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Exhibit 99.1


Imperial Oil Limited
237 — 4^th Avenue S.W.
Calgary, AB T2P 0H6		News Release

Imperial Oil announces first-quarter financial and operating results

Calgary, May 1, 2008 — Imperial Oil today announced net income for the first quarter of 2008 of $681 million or $0.75 a share, compared with $774 million or $0.81 a share for the same period last year.

Earnings in the first quarter were lower than the same quarter of 2007 as higher Upstream earnings were more than offset by lower Downstream earnings. In the Upstream, higher crude oil and natural gas commodity prices were partially offset by the negative impacts of lower conventional volumes from expected reservoir decline, lower Syncrude volumes, higher royalties and a stronger Canadian dollar. Earnings in the Upstream were also negatively impacted by lower gains from asset divestments. The negative impacts of lower overall industry refining margins, unplanned shutdown at the Strathcona refinery and a stronger Canadian dollar contributed to lower Downstream earnings.

Operating revenues were $7,231 million in the first quarter, compared with $5,767 million in the corresponding period last year. Capital and exploration expenditures were $300 million in the first quarter, compared with $216 million during the same quarter of 2007. During the quarter, the company repurchased about 11 million shares for $590 million. At March 31, the company’s balance of cash and marketable securities was $590 million, compared with $1,208 million at the end of 2007.

“Despite a number of challenges faced during the quarter, Imperial remains in an enviable position as we continued to add to our inventory of high-quality development opportunities,” said Bruce March, Imperial’s chief executive officer. “The combination of financial strength, technology advantage, proven business model and superior mix of skills and assets set the stage for continued growth in shareholder value,” March added.

Imperial Oil is one of Canada’s largest corporations and a leading member of the country’s petroleum industry. It is one of the country’s largest producers of crude oil and natural gas, is the largest petroleum refiner, and has a leading market share in petroleum products sold through a coast-to-coast supply network that includes about 1,900 service stations.

For further information:


Investor relations		Media relations
Dee Brandes		Richard O’Farrell
(403) 237-4537		(403) 237-2710

Highlights / Items of Interest

Exploration parcel acquired

In recent land sales, Imperial, together with ExxonMobil Canada, acquired exploration rights in the natural gas prone Horn River area of northeastern British Columbia. Since September 2007, the companies have acquired total licence holdings of about 115,000 acres. The licences, in which the company and ExxonMobil Canada each have a 50-percent interest, are located about 70 kilometres northeast of Fort Nelson, British Columbia.

Kearl oil sands project — regulatory update

In March, the Federal court ordered the joint federal and provincial review panel that had previously granted approval for the company’s proposed Kearl oil sands project to provide rationale for the greenhouse gas emissions aspect of its conclusions. Following this, the Federal Department of Fisheries notified the company that a permit it had issued earlier this year for the project had been nullified. The company is working to resolve this matter and is continuing to advance the project including further progress in engineering work consistent with the terms of the other permits and approvals that have been granted.

Imperial sells Rainbow Pipeline in northern Alberta

In April, the company and co-owners entered into an agreement to sell Rainbow Pipe Line Co. Ltd., in which the company has a one-third equity interest, for about $540 million in total, subject to closing adjustments including the sale of the crude oil line-fill currently estimated at an additional $120 million. The transaction is expected to close in the second quarter of 2008 subject to closing conditions and regulatory approvals.

IMPERIAL OIL LIMITED

FINANCIAL HIGHLIGHTS (unaudited)


		Three months
		to March 31
	2008			2007

Net income (U.S. GAAP, millions of dollars)
Upstream		650			563
Downstream		30			198
Chemical		24			28
Corporate and other		(23	)		(15	)

Net income (U.S. GAAP)		681			774


Cash flow from operating activities		298			275
Capital and exploration expenditures		300			216

Per-share information (dollars)
Net income — basic		0.76			0.82
Net income — diluted		0.75			0.81
Dividends		0.09			0.08

Share prices — close at March 31
Toronto Stock Exchange (Canadian dollars)		53.80			42.80
American Stock Exchange (U.S. dollars)		52.26			37.12

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

OPERATING RESULTS

The company’s net income for the first quarter of 2008 was $681 million or $0.75 a share on a diluted basis, compared with $774 million or $0.81 a share for the same period last year.

Upstream

Net income from Upstream in the first quarter was $650 million, $87 million higher than the same period in 2007. Increased earnings were primarily due to higher crude oil and natural gas commodity prices totaling about $600 million. Improved realizations were partially offset by the negative impacts of lower conventional upstream volumes from expected reservoir decline of about $120 million, lower Syncrude volumes of about $60 million, higher royalties of about $100 million and a stronger Canadian dollar of about $110 million. Earnings were also negatively impacted by lower gains from asset divestments of about $90 million and higher production and exploration expenses of about $50 million.

IMPERIAL OIL LIMITED

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued .....)

In U.S. dollars, both Brent crude oil prices and average Cold Lake heavy oil realizations were higher by about 70 percent and 85 percent, respectively, in the first quarter compared with the same quarter last year. However, the effect of a stronger Canadian dollar dampened improvements in the company’s average realizations for conventional crude oil to 50 percent and for Cold Lake heavy oil to about 55 percent in the first quarter of 2008.

The company’s average realizations for natural gas averaged $8.00 a thousand cubic feet in the first quarter, up from $7.75 in the same quarter last year.

Total gross production of crude oil and NGLs in the first quarter was 260 thousand barrels a day, versus 266 thousand barrels in the first quarter of 2007.

Gross production of Cold Lake heavy oil averaged 154 thousand barrels a day during the first quarter, versus 144 thousand barrels in the same quarter last year. Higher production in 2008 was due to the cyclic nature of production at Cold Lake and increased volumes from the ongoing development drilling program.

The company’s share of Syncrude’s gross production was 67 thousand barrels a day in the first quarter compared with 74 thousand barrels during the same period a year ago. Production was temporarily reduced during the quarter as a result of unplanned shutdowns of several operating units, the recovery of which was aggravated by extremely cold temperatures. These operating units returned to normal production during the quarter.

In the first quarter, gross production of conventional crude oil averaged 27 thousand barrels a day, down from 30 thousand barrels a day in the same period last year primarily due to natural reservoir decline in the Western Canadian Basin.

Gross production of NGLs available for sale was 12 thousand barrels a day in the first quarter, down from 18 thousand barrels in the same quarter last year, mainly due to the decline, as expected, in production from the gas cap at Wizard Lake.

Gross production of natural gas during the first quarter of 2008 decreased to 325 million cubic feet a day from 525 million cubic feet in the same period last year. The lower production volume was primarily due to decline, as expected, in production from the gas cap at Wizard Lake, which is largely complete.

In March, the Federal court ordered the joint federal and provincial review panel that had previously granted approval for the company’s proposed Kearl oil sands project to provide rationale for the greenhouse gas emissions aspect of its conclusions. The judgment did not direct the company to undertake or refrain from taking any particular course of action nor did it direct the project approval be altered in any way. Following this, the Federal Department of Fisheries notified the company that a permit it had issued earlier this year for the project had been nullified. The company is working to resolve this matter and is continuing to advance the project including further progress in engineering work consistent with the terms of the other permits and approvals that have been granted.

IMPERIAL OIL LIMITED

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued .....)

Downstream

Net income from Downstream was $30 million in the first quarter of 2008, compared with $198 million in the same period a year ago. Lower earnings were primarily driven by lower overall industry refining margins of about $145 million and the negative impact of a stronger Canadian dollar of about $20 million. As well, conversion units at the Strathcona refinery were shutdown for part of the quarter which temporarily reduced the availability of refined products in Western Canada. The Strathcona refinery returned to normal operation in early April. The impact on first quarter earnings was largely offset by the absence of operational events last year.

In April, the company and co-owners entered into an agreement to sell Rainbow Pipe Line Co. Ltd., in which the company has a one-third equity interest, for about $540 million in total, subject to closing adjustments including the sale of the crude-oil line fill currently estimated at an additional $120 million. The transaction is expected to close in the second quarter of 2008 subject to closing conditions and regulatory approvals.

Chemical

Net income from Chemical was $24 million in the first quarter, compared with $28 million in the same quarter last year. Lower earnings were primarily due to lower margins for intermediate and other chemical products partially offset by higher margins for polyethylene products.

Corporate and other

Net income from Corporate and other was negative $23 million in the first quarter, compared with negative $15 million in the same period of 2007. Unfavourable earnings effects were primarily due to higher share-based compensation charges.

LIQUIDITY AND CAPITAL RESOURCES

Cash flow from operating activities was $298 million during the first quarter of 2008, an increase of $23 million from the same period last year. The favourable impact of the timing of income tax payments and the net effects of higher commodity prices on receivable and payable balances were essentially offset by higher seasonal inventory builds.

Capital and exploration expenditures were $300 million in the first quarter, compared with $216 million during the same quarter of 2007. For the Upstream segment, capital and exploration expenditures included ongoing development drilling at Cold Lake to maintain and expand production capacity, advancing the Kearl oil sands project, investments in facilities improvement at Syncrude and drilling at conventional fields in Western Canada. The Downstream segment’s capital expenditures were mainly on projects to improve operating efficiency.

IMPERIAL OIL LIMITED

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS (continued .....)

During the first quarter of 2008, the company repurchased about 11 million shares for $590 million. Under the current share repurchase program, which began on June 25, 2007, the company has purchased about 36 million shares.

Cash dividends of $82 million were paid in the first quarter of 2008 compared with dividends of $76 million in the first quarter of 2007. Per-share dividends declared in the first quarter was $0.09, up from $0.08 in 2007.

The above factors led to a decrease in the company’s balance of cash and marketable securities to $590 million at March 31, 2008, from $1,208 million at the end of 2007.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISKS

Information about market risks for the three months ended March 31, 2008 does not differ materially from that discussed on page 33 in the company’s annual report to shareholders for the year ended December 31, 2007, except for the following:

Earnings sensitivity (a)
millions of dollars after tax



Ten cents decrease (increase) in the value of the Canadian dollar versus the U.S. dollar	+ (-)	560

The sensitivity of net income to changes in the Canadian dollar versus the U.S. dollar increased from 2007 year-end by about $16 million (after tax) for each one-cent difference. This was primarily due to the narrowing price spread between light crude oil and Cold Lake heavy oil.

(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 first quarter 2008. 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.

This report may contain forward-looking information. Actual results could differ materially due to market conditions, changes in law or government policy, changes in operating conditions and costs, changes in project schedules, operating performance, demand for oil and gas, commercial negotiations or other technical and economic factors.

IMPERIAL OIL LIMITED

CONSOLIDATED STATEMENT OF INCOME
(U.S. GAAP, unaudited)


		Three months
		to March 31
millions of Canadian dollars	2008			2007

REVENUES AND OTHER INCOME
Operating revenues (a)(b)		7,231			5,767
Investment and other income (4)		32			167

TOTAL REVENUES AND OTHER INCOME		7,263			5,934


EXPENSES
Exploration		40			28
Purchases of crude oil and products (c)		4,496			3,153
Production and manufacturing (5)(d)		977			846
Selling and general (5)		295			286
Federal excise tax (a)		312			305
Depreciation and depletion		181			189
Financing costs (6)(e)		(3	)		12

TOTAL EXPENSES		6,298			4,819


INCOME BEFORE INCOME TAXES		965			1,115
INCOME TAXES		284			341

NET INCOME (3)		681			774


NET INCOME PER COMMON SHARE — BASIC (dollars) (8)		0.76			0.82
NET INCOME PER COMMON SHARE — DILUTED (dollars) (8)		0.75			0.81
DIVIDENDS PER COMMON SHARE (dollars) (8)		0.09			0.08



(a) Federal excise tax included in operating revenues		312			305

(b) Amounts from related parties included in operating revenues		591			439

(c) Amounts to related parties included in purchases of crude oil and products		1,259			654

(d) Amounts to related parties included in production and manufacturing expenses		47			43

(e) Amounts to related parties included in financing costs		—			9

The notes to the financial statements are an integral part of these financial statements.

IMPERIAL OIL LIMITED

CONSOLIDATED STATEMENT OF CASH FLOWS
(U.S. GAAP, unaudited)


		Three months
inflow/(outflow)		to March 31
millions of Canadian dollars	2008			2007

OPERATING ACTIVITIES
Net income		681			774
Adjustment for non-cash items:
Depreciation and depletion		181			189
(Gain)/loss on asset sales (4)		(11	)		(131	)
Deferred income taxes and other		(65	)		94
Changes in operating assets and liabilities:
Accounts receivable		(398	)		(116	)
Inventories and prepaids		(572	)		(269	)
Income taxes payable		(11	)		(409	)
Accounts payable		584			270
All other items — net (a)		(91	)		(127	)

CASH FROM (USED IN) OPERATING ACTIVITIES		298			275


INVESTING ACTIVITIES
Additions to property, plant and equipment and intangibles		(260	)		(188	)
Proceeds from asset sales		13			169

CASH FROM (USED IN) INVESTING ACTIVITIES		(247	)		(19	)


FINANCING ACTIVITIES
Reduction in capitalized lease obligations		(1	)		(1	)
Issuance of common shares under stock option plan		4			2
Common shares purchased (8)		(590	)		(569	)
Dividends paid		(82	)		(76	)

CASH FROM (USED IN) FINANCING ACTIVITIES		(669	)		(644	)


INCREASE (DECREASE) IN CASH		(618	)		(388	)
CASH AT BEGINNING OF PERIOD		1,208			2,158


CASH AT END OF PERIOD		590			1,770




(a) Includes contribution to registered pension plans		(147	)		(147	)

The notes to the financial statements are an integral part of these financial statements.

IMPERIAL OIL LIMITED

CONSOLIDATED BALANCE SHEET
(U.S. GAAP, unaudited)


	As at			As at
	Mar.31			Dec.31
millions of Canadian dollars	2008			2007

ASSETS
Current assets
Cash		590			1,208
Accounts receivable, less estimated doubtful accounts		2,530			2,132
Inventories of crude oil and products		1,089			566
Materials, supplies and prepaid expenses		177			128
Deferred income tax assets		745			660

Total current assets		5,131			4,694

Long-term receivables, investments and other long-term assets		769			766

Property, plant and equipment,		23,160			22,962
less accumulated depreciation and depletion		12,521			12,401

Property, plant and equipment, net		10,639			10,561

Goodwill		204			204
Other intangible assets, net		62			62

TOTAL ASSETS		16,805			16,287


LIABILITIES
Current liabilities
Short-term debt		105			105
Accounts payable and accrued liabilities (7)(a)		3,918			3,335
Income taxes payable		1,487			1,498
Current portion of capitalized lease obligations		3			3

Total current liabilities		5,513			4,941

Capitalized lease obligations		37			38
Other long-term obligations (7)		1,801			1,914
Deferred income tax liabilities		1,499			1,471

TOTAL LIABILITIES		8,850			8,364

SHAREHOLDERS’ EQUITY
Common shares at stated value (8)(b)		1,584			1,600
Earnings reinvested (9)		7,100			7,071
Accumulated other comprehensive income (10)		(729	)		(748	)

TOTAL SHAREHOLDERS’ EQUITY		7,955			7,923


TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		16,805			16,287


(a)		Accounts payable and accrued liabilities include amounts to related parties of $300 million (2007 — $260 million).

(b)		Number of common shares outstanding was 892 million (2007 — 903 million).

The notes to the financial statements are an integral part of these financial statements.

Approved by the directors May 1, 2008


/s/ B.H March		/s/ P.A. Smith

Chairman, president and		Senior vice-president,
chief executive officer		finance and administration, and treasurer

IMPERIAL OIL LIMITED

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (unaudited)

1. Basis of financial statement presentation

These unaudited consolidated financial statements have been prepared in accordance with generally accepted accounting principles of the United States of America and follow the same accounting policies and methods of computation as, and should be read in conjunction with, the most recent annual consolidated financial statements. In the opinion of the management, the information furnished herein reflects all known accruals and adjustments necessary for a fair presentation of the financial position of the company as at March 31, 2008, and December 31, 2007, and the results of operations and changes in cash flows for the three months ending March 31, 2008 and 2007. All such adjustments are of a normal recurring nature. The company’s exploration and production activities are accounted for under the “successful efforts” method. Certain reclassifications to the prior year have been made to conform to the 2008 presentation.

The results for the three months ending March 31, 2008, are not necessarily indicative of the operations to be expected for the full year.

All amounts are in Canadian dollars unless otherwise indicated.

2. Accounting changes

Uncertainty in income taxes

As of January 1, 2007, the company adopted the Financial Accounting Standards Board (FASB) Interpretation No. 48 (FIN 48), “Accounting for Uncertainty in Income Taxes”. The cumulative adjustment for the accounting change reported in the first quarter of 2007 was an after-tax gain of $14 million.

Fair value measurements

Effective January 1, 2008, the company adopted the Financial Accounting Standards Board’s (FASB) Statement No. 157 (SFAS 157), “Fair Value Measurements” for financial assets and liabilities that are measured at fair value and nonfinancial assets and liabilities that are remeasured at fair value on a recurring basis. SFAS 157 defines fair value, establishes a framework for measuring fair value when an entity is required to use a fair value measure for recognition or disclosure purposes and expands the disclosures about fair value measurements. The initial application of SFAS 157 has no impact on the company’s financial statements.

On January 1, 2009, the company will adopt SFAS 157 for nonfinancial assets and liabilities that are not remeasured at fair value on a recurring basis. The application of SFAS 157 to the company’s nonfinancial assets and liabilities will mostly be limited to the recognition and measurement of nonmonetary exchange transactions, asset retirement obligations and asset impairments. The company does not expect the adoption to have a material impact on the company’s financial statements.

IMPERIAL OIL LIMITED

3. Business segments


Three months to March 31		Upstream						Downstream						Chemical
millions of dollars		2008			2007		2008			2007			2008			2007

REVENUES AND OTHER INCOME
External sales (a)		1,449			1,139			5,429			4,318			353			310
Intersegment sales		1,292			918			779			506			101			82
Investment and other income		4			135			14			10			1			—

		2,745			2,192			6,222			4,834			455			392

EXPENSES
Exploration (b)		40			28			—			—			—			—
Purchases of crude oil and products		1,085			718			5,234			3,657			349			284
Production and manufacturing		581			509			346			291			50			46
Selling and general		2			2			233			233			18			18
Federal excise tax		—			—			312			305			—			—
Depreciation and depletion		117			124			59			61			3			3
Financing costs		—			2			(4	)		—			—			—

TOTAL EXPENSES		1,825			1,383			6,180			4,547			420			351

INCOME BEFORE INCOME TAXES		920			809			42			287			35			41
INCOME TAXES		270			246			12			89			11			13

NET INCOME		650			563			30			198			24			28

Export sales to the United States		736			475			225			222			221			179
Cash flows from (used in) operating activities		487			267			(174	)		(19	)		(8	)		(52	)
CAPEX (b)		264			171			32			35			2			3
Total assets as at March 31		8,555			7,971			7,539			6,737			516			495
Capital employed as at March 31		4,806			4,319			3,475			3,564			248			319

		Corporate
Three months to March 31		and Other						Eliminations						Consolidated
millions of dollars	2008			2007			2008			2007			2008			2007

REVENUES AND OTHER INCOME
External sales (a)		—			—			—			—			7,231			5,767
Intersegment sales		—			—			(2,172	)		(1,506	)		—			—
Investment and other income		13			22			—			—			32			167

		13			22			(2,172	)		(1,506	)		7,263			5,934

EXPENSES
Exploration (b)		—			—			—			—			40			28
Purchases of crude oil and products		—			—			(2,172	)		(1,506	)		4,496			3,153
Production and manufacturing		—			—			—			—			977			846
Selling and general		42			33			—			—			295			286
Federal excise tax		—			—			—			—			312			305
Depreciation and depletion		2			1			—			—			181			189
Financing costs		1			10			—			—			(3	)		12

TOTAL EXPENSES		45			44			(2,172	)		(1,506	)		6,298			4,819

INCOME BEFORE INCOME TAXES		(32	)		(22	)		—			—			965			1,115
INCOME TAXES		(9	)		(7	)		—			—			284			341

NET INCOME		(23	)		(15	)		—			—			681			774

Export sales to the United States		—			—			—			—			1,182			876
Cash flows from (used in) operating activities		(7	)		79			—			—			298			275
CAPEX (b)		2			7			—			—			300			216
Total assets as at March 31		629			1,777			(434	)		(332	)		16,805			16,648
Capital employed as at March 31		(377	)		832			—			—			8,152			9,034


(a)		Includes crude oil sales made by Downstream 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.

IMPERIAL OIL LIMITED

4. Investment and other income

Investment and other income includes gains and losses on asset sales as follows:


		Three months
		to March 31
millions of dollars	2008		2007

Proceeds from asset sales		13		169
Book value of assets sold		2		38

Gain/(loss) on asset sales, before tax (a)		11		131

Gain/(loss) on asset sales, after tax (a)		9		93


(a)		First quarter of 2007 included a gain of $129 million ($91 million, after tax) from the sale of a producing property.

5. Employee retirement benefits

The components of net benefit cost included in production and manufacturing and selling and general expenses in the consolidated statement of income are as follows:


		Three months
		to March 31
millions of dollars	2008			2007

Pension benefits:
Current service cost		24			25
Interest cost		66			61
Expected return on plan assets		(82	)		(82	)
Amortization of prior service cost		5			5
Recognized actuarial loss		20			19

Net benefit cost		33			28


Other post-retirement benefits:
Current service cost		1			1
Interest cost		6			6
Recognized actuarial loss		1			2

Net benefit cost		8			9

6. Financing costs


		Three months
		to March 31
millions of dollars	2008			2007

Debt related interest		2			16
Capitalized interest		(2	)		(7	)

Net interest expense		—			9
Other interest		(3	)		3

Total financing costs		(3	)		12

IMPERIAL OIL LIMITED

7. Other long-term obligations


	As at		As at
	Mar.31		Dec.31
millions of dollars	2008		2007

Employee retirement benefits (a)		801		954
Asset retirement obligations and other environmental liabilities (b)		520		522
Share-based incentive compensation liabilities		252		210
Other obligations		228		228

Total other long-term obligations		1,801		1,914


(a)		Total recorded employee retirement benefits obligations also include $59 million in current liabilities (December 31, 2007 — $59 million).

(b)		Total asset retirement obligations and other environmental liabilities also include $74 million in current liabilities (December 31, 2007 — $74 million).

8. Common shares


	As at		As at
	Mar.31		Dec.31
thousands of shares	2008		2007

Authorized		1,100,000		1,100,000
Common shares outstanding		892,487		903,263

From 1995 through 2006, the company purchased shares under twelve 12-month normal course issuer bid share repurchase programs, as well as an auction tender. On June 25, 2007, another 12-month normal course issuer bid program was implemented with an allowable purchase of 46.5 million shares (five percent of the total on June 22, 2007), less any shares purchased by the employee savings plan and company pension fund. The results of these activities are as shown below:


	millions of
Year	Shares		Dollars

1995 — 2006		795.6		10,453

2007 — First quarter		13.6		569
— Full year		50.5		2,358

2008 — First quarter		11.0		590

Cumulative purchases to date		857.1		13,401

Exxon Mobil Corporation’s participation in the above share repurchase maintained its ownership interest in Imperial at 69.6 percent.

The excess of the purchase cost over the stated value of shares purchased has been recorded as a distribution of earnings reinvested.

IMPERIAL OIL LIMITED

The following table provides the calculation of net income per common share:


		Three months
		to March 31
	2008		2007

Net income per common share — basic
Net income (millions of dollars)		681		774

Weighted average number of common shares outstanding (millions of shares)		899.7		948.8

Net income per common share (dollars)		0.76		0.82

Net income per common share — diluted
Net income (millions of dollars)		681		774

Weighted average number of common shares outstanding (millions of shares)		899.7		948.8
Effect of employee stock-based awards (millions of shares)		6.3		5.5

Weighted average number of common shares outstanding, assuming dilution (millions of shares)		906.0		954.3

Net income per common share (dollars)		0.75		0.81

9. Earnings reinvested


		Three months
		to March 31
millions of dollars	2008			2007

Earnings reinvested at beginning of period		7,071			6,462
Cumulative effect of accounting change (2)		—			14
Net income for the period		681			774
Share purchases in excess of stated value		(571	)		(545	)
Dividends		(81	)		(75	)

Earnings reinvested at end of period		7,100			6,630

10. Comprehensive income


		Three months
		to March 31
millions of dollars	2008		2007

Net income		681		774

Post-retirement benefit liability adjustment (excluding amortization)		—		(28	)
Amortization of post retirement benefit liability adjustment included in net periodic benefit costs		19		17

Other comprehensive income (net of income taxes)		19		(11	)


Total comprehensive income		700		763

IMPERIAL OIL LIMITED

OPERATING STATISTICS
(unaudited)


		Three months
		to March 31
	2008		2007

GROSS CRUDE OIL AND NGL PRODUCTION (thousands of barrels a day)
Cold Lake		154		144
Syncrude		67		74
Conventional		27		30

Total crude oil production		248		248
Natural gas liquids (NGLs) available for sale		12		18

Total crude oil and NGL production		260		266


NET CRUDE OIL AND NGL PRODUCTION (thousands of barrels a day)
Cold Lake		131		123
Syncrude		57		63
Conventional		20		22

Total crude oil production		208		208
Natural gas liquids (NGLs) available for sale		8		14

Total crude oil and NGL production		216		222


COLD LAKE BLEND SALES (thousands of barrels a day)		204		194
NGL SALES (thousands of barrels a day)		17		29

NATURAL GAS (millions of cubic feet a day)
Production (gross)		325		525
Production (net)		259		456
Sales		294		478

AVERAGE REALIZATIONS AND PRICES (Canadian dollars)
Conventional crude oil realizations (a barrel)		93.27		62.25
NGL realizations (a barrel)		58.67		43.68
Natural gas realizations (a thousand cubic feet)		8.00		7.75
Par crude oil price at Edmonton (a barrel)		98.58		67.89
Heavy crude oil at Hardisty (Bow River, a barrel)		77.64		51.34

TOTAL REFINERY THROUGHPUT (thousands of barrels a day)		425		441
REFINERY CAPACITY UTILIZATION (percent)		85		88

PETROLEUM PRODUCTS SALES (millions of litres a day)
Gasolines		31.1		30.1
Heating, diesel and jet fuels		26.4		28.4
Heavy fuel oils		4.6		3.9
Lube oils and other products		6.0		5.8

Net petroleum products sales		68.1		68.2


PETROCHEMICAL SALES (thousands of tonnes a day)		3.1		3.0

IMPERIAL OIL LIMITED

SHARE OWNERSHIP, TRADING AND PERFORMANCE
(unaudited)


		Three months
		to March 31
	2008		2007

RETURN ON AVERAGE CAPITAL EMPLOYED (a)
(rolling 4 quarters, percent)		36.0		36.9

RETURN ON AVERAGE SHAREHOLDERS’ EQUITY
(rolling 4 quarters, percent)		39.7		44.3

INTEREST COVERAGE RATIO — EARNINGS BASIS
(rolling 4 quarters, times covered)		89.1		67.5

SHARE OWNERSHIP
Outstanding shares (thousands)
Monthly weighted average		899,736		948,751
At March 31		892,487		939,564
Number of shareholders
At March 31		13,172		13,424

SHARE PRICES
Toronto Stock Exchange (Canadian dollars)
High		58.09		43.75
Low		45.80		37.40
Close at March 31		53.80		42.80

American Stock Exchange (U.S. dollars) (b)
High		58.91		38.29
Low		44.30		31.87
Close at March 31		52.26		37.12


(a)		Return on capital employed is net income excluding the after-tax cost of financing divided by the average rolling four quarters’ capital employed.

(b)		Share price presented is based on consolidated U.S. market data.


Canada	0-12014	98-0017682

(State or other jurisdiction	(Commission File Number)	(IRS Employer Identification No.)
of incorporation)


237 Fourth Avenue S.W., Calgary, Alberta		T2P 3M9

(Address of principal executive offices)		(Zip Code)

o		Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

o		Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

o		Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

o		Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))


	IMPERIAL OIL LIMITED

Date: May 1, 2008

	By:	/s/ Brian Livingston

	Name:	Brian Livingston
	Title:	Vice-President, General Counsel and Corporate Secretary

	By:	/s/ Brent Latimer

	Name:	Brent Latimer
	Title:	Assistant Secretary