
    184Cash flows from (used in) operating activities
    
    
    1,072
    
    
    
    743
    
    
    
    122
    
    
    
    310
    
    
    
    4
    
    
    
    57CAPEX (b)
    
    
    243
    
    
    
    286
    
    
    
    133
    
    
    
    65
    
    
    
    5
    
    
    
    3
 CorporateThird quarter
    
    and Other
    
    Eliminations
    
    Consolidatedmillions of dollars
    
    2005
    
    2004
    
    2005
    
    2004
    
    2005
    
    2004REVENUES AND OTHER INCOMEExternal sales (a)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    7,683
    
    
    
    5,771Intersegment sales
    
    
    
    
    
    
    
    
    
    
    (1,567
    )
    
    
    (1,266
    )
    
    
    
    
    
    
    Investment and other income
    
    
    6
    
    
    
    5
    
    
    
    
    
    
    
    
    
    
    
    28
    
    
    
    436
    
    
    
    5
    
    
    
    (1,567
    )
    
    
    (1,266
    )
    
    
    7,711
    
    
    
    5,814EXPENSESExploration (b)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    10
    
    
    
    21Purchases
    
    
    
    
    
    
    
    
    
    
    (1,566
    )
    
    
    (1,265
    )
    
    
    4,856
    
    
    
    3,405Production and manufacturing (c)
    
    
    
    
    
    
    
    
    
    
    (1
    )
    
    
    (1
    )
    
    
    841
    
    
    
    697Selling and general (c)
    
    
    202
    
    
    
    31
    
    
    
    
    
    
    
    
    
    
    
    495
    
    
    
    313Federal excise tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    336
    
    
    
    328Depreciation and depletion
    
    
    
    
    
    
    1
    
    
    
    
    
    
    
    
    
    
    
    217
    
    
    
    221Financing costs
    
    
    (3
    )
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    (2
    )
    
    
    1TOTAL EXPENSES
    
    
    199
    
    
    
    32
    
    
    
    (1,567
    )
    
    
    (1,266
    )
    
    
    6,753
    
    
    
    4,986INCOME BEFORE INCOME TAXES
    
    
    (193
    )
    
    
    (27
    )
    
    
    
    
    
    
    
    
    
    
    958
    
    
    
    828INCOME TAXES
    
    
    (70
    )
    
    
    (10
    )
    
    
    
    
    
    
    
    
    
    
    306
    
    
    
    284NET INCOME
    
    
    (123
    )
    
    
    (17
    )
    
    
    
    
    
    
    
    
    
    
    652
    
    
    
    544Export sales to the United States
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    855
    
    
    
    753Cash flows from (used in) operating activities
    
    
    187
    
    
    
    (1
    )
    
    
    
    
    
    
    
    
    
    
    1,385
    
    
    
    1,109CAPEX (b)
    
    
    14
    
    
    
    9
    
    
    
    
    
    
    
    
    
    
    
    395
    
    
    
    363
 
 (a)
    
    Includes crude sales made by Products in order to optimize refining operations.(b)
    
    Capital and exploration expenditures (CAPEX) include exploration expenses, additions
to property, plant, equipment and intangibles and additions to capital leases.(c)
    
    Beginning in the third quarter of 2005, incentive compensation expenses previously
included in the operating segments, are now reported in the corporate and other
segment. This change has the effect of isolating in one segment all incentive
compensation expenses and improving the transparency of operating events in the
operating segments. This change has no impact on consolidated total expenses, net
income or the cash-flow profile of the company. Segmented results in the third
quarter of 2004 have been reclassified for comparative purposes.




---



##### 



IMPERIAL OIL LIMITED
 Natural
    
    PetroleumNine months to September 30
    
    Resources
    
    Products
    
    Chemicalsmillions of dollars
    
    2005
    
    2004
    
    2005
    
    2004
    
    2005
    
    2004REVENUES AND OTHER INCOMEExternal sales (a)
    
    
    3,349
    
    
    
    2,646
    
    
    
    16,013
    
    
    
    12,719
    
    
    
    971
    
    
    
    901Intersegment sales
    
    
    2,530
    
    
    
    2,132
    
    
    
    1,618
    
    
    
    1,165
    
    
    
    253
    
    
    
    214Investment and other income
    
    
    80
    
    
    
    41
    
    
    
    41
    
    
    
    30
    
    
    
    
    
    
    
    5,959
    
    
    
    4,819
    
    
    
    17,672
    
    
    
    13,914
    
    
    
    1,224
    
    
    
    1,115EXPENSESExploration (b)
    
    
    37
    
    
    
    52
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Purchases
    
    
    2,067
    
    
    
    1,472
    
    
    
    14,203
    
    
    
    10,664
    
    
    
    874
    
    
    
    786Production and manufacturing (c)
    
    
    1,366
    
    
    
    1,172
    
    
    
    897
    
    
    
    788
    
    
    
    145
    
    
    
    133Selling and general (c)
    
    
    6
    
    
    
    5
    
    
    
    782
    
    
    
    772
    
    
    
    59
    
    
    
    67Federal excise tax
    
    
    
    
    
    
    
    
    
    
    966
    
    
    
    946
    
    
    
    
    
    
    
    Depreciation and depletion
    
    
    488
    
    
    
    468
    
    
    
    174
    
    
    
    175
    
    
    
    9
    
    
    
    9Financing costs
    
    
    
    
    
    
    
    
    
    
    2
    
    
    
    2
    
    
    
    
    
    
    
    TOTAL EXPENSES
    
    
    3,964
    
    
    
    3,169
    
    
    
    17,024
    
    
    
    13,347
    
    
    
    1,087
    
    
    
    995INCOME BEFORE INCOME TAXES
    
    
    1,995
    
    
    
    1,650
    
    
    
    648
    
    
    
    567
    
    
    
    137
    
    
    
    120INCOME TAXES
    
    
    658
    
    
    
    532
    
    
    
    217
    
    
    
    189
    
    
    
    48
    
    
    
    42NET INCOME
    
    
    1,337
    
    
    
    1,118
    
    
    
    431
    
    
    
    378
    
    
    
    89
    
    
    
    78Export sales to the United States
    
    
    1,141
    
    
    
    977
    
    
    
    632
    
    
    
    734
    
    
    
    552
    
    
    
    507Cash flows from (used in) operating activities
    
    
    1,616
    
    
    
    1,586
    
    
    
    279
    
    
    
    528
    
    
    
    77
    
    
    
    110CAPEX (b)
    
    
    704
    
    
    
    810
    
    
    
    330
    
    
    
    183
    
    
    
    12
    
    
    
    11Total assets as at September 30
    
    
    7,274
    
    
    
    6,842
    
    
    
    6,710
    
    
    
    5,866
    
    
    
    491
    
    
    
    507Capital employed as at September 30
    
    
    4,150
    
    
    
    3,976
    
    
    
    2,834
    
    
    
    2,734
    
    
    
    213
    
    
    
    214
 CorporateNine months to September 30
    
    and Other
    
    Eliminations
    
    Consolidatedmillions of dollars
    
    2005
    
    2004
    
    2005
    
    2004
    
    2005
    
    2004REVENUES AND OTHER INCOMEExternal sales (a)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    20,333
    
    
    
    16,266Intersegment sales
    
    
    
    
    
    
    
    
    
    
    (4,401
    )
    
    
    (3,511
    )
    
    
    
    
    
    
    Investment and other income
    
    
    17
    
    
    
    10
    
    
    
    
    
    
    
    
    
    
    
    138
    
    
    
    8117
    
    
    
    10
    
    
    
    (4,401
    )
    
    
    (3,511
    )
    
    
    20,471
    
    
    
    16,347EXPENSESExploration (b)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    37
    
    
    
    52Purchases
    
    
    
    
    
    
    
    
    
    
    (4,399
    )
    
    
    (3,510
    )
    
    
    12,745
    
    
    
    9,412Production and manufacturing (c)
    
    
    
    
    
    
    
    
    
    
    (2
    )
    
    
    (1
    )
    
    
    2,406
    
    
    
    2,092Selling and general (c)
    
    
    431
    
    
    
    92
    
    
    
    
    
    
    
    
    
    
    
    1,278
    
    
    
    936Federal excise tax
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    966
    
    
    
    946Depreciation and depletion
    
    
    1
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    672
    
    
    
    656Financing costs
    
    
    6
    
    
    
    4
    
    
    
    
    
    
    
    
    
    
    
    8
    
    
    
    6TOTAL EXPENSES
    
    
    438
    
    
    
    100
    
    
    
    (4,401
    )
    
    
    (3,511
    )
    
    
    18,112
    
    
    
    14,100INCOME BEFORE INCOME TAXES
    
    
    (421
    )
    
    
    (90
    )
    
    
    
    
    
    
    
    
    
    
    2,359
    
    
    
    2,247INCOME TAXES
    
    
    (148
    )
    
    
    (30
    )
    
    
    
    
    
    
    
    
    
    
    775
    
    
    
    733NET INCOME
    
    
    (273
    )
    
    
    (60
    )
    
    
    
    
    
    
    
    
    
    
    1,584
    
    
    
    1,514Export sales to the United States
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    2,325
    
    
    
    2,218Cash flows from (used in) operating activities
    
    
    183
    
    
    
    (27
    )
    
    
    
    
    
    
    
    
    
    
    2,155
    
    
    
    2,197CAPEX (b)
    
    
    27
    
    
    
    23
    
    
    
    
    
    
    
    
    
    
    
    1,073
    
    
    
    1,027Total assets as at September 30
    
    
    1,160
    
    
    
    1,019
    
    
    
    (472
    )
    
    
    (423
    )
    
    
    15,163
    
    
    
    13,811Capital employed as at September 30
    
    
    630
    
    
    
    811
    
    
    
    
    
    
    
    
    
    
    
    7,827
    
    
    
    7,735
 
 (a)
    
    Includes crude sales made by Products in order to optimize refining operations.(b)
    
    Capital and exploration expenditures (CAPEX) include exploration expenses, additions
to property, plant, equipment and intangibles and additions to capital leases.(c)
    
    Beginning in the third quarter of 2005, incentive compensation expenses previously
included in the operating segments, are now reported in the corporate and other
segment. This change has the effect of isolating in one segment all incentive
compensation expenses and improving the transparency of operating events in the
operating segments. This change has no impact on consolidated total expenses, net
income or the cash-flow profile of the company. Segmented results for the nine
months ending September 30, 2004 and the first and second quarter of 2005 have been
reclassified for comparative purposes.




---



##### 



IMPERIAL OIL LIMITED
 4. Investment and other income
  Nine monthsThird quarter
    
    to September 30millions of dollars
    
    2005
    
    2004
    
    2005
    
    2004Proceeds from asset sales
    
    
    9
    
    
    
    28
    
    
    
    114
    
    
    
    94Book value of assets sold
    
    
    4
    
    
    
    7
    
    
    
    29
    
    
    
    54Gain/(loss) on asset sales, before tax (a)
    
    
    5
    
    
    
    21
    
    
    
    85
    
    
    
    40Gain/(loss) on asset sales, after tax (a)
    
    
    5
    
    
    
    15
    
    
    
    62
    
    
    
    29
 
 (a)
    
    Third quarter 2004 included a gain of $16 million ($10 million, after tax) from the sale
of the companys Golden Spike Shallow producing property. 5. Employee retirement benefits
  Nine monthsThird quarter
    
    to September 30millions of dollars
    
    2005
    
    2004
    
    2005
    
    2004Pension benefits:Current service cost
    
    
    22
    
    
    
    19
    
    
    
    65
    
    
    
    58Interest cost
    
    
    60
    
    
    
    59
    
    
    
    180
    
    
    
    177Expected return on plan assets
    
    
    (64
    )
    
    
    (56
    )
    
    
    (192
    )
    
    
    (168
    )Amortization of prior service cost
    
    
    6
    
    
    
    7
    
    
    
    18
    
    
    
    21Recognized actuarial loss
    
    
    21
    
    
    
    17
    
    
    
    63
    
    
    
    51Net benefit cost
    
    
    45
    
    
    
    46
    
    
    
    134
    
    
    
    139Other post-retirement benefits:Current service cost
    
    
    2
    
    
    
    2
    
    
    
    6
    
    
    
    5Interest cost
    
    
    6
    
    
    
    6
    
    
    
    18
    
    
    
    18Recognized actuarial loss
    
    
    1
    
    
    
    1
    
    
    
    4
    
    
    
    3Net benefit cost
    
    
    9
    
    
    
    9
    
    
    
    28
    
    
    
    26
 6. Headquarters relocation
    As at
    
    As atSept. 30
    
    Dec. 31millions of dollars
    
    2005
    
    2004Beginning as of January 1
    
    
    
    
    
    
    Additions
    
    
    51
    
    
    
    Settlement
    
    
    (30
    )
    
    
    Ending
    
    
    21
    
    
    
    




---



##### 



IMPERIAL OIL LIMITED
 7. Financing costs
 Nine monthsThird quarter
    
    to September 30millions of dollars
    
    2005
    
    2004
    
    2005
    
    2004Debt related interest
    
    
    11
    
    
    
    9
    
    
    
    32
    
    
    
    26Capitalized interest
    
    
    (14
    )
    
    
    (9
    )
    
    
    (27
    )
    
    
    (23
    )Net interest expense
    
    
    (3
    )
    
    
    
    
    
    
    5
    
    
    
    3Other interest
    
    
    1
    
    
    
    1
    
    
    
    3
    
    
    
    3Total financing costs
    
    
    (2
    )
    
    
    1
    
    
    
    8
    
    
    
    6
 8. Long-term debt
 As at
    
    As atSept. 30
    
    Dec. 312005
    
    2004Issued
    
    Maturity date
    
    Interest rate
    
    millions of dollars2003
    
    $250 million due May 26, 2007 and$250 million due August 26, 2007
    
    Variable
    
    
    500
    
    
    
    2003
    
    January 19, 2006
    
    Variable
    
    
    
    
    
    
    318Long-term debt
    
    
    
    
    500
    
    
    
    318Capital leases
    
    
    
    
    46
    
    
    
    49Total long-term debt (a)
    
    
    
    
    546
    
    
    
    367
 
 (a)
    
    These amounts exclude that portion of long-term debt totalling $795 million (December
31, 2004  $995 million), which matures within one year and is included in current
liabilities. 9. Other long-term obligations
 As at
    
    As atSept. 30
    
    Dec. 31millions of dollars
    
    2005
    
    2004Employee retirement benefits (a)
    
    
    829
    
    
    
    1,052Asset retirement obligations and other environmental liabilities (b)
    
    
    376
    
    
    
    380Other obligations
    
    
    181
    
    
    
    93Total other long-term obligations
    
    
    1,386
    
    
    
    1,525
 
 (a)
    
    Total recorded employee retirement benefits obligations also include
$48 million in current liabilities (December 31, 2004  $48 million).(b)
    
    Total asset retirement obligations and other environmental liabilities also
include $76 million in current liabilities (December 31, 2004  $76 million). 10. Common shares
 As at
    
    As atSept. 30
    
    Dec. 31thousands of shares
    
    2005
    
    2004Authorized
    
    
    450,000
    
    
    
    450,000Common shares outstanding
    
    
    336,255
    
    
    
    349,320
  millions ofYear
    
    Shares
    
    Dollars1995 - 2003
    
    
    218.9
    
    
    
    5,9682004 - Third quarter
    
    
    3.5
    
    
    
    217- Full year
    
    
    13.6
    
    
    
    8722005 - Third quarter
    
    
    4.8
    
    
    
    565- Year-to-date
    
    
    13.7
    
    
    
    1,367Cumulative purchases to date
    
    
    246.2
    
    
    
    8,207




---



##### 



IMPERIAL OIL LIMITED
  Nine monthsThird quarter
    
    to September 302005
    
    2004
    
    2005
    
    2004Net income per common share  basicNet income (millions of dollars)
    
    
    652
    
    
    
    544
    
    
    
    1,584
    
    
    
    1,514Weighted average number of common
shares outstanding (millions of shares)
    
    
    338.9
    
    
    
    355.4
    
    
    
    343.6
    
    
    
    358.6Net income per common share (dollars)
    
    
    1.92
    
    
    
    1.53
    
    
    
    4.61
    
    
    
    4.22Net income per common share  dilutedNet income (millions of dollars)
    
    
    652
    
    
    
    544
    
    
    
    1,584
    
    
    
    1,514Weighted average number of common shares
outstanding (millions of shares)
    
    
    338.9
    
    
    
    355.4
    
    
    
    343.6
    
    
    
    358.6Effect of employee stock-based awards (millions of shares)
    
    
    1.6
    
    
    
    0.8
    
    
    
    1.4
    
    
    
    0.8Weighted average number of common shares
outstanding, assuming dilution (millions of shares)
    
    
    340.5
    
    
    
    356.2
    
    
    
    345.0
    
    
    
    359.4Net income per common share (dollars)
    
    
    1.91
    
    
    
    1.53
    
    
    
    4.59
    
    
    
    4.21
  11. Earnings reinvested
 Nine monthsThird quarter
    
    to September 30millions of dollars
    
    2005
    
    2004
    
    2005
    
    2004Earnings reinvested at beginning of period
    
    
    4,906
    
    
    
    4,432
    
    
    
    4,889
    
    
    
    3,952Net income for the period
    
    
    652
    
    
    
    544
    
    
    
    1,584
    
    
    
    1,514Share purchases in excess of stated value
    
    
    (539
    )
    
    
    (199
    )
    
    
    (1,295
    )
    
    
    (531
    )Dividends
    
    
    (81
    )
    
    
    (78
    )
    
    
    (240
    )
    
    
    (236
    )Earnings reinvested at end of period
    
    
    4,938
    
    
    
    4,699
    
    
    
    4,938
    
    
    
    4,699
 12. Nonowner changes in shareholders equity
 Nine monthsThird quarter
    
    to September 30millions of dollars
    
    2005
    
    2004
    
    2005
    
    2004Net income
    
    
    652
    
    
    
    544
    
    
    
    1,584
    
    
    
    1,514Other nonowner changes in equity (a)
    
    
    
    
    
    
    
    
    
    
    
    
    
    
    Total nonowner changes in shareholders equity
    
    
    652
    
    
    
    544
    
    
    
    1,584
    
    
    
    1,514
 
 (a)
    
    Minimum pension liability adjustment.




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##### 



IMPERIAL OIL LIMITED
 13. Accounting for purchases and sales of inventory with the same counterparty
 At its September 2005 meeting, the Emerging Issues Task Force (EITF) reached a consensus on
Issue No. 04-13, Accounting for Purchases and Sales of Inventory with the Same Counterparty.
This issue addresses the question of when it is appropriate to measure purchases and sales of
inventory at fair value and record them in cost of sales and revenues and when they should be
recorded as exchanges measured at the book value of the item sold. The EITF concluded that
purchases and sales of inventory with the same counterparty that are entered into in
contemplation of one another should be combined and recorded as exchanges measured at the book
value of the item sold.The company currently records certain crude oil, natural gas, petroleum product and chemical purchases
and sales of inventory entered into contemporaneously with the same counterparty as cost of sales
and revenues, measured at fair value as agreed upon by a willing buyer and a willing seller.
These transactions occur under contractual arrangements that establish the agreement terms either
jointly, in a single contract, or separately, in individual contracts. This accounting treatment
is consistent with long standing industry practice (although the company understands that some
companies in the oil and gas industry may be accounting for these transactions as nonmonetary exchanges).
The EITF consensus will result in the companys accounts Operating revenue and
Purchases of crude oil and products on the Consolidated Statement of Income being reduced by
associated amounts with no impact on net income. All operating segments will be impacted
by this change, but the largest effects are in the petroleum products segment. The consensus
will become effective for the company for new arrangements entered into, and modifications or
renewals of existing agreements, beginning with the second quarter of 2006.The purchase/sale amounts included in revenue for 2004, 2003 and 2002 are shown below along
with total Sales and other operating revenue to provide context.
 millions of dollars
    
    2004
    
    2003
    
    2002Operating revenues
    
    
    22,408
    
    
    
    19,094
    
    
    
    16,890Amounts included in operating revenues
for purchase/sale contracts
with the same counterparty (1)
    
    
    3,584
    
    
    
    2,851
    
    
    
    2,431Percent of operating revenues
    
    
    16
    %
    
    
    15
    %
    
    
    14
    %
 
 (1)
    
    Associated costs are in Purchases of crude oil and products




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IMPERIAL OIL LIMITED
 OPERATING STATISTICS
 Nine monthsThird quarter
    
    to September 302005
    
    2004
    
    2005
    
    2004GROSS CRUDE OIL AND NGL PRODUCTION
(thousands of barrels a day)Conventional
    
    
    35
    
    
    
    42
    
    
    
    38
    
    
    
    44Cold Lake
    
    
    123
    
    
    
    121
    
    
    
    137
    
    
    
    120Syncrude
    
    
    59
    
    
    
    61
    
    
    
    52
    
    
    
    60Total crude oil production
    
    
    217
    
    
    
    224
    
    
    
    227
    
    
    
    224Natural gas liquids (NGLs) available for sale
    
    
    33
    
    
    
    33
    
    
    
    31
    
    
    
    33Total crude oil and NGL production
    
    
    250
    
    
    
    257
    
    
    
    258
    
    
    
    257NET CRUDE OIL AND NGL PRODUCTION
(thousands of barrels a day)Conventional
    
    
    27
    
    
    
    32
    
    
    
    29
    
    
    
    33Cold Lake
    
    
    96
    
    
    
    101
    
    
    
    119
    
    
    
    106Syncrude
    
    
    59
    
    
    
    60
    
    
    
    52
    
    
    
    60Total crude oil production
    
    
    182
    
    
    
    193
    
    
    
    200
    
    
    
    199Natural gas liquids (NGLs) available for sale
    
    
    26
    
    
    
    26
    
    
    
    25
    
    
    
    27Total crude oil and NGL production
    
    
    208
    
    
    
    219
    
    
    
    225
    
    
    
    226COLD LAKE BLEND SALES (thousands of barrels a day)
    
    
    157
    
    
    
    153
    
    
    
    181
    
    
    
    158NGL SALES (thousands of barrels a day)
    
    
    34
    
    
    
    37
    
    
    
    37
    
    
    
    39NATURAL GAS (millions of cubic feet a day)Production (gross)
    
    
    579
    
    
    
    581
    
    
    
    580
    
    
    
    566Production (net)
    
    
    513
    
    
    
    533
    
    
    
    516
    
    
    
    517Sales
    
    
    536
    
    
    
    521
    
    
    
    533
    
    
    
    514AVERAGE PRICES (Canadian dollars)Conventional crude oil sales (a barrel)
    
    
    73.27
    
    
    
    52.86
    
    
    
    63.97
    
    
    
    47.59Par crude oil price at Edmonton (a barrel)
    
    
    77.83
    
    
    
    56.99
    
    
    
    69.11
    
    
    
    51.69Heavy crude oil at Hardisty (Bow River, a barrel)
    
    
    57.14
    
    
    
    42.36
    
    
    
    46.29
    
    
    
    38.51NGL sales (a barrel)
    
    
    39.71
    
    
    
    34.47
    
    
    
    36.20
    
    
    
    31.91Natural gas sales (a thousand cubic feet)
    
    
    8.80
    
    
    
    6.57
    
    
    
    7.86
    
    
    
    6.67PETROLEUM PRODUCTS SALES (millions of litres a day)Gasolines
    
    
    34.1
    
    
    
    34.3
    
    
    
    33.3
    
    
    
    33.1Heating, diesel and jet fuels
    
    
    25.7
    
    
    
    26.7
    
    
    
    26.8
    
    
    
    27.0Heavy fuel oils
    
    
    5.6
    
    
    
    5.7
    
    
    
    5.7
    
    
    
    5.7Lube oils and other products
    
    
    8.3
    
    
    
    8.8
    
    
    
    7.5
    
    
    
    6.9Net petroleum products sales
    
    
    73.7
    
    
    
    75.5
    
    
    
    73.3
    
    
    
    72.7Sales under purchase and sale agreements
    
    
    14.9
    
    
    
    13.2
    
    
    
    14.9
    
    
    
    13.7Total petroleum products sales
    
    
    88.6
    
    
    
    88.7
    
    
    
    88.2
    
    
    
    86.4TOTAL REFINERY THROUGHPUT (millions of litres a day)
    
    
    69.9
    
    
    
    76.6
    
    
    
    73.5
    
    
    
    74.3REFINERY CAPACITY UTILIZATION (percent)
    
    
    87
    
    
    
    96
    
    
    
    92
    
    
    
    93PETROCHEMICAL SALES (thousands of tonnes a day)
    
    
    3.0
    
    
    
    3.3
    
    
    
    3.1
    
    
    
    3.3




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IMPERIAL OIL LIMITED
 SHARE OWNERSHIP, TRADING AND PERFORMANCE
 Nine monthsThird quarter
    
    to September 302005
    
    2004
    
    2005
    
    2004RETURN ON AVERAGE CAPITAL EMPLOYED (a)
(rolling 4 quarters, percent)
    
    
    
    
    
    
    
    
    
    
    27.2
    
    
    
    24.9RETURN ON AVERAGE SHAREHOLDERS EQUITY
(rolling 4 quarters, percent)
    
    
    
    
    
    
    
    
    
    
    33.6
    
    
    
    31.1INTEREST COVERAGE RATIO  EARNINGS BASIS
(rolling 4 quarters, times covered)
    
    
    
    
    
    
    
    
    
    
    74.0
    
    
    
    72.7SHARE OWNERSHIPOutstanding shares (thousands)Monthly weighted average
    
    
    338,864
    
    
    
    355,398
    
    
    
    343,637
    
    
    
    358,623At September 30
    
    
    
    
    
    
    
    
    
    
    336,255
    
    
    
    353,380Number of shareholdersAt September 30
    
    
    
    
    
    
    
    
    
    
    14,305
    
    
    
    15,116SHARE PRICESToronto Stock Exchange (Canadian dollars)High
    
    
    137.37
    
    
    
    66.76
    
    
    
    137.37
    
    
    
    66.76Low
    
    
    100.00
    
    
    
    59.50
    
    
    
    67.51
    
    
    
    56.42Close at September 30
    
    
    
    
    
    
    
    
    
    
    134.01
    
    
    
    65.48American Stock Exchange (U.S. dollars)High
    
    
    117.41
    
    
    
    52.22
    
    
    
    117.41
    
    
    
    52.22Low
    
    
    82.38
    
    
    
    45.50
    
    
    
    54.80
    
    
    
    42.34Close at September 30
    
    
    
    
    
    
    
    
    
    
    115.06
    
    
    
    51.71
 
 (a)
    
    Return on capital employed is the rolling four quarters net income excluding the
after-tax cost of financing, divided by the average rolling four quarters capital
employed.