|
| |||||
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) | |||||
|
| |||||
(Address of principal executive offices) |
(Postal Code) |
Title of each class |
Trading symbol |
Name of each exchange on which registered | ||
None |
None |
|
✓ |
Smaller reporting company |
___ _ |
|||||
Non-accelerated filer |
____ |
Emerging growth company |
|
| ||||
Accelerated filer |
____ |
3 |
||||
3 |
||||
3 |
||||
4 |
||||
5 |
||||
6 |
||||
7 |
||||
8 |
||||
19 |
||||
25 |
||||
25 |
||||
26 |
||||
26 |
||||
27 |
||||
28 |
Item 1. |
Financial statements |
Second Quarter |
Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Revenues and other income |
||||||||||||||||
Revenues (a) |
||||||||||||||||
Investment and other income (note 4) |
||||||||||||||||
Total revenues and other income |
||||||||||||||||
Expenses |
||||||||||||||||
Exploration |
||||||||||||||||
Purchases of crude oil and products (b) |
||||||||||||||||
Production and manufacturing (c) |
||||||||||||||||
Selling and general (c) |
||||||||||||||||
Federal excise tax and fuel charge |
||||||||||||||||
Depreciation and depletion |
||||||||||||||||
Non-service pension and postretirement benefit |
||||||||||||||||
Financing (d) (note 6) |
||||||||||||||||
Total expenses |
||||||||||||||||
Income (loss) before income taxes |
||||||||||||||||
Income taxes |
( |
) |
( |
) |
||||||||||||
Net income (loss) |
||||||||||||||||
Per share information (Canadian dollars) |
||||||||||||||||
Net income (loss) per common share - basic (note 11) |
||||||||||||||||
Net income (loss) per common share - diluted (note 11) |
||||||||||||||||
(a) Amounts from related parties included in revenues. |
||||||||||||||||
(b) Amounts to related parties included in purchases of crude oil and products. |
||||||||||||||||
(c) Amounts to related parties included in production and manufacturing, and selling and general expenses. |
||||||||||||||||
(d) Amounts to related parties included in financing, (note 6). |
Second Quarter |
Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Net income (loss) |
|
|
|
|
||||||||||||
Other comprehensive income (loss), net of income taxes |
||||||||||||||||
Postretirement benefits liability adjustment (excluding amortization) |
|
|
|
( |
) | |||||||||||
Amortization of postretirement benefits liability adjustment included in net periodic benefit costs |
|
|
|
|
||||||||||||
Total other comprehensive income (loss) |
|
|
|
|
||||||||||||
Comprehensive income (loss) |
|
|
|
|
As at June 30 |
As at Dec 31 |
|||||||
millions of Canadian dollars |
2019 |
2018 |
||||||
Assets |
||||||||
Current assets |
||||||||
Cash |
|
|
||||||
Accounts receivable, less estimated doubtful accounts (a) |
|
|
||||||
Inventories of crude oil and products |
|
|
||||||
Materials, supplies and prepaid expenses |
|
|
||||||
Total current assets |
|
|
||||||
Investments and long-term receivables (b) |
|
|
||||||
Property, plant and equipment, |
|
|
||||||
less accumulated depreciation and depletion |
( |
) |
( |
) | ||||
Property, plant and equipment, net |
|
|
||||||
Goodwill |
|
|
||||||
Other assets, including intangibles, net |
|
|
||||||
Total assets |
|
|
||||||
Liabilities |
||||||||
Current liabilities |
||||||||
Notes and loans payable (c) |
|
|
||||||
Accounts payable and accrued liabilities (a) (note 9) |
|
|
||||||
Income taxes payable |
|
|
||||||
Total current liabilities |
|
|
||||||
Long-term debt (d) (note 7) |
|
|
||||||
Other long-term obligations (e) (note 9) |
|
|
||||||
Deferred income tax liabilities |
|
|
||||||
Total liabilities |
|
|
||||||
Shareholders’ equity |
||||||||
Common shares at stated value (f) (note 11) |
|
|
||||||
Earnings reinvested |
|
|
||||||
Accumulated other comprehensive income (loss) (note 12) |
( |
) |
( |
) | ||||
Total shareholders’ equity |
|
|
||||||
Total liabilities and shareholders’ equity |
|
|
(a) | Accounts receivable, less estimated doubtful accounts included net amounts receivable from related parties of $ |
(b) | Investments and long-term receivables included amounts from related parties of $ |
(c) | Notes and loans payable included amounts to related parties of $ |
(d) | Long-term debt included amounts to related parties of $ |
(e) | Other long-term obligations included amounts to related parties of $ |
(f) | Number of common shares authorized and outstanding were |
Second Quarter |
Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Common shares at stated value (note 11) |
||||||||||||||||
At beginning of period |
|
|
|
|
||||||||||||
Issued under the stock option plan |
|
|
|
|
||||||||||||
Share purchases at stated value |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
At end of period |
|
|
|
|
||||||||||||
Earnings reinvested |
||||||||||||||||
At beginning of period |
|
|
|
|
||||||||||||
Net income (loss) for the period |
|
|
|
|
||||||||||||
Share purchases in excess of stated value |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Dividends declared |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
At end of period |
|
|
|
|
||||||||||||
Accumulated other comprehensive income (loss) (note 12) |
||||||||||||||||
At beginning of period |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Other comprehensive income (loss) |
|
|
|
|
||||||||||||
At end of period |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
Shareholders’ equity at end of period |
|
|
|
|
Inflow (outflow) |
Second Quarter |
Six Months to June 30 |
||||||||||||||
millions of Canadian dollars |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Operating activities |
||||||||||||||||
Net income (loss) |
||||||||||||||||
Adjustments for non-cash items: |
||||||||||||||||
Depreciation and depletion |
||||||||||||||||
(Gain) loss on asset sales (note 4) |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Deferred income taxes and other |
( |
) |
( |
) |
||||||||||||
Changes in operating assets and liabilities: |
||||||||||||||||
Accounts receivable |
( |
) | ( |
) |
||||||||||||
Inventories, materials, supplies and prepaid expenses |
( |
) |
( |
) |
( |
) | ||||||||||
Income taxes payable |
( |
) |
( |
) |
||||||||||||
Accounts payable and accrued liabilities |
( |
) |
||||||||||||||
All other items - net (a) (b) |
||||||||||||||||
Cash flows from (used in) operating activities |
||||||||||||||||
Investing activities |
||||||||||||||||
Additions to property, plant and equipment (b) |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Proceeds from asset sales (note 4) |
||||||||||||||||
Loan to equity company |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Cash flows from (used in) investing activities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Financing activities |
||||||||||||||||
Reduction in finance lease obligations (note 8) |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Dividends paid |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Common shares purchased (note 11) |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Cash flows from (used in) financing activities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Increase (decrease) in cash |
( |
) | ( |
) | ||||||||||||
Cash at beginning of period |
||||||||||||||||
Cash at end of period (c) |
||||||||||||||||
(a) Included contribution to registered pension plans. |
( |
) |
( |
) | ( |
) |
( |
) |
Second Quarter |
|
Upstream |
|
Downstream |
|
|
Chemical | |||||||||||||
millions of Canadian dollars |
|
2019 |
|
|
2018 |
|
2019 |
|
|
2018 |
|
|
2019 |
|
2018 | |||||
Revenues and other income |
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||
Intersegment sales |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Investment and other income (note 4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||
Expenses |
|
|
|
|
|
|
|
|
|
| ||||||||||
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Purchases of crude oil and products |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Production and manufacturing |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Selling and general |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Federal excise tax and fuel charge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Depreciation and depletion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Non-service pension and postretirement benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Financing (note 6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Total expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Income (loss) before income taxes |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
| |||||
Income taxes |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
| |||||
Net income (loss) |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
| |||||
Cash flows from (used in) operating activities |
|
|
|
|
( |
) |
|
|
|
|
|
|
|
|
| |||||
Capital and exploration expenditures (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Second Quarter |
|
Corporate and other |
|
Eliminations |
|
|
Consolidated | |||||||||||||
millions of Canadian dollars |
|
2019 |
|
|
2018 |
|
2019 |
|
|
2018 |
|
|
2019 |
|
2018 | |||||
Revenues and other income |
|
|
|
|
|
|
|
|
|
| ||||||||||
Revenues (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Intersegment sales |
|
|
|
|
|
|
( |
) |
|
( |
) |
|
|
| ||||||
Investment and other income (note 4) |
|
|
|
|
|
|
|
|
|
|
|
|
|
27 | ||||||
|
|
|
|
|
|
( |
) |
|
( |
) |
|
|
| |||||||
Expenses |
|
|
|
|
|
|
|
|
| |||||||||||
Exploration |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 | ||||||
Purchases of crude oil and products |
|
|
|
|
|
|
( |
) |
|
( |
) |
|
|
6,537 | ||||||
Production and manufacturing |
|
|
|
|
|
|
|
|
|
|
|
|
|
1,646 | ||||||
Selling and general |
|
|
|
|
|
|
( |
) |
|
( |
) |
|
|
273 | ||||||
Federal excise tax and fuel charge |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
412 | |||||
Depreciation and depletion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
358 | |||||
Non-service pension and postretirement benefit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |||||
Financing (note 6) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 | |||||
Total expenses |
|
|
|
|
|
|
( |
) |
|
( |
) |
|
|
|
| |||||
Income (loss) before income taxes |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
264 | |||||
Income taxes |
|
|
|
|
( |
) |
|
|
|
|
|
|
( |
) |
68 | |||||
Net income (loss) |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
196 | |||||
Cash flows from (used in) operating activities |
|
( |
) |
|
( |
) |
|
|
|
|
|
|
|
|
859 | |||||
Capital and exploration expenditures (b) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) | Included export sales to the United States of $ |
(b) | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. |
Six Months to June 30 |
Upstream |
Downstream |
Chemical | |||||||||
millions of Canadian dollars |
2019 |
2018 |
2019 |
2018 |
2019 |
2018 | ||||||
Revenues and other income |
| |||||||||||
Revenues (a) |
|
|
|
|
|
| ||||||
Intersegment sales |
|
|
|
|
|
| ||||||
Investment and other income (note 4) |
|
|
|
|
|
| ||||||
|
|
|
|
|
| |||||||
Expenses |
| |||||||||||
Exploration |
|
|
|
|
|
| ||||||
Purchases of crude oil and products |
|
|
|
|
|
| ||||||
Production and manufacturing |
|
|
|
|
|
| ||||||
Selling and general |
|
|
|
|
|
| ||||||
Federal excise tax and fuel charge |
|
|
|
|
|
| ||||||
Depreciation and depletion |
|
|
|
|
|
| ||||||
Non-service pension and postretirement benefit |
|
|
|
|
|
| ||||||
Financing (note 6) |
|
|
|
|
|
| ||||||
Total expenses |
|
|
|
|
|
| ||||||
Income (loss) before income taxes |
|
( |
) | |
|
|
| |||||
Income taxes |
( |
) |
( |
) | |
|
|
| ||||
Net income (loss) |
|
( |
) | |
|
|
| |||||
Cash flows from (used in) operating activities |
|
|
|
|
|
| ||||||
Capital and exploration expenditures (b) |
|
|
|
|
|
| ||||||
Total assets as at June 30 (c) (d) |
|
|
|
|
|
| ||||||
Six Months to June 30 |
Corporate and other |
Eliminations |
Consolidated | |||||||||
millions of Canadian dollars |
2019 |
2018 |
2019 |
2018 |
2019 |
2018 | ||||||
Revenues and other income |
| |||||||||||
Revenues (a) |
|
|
|
|
|
| ||||||
Intersegment sales |
|
|
( |
) |
( |
) | |
| ||||
Investment and other income (note 4) |
|
|
- |
- |
|
| ||||||
|
|
( |
) |
( |
) | |
| |||||
Expenses |
| |||||||||||
Exploration |
|
|
|
|
|
| ||||||
Purchases of crude oil and products |
|
|
( |
) | ( |
) | |
| ||||
Production and manufacturing |
|
|
|
|
|
| ||||||
Selling and general |
|
|
( |
) | ( |
) | |
| ||||
Federal excise tax and fuel charge |
|
|
|
|
|
| ||||||
Depreciation and depletion |
|
|
|
|
|
| ||||||
Non-service pension and postretirement benefit |
|
|
|
|
|
| ||||||
Financing (note 6) |
|
|
|
|
|
| ||||||
Total expenses |
|
|
( |
) |
( |
) | |
| ||||
Income (loss) before income taxes |
( |
) |
( |
) | |
|
|
| ||||
Income taxes |
( |
) |
( |
) | |
|
( |
) |
| |||
Net income (loss) |
( |
) |
( |
) | |
|
|
| ||||
Cash flows from (used in) operating activities |
( |
) |
( |
) | |
|
|
| ||||
Capital and exploration expenditures (b) |
|
|
|
|
|
| ||||||
Total assets as at June 30 (c) (d) |
|
|
( |
) | ( |
) | |
|
(a) | Included export sales to the United States of $ |
(b) | Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. |
(c) | Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842) |
(d) | The company removed $ |
Second Quarter |
Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Proceeds from asset sales |
|
|
|
|
||||||||||||
Book value of asset sales |
|
|
|
|
||||||||||||
Gain (loss) on asset sales, before tax |
|
|
|
|
||||||||||||
Gain (loss) on asset sales, after tax |
|
|
|
|
Second Quarter |
Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Pension benefits: |
||||||||||||||||
Current service cost |
|
|
|
|
||||||||||||
Interest cost |
|
|
|
|
||||||||||||
Expected return on plan assets |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Amortization of prior service cost |
|
|
|
|
||||||||||||
Amortization of actuarial loss (gain) |
|
|
|
|
||||||||||||
Net periodic benefit cost |
|
|
|
|
||||||||||||
Other postretirement benefits: |
||||||||||||||||
Current service cost |
|
|
|
|
||||||||||||
Interest cost |
|
|
|
|
||||||||||||
Amortization of actuarial loss (gain) |
( |
) |
|
( |
) |
|
||||||||||
Net periodic benefit cost |
|
|
|
|
Second Quarter |
Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Debt-related interest |
|
|
|
|
||||||||||||
Capitalized interest |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Net interest expense |
|
|
|
|
||||||||||||
Other interest |
|
|
|
|
||||||||||||
Total financing |
|
26 |
|
|
As at June 30 |
As at Dec 31 |
|||||||||||||||
millions of Canadian dollars |
2019 |
2018 |
||||||||||||||
Long-term debt |
|
|
||||||||||||||
Finance leases (a) |
|
|
||||||||||||||
Total long-term debt |
|
|
(a) | Maturity analysis of finance lease liabilities is disclosed in note 8. |
Second Quarter 2019 |
Six Months to June 30 2019 |
|||||||||||||||
millions of Canadian dollars |
Operating leases |
Finance leases |
Operating leases |
Finance leases |
||||||||||||
Operating lease cost |
|
|
||||||||||||||
Short-term and other (net of sublease rental income) |
|
|
||||||||||||||
Amortization of right of use assets |
|
|
||||||||||||||
Interest on lease liabilities |
|
|
||||||||||||||
Total lease cost |
|
|
|
|
As at June 30 2019 |
||||||||||||||||
millions of Canadian dollars |
Operating leases |
Finance leases |
||||||||||||||
Right of use assets |
||||||||||||||||
Included in Other assets, including intangibles, net |
|
|||||||||||||||
Included in Property, plant and equipment, net |
|
|||||||||||||||
Total right of use assets |
|
|
||||||||||||||
Lease liability due within one year |
||||||||||||||||
Included in Accounts payable and accrued liabilities |
|
|
||||||||||||||
Included in Notes and loans payable |
|
|||||||||||||||
Long-term lease liability |
||||||||||||||||
Included in Other long-term obligations |
|
|
||||||||||||||
Included in Long-term debt |
|
|||||||||||||||
Total lease liability |
|
|
As at June 30 2019 |
||||||||||||||||
millions of Canadian dollars, unless noted |
Operating leases |
Finance leases |
||||||||||||||
Maturity analysis of lease liabilities |
||||||||||||||||
2019 remaining months |
|
|
||||||||||||||
2020 |
|
|
||||||||||||||
2021 |
|
|
||||||||||||||
2022 |
|
|
||||||||||||||
2023 |
|
|
||||||||||||||
2024 |
|
|
||||||||||||||
2025 and beyond |
|
|
||||||||||||||
Total lease payments |
|
|
||||||||||||||
Discount to present value |
( |
) | ( |
) | ||||||||||||
Total lease liability |
|
|
||||||||||||||
Weighted average remaining lease term (years) |
|
|
||||||||||||||
Weighted average discount rate (percent) |
|
|
Second Quarter 2019 |
Six Months to June 30 2019 |
|||||||||||||||
millions of Canadian dollars |
Operating leases |
Finance leases |
Operating leases |
Finance leases |
||||||||||||
Cash paid for amounts included in the measurement of lease liabilities |
||||||||||||||||
Cash flows from operating activities |
|
|
||||||||||||||
Cash flows from financing activities |
|
|
||||||||||||||
Non-cash right of use assets recorded for lease liabilities |
||||||||||||||||
For January 1 adoption of Leases (Topic 842) |
|
|||||||||||||||
In exchange for new lease liabilities during the period |
|
millions of Canadian dollars |
As at Dec 31 2018 |
|||
Payments due by period |
|
|||
2019 |
|
|
| |
2020 |
|
|||
2021 |
|
|||
2022 |
|
|||
2023 |
|
|||
2024 and beyond |
|
|||
Total lease payments under minimum commitments (a) |
|
(a) | Net rental cost under cancelable and non-cancelable operating leases incurred in 2018 was $ |
As at |
As at |
|||||||
June 30 |
Dec 31 |
|||||||
millions of Canadian dollars |
2019 |
2018 |
||||||
Employee retirement benefits (a) |
|
|
||||||
Asset retirement obligations and other environmental liabilities (b) |
|
|
||||||
Share-based incentive compensation liabilities |
|
|
||||||
Operating lease liability (c) |
|
|
||||||
Other obligations |
|
|
||||||
Total other long-term obligations |
|
|
(a) | Total recorded employee retirement benefits obligations also included $ |
(b) | Total asset retirement obligations and other environmental liabilities also included $ |
(c) | Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard, Leases (Topic 842) |
thousands of shares |
As of June 30 2019 |
As of Dec 31 2018 |
||||||||||||||
Authorized |
1,100,000 |
1,100,000 |
||||||||||||||
Common shares outstanding |
|
|
Thousands of shares |
Millions of dollars |
|||||||||||||||
Balance as at December 31, 2017 |
|
|
||||||||||||||
Issued under employee share-based awards |
|
|
||||||||||||||
Purchases at stated value |
( |
) | ( |
) | ||||||||||||
Balance as at December 31, 2018 |
|
|
||||||||||||||
Issued under employee share-based awards |
|
|
||||||||||||||
Purchases at stated value |
( |
) |
( |
) | ||||||||||||
Balance as at June 30, 2019 |
|
|
Second Quarter |
Six Months to June 30 |
|||||||||||||||
2019 |
2018 |
2019 |
2018 |
|||||||||||||
Net income (loss) per common share - basic |
||||||||||||||||
Net income (loss) (millions of Canadian dollars) |
|
196 |
|
|
||||||||||||
Weighted average number of common shares outstanding (millions of shares) |
|
|
|
|
||||||||||||
Net income (loss) per common share (dollars) |
|
|
1.95 |
|
||||||||||||
Net income (loss) per common share - diluted |
||||||||||||||||
Net income (loss) (millions of Canadian dollars) |
|
196 |
|
|
||||||||||||
Weighted average number of common shares outstanding (millions of shares) |
|
|
|
|
||||||||||||
Effect of employee share-based awards (millions of shares) |
|
|
|
|
||||||||||||
Weighted average number of common shares outstanding, assuming dilution (millions of shares) |
|
|
|
|
||||||||||||
Net income (loss) per common share (dollars) |
1.57 |
|
|
|
||||||||||||
Dividends per common share - declared (dollars) |
|
|
|
|
millions of Canadian dollars |
2019 |
2018 |
||||||||||||||
Balance at January 1 |
( |
) |
( |
) | ||||||||||||
Postretirement benefits liability adjustment: |
||||||||||||||||
Current period change excluding amounts reclassified from accumulated other comprehensive income |
|
( |
) | |||||||||||||
Amounts reclassified from accumulated other comprehensive income |
|
|
||||||||||||||
Balance at June 30 |
( |
) |
( |
) |
Second Quarter |
Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Amortization of postretirement benefits liability adjustment included in net periodic benefit cost (a) |
( |
) |
( |
) | ( |
) |
( |
) |
(a) | This accumulated other comprehensive income component is included in the computation of net periodic benefit cost, (note 5). |
Second Quarter |
Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2019 |
2018 |
2019 |
2018 |
||||||||||||
Postretirement benefits liability adjustments: |
||||||||||||||||
Postretirement benefits liability adjustment (excluding amortization) |
|
|
|
( |
) | |||||||||||
Amortization of postretirement benefits liability adjustment included in net periodic benefit cost |
|
|
|
|
||||||||||||
Total |
|
|
|
|
Item 2. |
Management’s discussion and analysis of financial condition and results of operations |
Item 3. |
Quantitative and qualitative disclosures about market risk |
Item 4. |
Controls and procedures |
Item 2. |
Unregistered sales of equity securities and use of proceeds |
Total number of shares purchased |
Average price paid per share (Canadian dollars) |
Total number of shares purchased as part of publicly announced plans or programs |
Maximum number of shares that may yet be purchased under the plans or programs (a) (b) |
|||||||||||||||
April 2019 |
||||||||||||||||||
(April 1 - April 30) |
3,378,870 |
38.43 |
3,378,870 |
6,436,046 |
||||||||||||||
May 2019 |
||||||||||||||||||
(May 1 - May 31) |
3,539,821 |
37.63 |
3,539,821 |
2,896,225 |
||||||||||||||
June 2019 |
||||||||||||||||||
(June 1 - June 26) (a) |
2,896,225 |
36.42 |
2,896,225 |
- |
||||||||||||||
(June 27 - June 30) (b) |
- |
- |
- |
38,211,086 |
(c) | |||||||||||||
(a) | The 12-month normal course issuer bid program that was in place during the second quarter of 2019, came into effect on June 27, 2018. The program enabled the company to purchase up to a maximum of 40,391,196 common shares (5 percent of the total shares on June 13, 2018), which included shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. Exxon Mobil Corporation participated to maintain its ownership percentage at approximately 69.6 percent. |
(b) | On June 21, 2019, the company announced by news release that it had received final approval from the Toronto Stock Exchange for a new normal course issuer bid and will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 38,211,086 common shares during the period June 27, 2019 to June 26, 2020. This maximum includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 69.6 percent. The program will end should the company purchase the maximum allowable number of shares, or on June 26, 2020. |
(c) | In its most recent quarterly earnings release, the company stated that it currently anticipates exercising its share purchases uniformly over the duration of the program. Purchase plans may be modified at any time without prior notice. |
Item 6. |
Exhibits |
(31.1) |
(31.2) |
(32.1) |
(32.2) |
(101) Interactive data files. |
Imperial Oil Limited (Registrant) | ||||
Date: August 7, 2019 |
/s/ Daniel E. Lyons --------------------------------------------------- | |||
(Signature) | ||||
Daniel E. Lyons | ||||
Senior vice-president, finance and administration, and controller (Principal accounting officer) |
Date: August 7, 2019 |
/s/ Cathryn Walker --------------------------------------------------- | |||
(Signature) | ||||
Cathryn Walker | ||||
Assistant corporate secretary |
IMPERIAL OIL LIMITED
Exhibit (31.1)
Certification
Pursuant to Securities Exchange Act Rule 13a-14(a)
I, Richard M. Kruger, certify that:
1. | I have reviewed this quarterly report on Form 10-Q of Imperial Oil Limited; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: August 7, 2019
/s/ Richard M. Kruger
------------------------------------------- |
Richard M. Kruger
Chairman, president and
chief executive officer
(Principal executive officer)
29
IMPERIAL OIL LIMITED
Exhibit (31.2)
Certification
Pursuant to Securities Exchange Act Rule 13a-14(a)
I, Daniel E. Lyons, certify that:
1. | I have reviewed this quarterly report on Form 10-Q of Imperial Oil Limited; |
2. | Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; |
3. | Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report; |
4. | The registrants other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have: |
(a) | Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; |
(b) | Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; |
(c) | Evaluated the effectiveness of the registrants disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and |
(d) | Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the registrants most recent fiscal quarter (the registrants fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and |
5. | The registrants other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrants auditors and the audit committee of the registrants board of directors (or persons performing the equivalent functions): |
(a) | All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrants ability to record, process, summarize and report financial information; and |
(b) | Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrants internal control over financial reporting. |
Date: August 7, 2019
/s/ Daniel E. Lyons
---------------------------------------------------
Daniel E. Lyons
Senior vice-president, finance and
administration, and controller
(Principal financial officer)
30
IMPERIAL OIL LIMITED
Exhibit (32.1)
Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Richard M. Kruger, the chief executive officer of Imperial Oil Limited (the company), hereby certifies that, to his knowledge:
(i) | The quarterly report on Form 10-Q of the company for the quarter ended June 30, 2019 as filed with the Securities and Exchange Commission (the Report), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(ii) | The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the company. |
Date: August 7, 2019
/s/ Richard M. Kruger
----------------------------------------------
Richard M. Kruger
Chairman, president and
chief executive officer
(Principal executive officer)
31
IMPERIAL OIL LIMITED
Exhibit (32.2)
Certification of Periodic Financial Report
Pursuant to 18 U.S.C. Section 1350
For purposes of 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, the undersigned, Daniel E. Lyons, the chief financial officer of Imperial Oil Limited (the company), hereby certifies that, to his knowledge:
(i) | The quarterly report on Form 10-Q of the company for the quarter ended June 30, 2019 as filed with the Securities and Exchange Commission (the Report), fully complies with the requirements of section 13(a) or 15(d) of the Securities Exchange Act of 1934; and |
(ii) | The information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the company. |
Date: August 7, 2019
/s/ Daniel E. Lyons
----------------------------------------------------
Daniel E. Lyons
Senior vice-president, finance and
administration, and controller
(Chief financial officer)
32
Consolidated statement of income - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||||||||||||||||
Revenues and other income | |||||||||||||||||||||
Revenues | [1] | $ 9,228 | [2] | $ 9,516 | [2] | $ 17,193 | [3] | $ 17,416 | [3] | ||||||||||||
Investment and other income (note 4) | 33 | 27 | 50 | 61 | |||||||||||||||||
Total revenues and other income | 9,261 | 9,543 | 17,243 | 17,477 | |||||||||||||||||
Expenses | |||||||||||||||||||||
Exploration | 5 | 1 | 38 | 9 | |||||||||||||||||
Purchases of crude oil and products | [4] | 5,662 | 6,537 | 10,557 | 11,317 | ||||||||||||||||
Production and manufacturing | [5] | 1,715 | 1,646 | 3,310 | 3,077 | ||||||||||||||||
Selling and general | [5] | 236 | 273 | 449 | 467 | ||||||||||||||||
Federal excise tax and fuel charge | 463 | 412 | 857 | 809 | |||||||||||||||||
Depreciation and depletion | 392 | 358 | 782 | 735 | |||||||||||||||||
Non-service pension and postretirement benefit | 36 | 26 | 72 | 53 | |||||||||||||||||
Financing (note 6) | [6] | 23 | 26 | 51 | 49 | ||||||||||||||||
Total expenses | 8,532 | 9,279 | 16,116 | 16,516 | |||||||||||||||||
Income (loss) before income taxes | 729 | 264 | 1,127 | 961 | |||||||||||||||||
Income taxes | (483) | 68 | (378) | 249 | |||||||||||||||||
Net income (loss) | $ 1,212 | $ 196 | $ 1,505 | $ 712 | |||||||||||||||||
Per share information (Canadian dollars) | |||||||||||||||||||||
Net income (loss) per common share - basic (note 11) | $ 1.58 | $ 0.24 | $ 1.95 | $ 0.86 | |||||||||||||||||
Net income (loss) per common share - diluted (note 11) | $ 1.57 | $ 0.24 | $ 1.94 | $ 0.86 | |||||||||||||||||
|
Consolidated statement of income (Parenthetical) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Amounts from related parties included in revenues | $ 2,234 | $ 1,769 | $ 3,956 | $ 3,142 |
Amounts to related parties included in purchases of crude oil and products | 908 | 1,374 | 1,636 | 2,266 |
Amounts to related parties included in production and manufacturing, and selling and general expenses | 161 | 156 | 322 | 297 |
Amounts to related parties included in financing (note 6) | $ 24 | $ 22 | $ 52 | $ 42 |
Consolidated statement of comprehensive income - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Net income (loss) | $ 1,212 | $ 196 | $ 1,505 | $ 712 |
Other comprehensive income (loss), net of income taxes | ||||
Postretirement benefits liability adjustment (excluding amortization) | 0 | 0 | 18 | (19) |
Amortization of postretirement benefits liability adjustment included in net periodic benefit costs | 28 | 33 | 55 | 67 |
Total other comprehensive income (loss) | 28 | 33 | 73 | 48 |
Comprehensive income (loss) | $ 1,240 | $ 229 | $ 1,578 | $ 760 |
Consolidated balance sheet - CAD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Current assets | ||||||||||||||||||||||
Cash | $ 1,087 | [1] | $ 988 | |||||||||||||||||||
Accounts receivable, less estimated doubtful accounts | [2] | 3,134 | 2,529 | |||||||||||||||||||
Inventories of crude oil and products | 1,228 | 1,297 | ||||||||||||||||||||
Materials, supplies and prepaid expenses | 631 | 541 | ||||||||||||||||||||
Total current assets | 6,080 | 5,355 | ||||||||||||||||||||
Investments and long-term receivables | [3] | 894 | 857 | |||||||||||||||||||
Property, plant and equipment, | 54,263 | 53,944 | ||||||||||||||||||||
less accumulated depreciation and depletion | (20,025) | (19,719) | ||||||||||||||||||||
Property, plant and equipment, net | 34,238 | 34,225 | ||||||||||||||||||||
Goodwill | 186 | 186 | ||||||||||||||||||||
Other assets, including intangibles, net | 531 | 833 | ||||||||||||||||||||
Total assets | 41,929 | [4],[5] | 41,456 | |||||||||||||||||||
Current liabilities | ||||||||||||||||||||||
Notes and loans payable | [6] | 200 | 202 | |||||||||||||||||||
Accounts payable and accrued liabilities (note 9) | [2] | 3,985 | 3,688 | |||||||||||||||||||
Income taxes payable | 28 | 65 | ||||||||||||||||||||
Total current liabilities | 4,213 | 3,955 | ||||||||||||||||||||
Long-term debt (note 7) | [7] | 4,968 | 4,978 | |||||||||||||||||||
Other long-term obligations (note 9) | [8] | 3,076 | 2,943 | |||||||||||||||||||
Deferred income tax liabilities | 4,650 | 5,091 | ||||||||||||||||||||
Total liabilities | 16,907 | 16,967 | ||||||||||||||||||||
Shareholders' equity | ||||||||||||||||||||||
Common shares at stated value (note 11) | [9] | 1,410 | 1,446 | |||||||||||||||||||
Earnings reinvested | 25,056 | 24,560 | ||||||||||||||||||||
Accumulated other comprehensive income (loss) (note 12) | (1,444) | (1,517) | ||||||||||||||||||||
Total shareholders' equity | 25,022 | 24,489 | ||||||||||||||||||||
Total liabilities and shareholders' equity | $ 41,929 | $ 41,456 | ||||||||||||||||||||
|
Consolidated balance sheet (Parenthetical) - CAD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Amounts receivable (payable) from (to) related parties | $ 1,200 | $ 666 |
Due to related parties, current | $ 75 | $ 75 |
Common shares authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 763,000,000 | 783,000,000 |
Investments and Long Term Receivables | ||
Due from related parties | $ 249 | $ 146 |
Long-term debt | ||
Due to related parties | 4,447 | 4,447 |
Other long-term obligations | ||
Due to related parties | $ 0 | $ 15 |
Consolidated statement of cash flows - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
||||||||
Operating activities | |||||||||||
Net income (loss) | $ 1,212 | $ 196 | $ 1,505 | $ 712 | |||||||
Adjustments for non-cash items: | |||||||||||
Depreciation and depletion | 392 | 358 | 782 | 735 | |||||||
(Gain) loss on asset sales (note 4) | (11) | (9) | (6) | (19) | |||||||
Deferred income taxes and other | (471) | 24 | (475) | 209 | |||||||
Changes in operating assets and liabilities: | |||||||||||
Accounts receivable | 99 | (340) | (605) | 87 | |||||||
Inventories, materials, supplies and prepaid expenses | (40) | 40 | (21) | (177) | |||||||
Income taxes payable | (9) | 16 | (37) | 32 | |||||||
Accounts payable and accrued liabilities | (175) | 439 | 728 | 24 | |||||||
All other items - net | [1],[2] | 29 | 135 | 158 | 241 | ||||||
Cash flows from (used in) operating activities | 1,026 | 859 | 2,029 | 1,844 | |||||||
Investing activities | |||||||||||
Additions to property, plant and equipment | [2] | (394) | (357) | (825) | (728) | ||||||
Proceeds from asset sales (note 4) | 14 | 9 | 36 | 21 | |||||||
Loan to equity company | (49) | (31) | (103) | (37) | |||||||
Cash flows from (used in) investing activities | (429) | (379) | (892) | (744) | |||||||
Financing activities | |||||||||||
Reduction in finance lease obligations (note 8) | (6) | (7) | (13) | (13) | |||||||
Dividends paid | (147) | (132) | (296) | (266) | |||||||
Common shares purchased (note 11) | (368) | (893) | (729) | (1,143) | |||||||
Cash flows from (used in) financing activities | (521) | (1,032) | (1,038) | (1,422) | |||||||
Increase (decrease) in cash | 76 | (552) | 99 | (322) | |||||||
Cash at beginning of period | 1,011 | 1,425 | 988 | 1,195 | |||||||
Cash at end of period | [3] | $ 1,087 | $ 873 | $ 1,087 | $ 873 | ||||||
|
Consolidated statement of cash flows (Parenthetical) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Included contribution to registered pension plans | $ (57) | $ (57) | $ (98) | $ (101) |
Accounts payable and accrued liabilities | ||||
Non-cash adjustments to accrued liabilities and all other items | $ 570 |
Basis of financial statement preparation |
6 Months Ended |
---|---|
Jun. 30, 2019 | |
Basis of financial statement preparation | 1. Basis of financial statement preparation These unaudited consolidated financial statements have been prepared in accordance with United States Generally Accepted Accounting Principles (GAAP) 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 filed with the U.S. Securities and Exchange Commission (SEC) in the company’s 2018 annual report on Form 10-K. In the opinion of the company, the information furnished herein reflects all known accruals and adjustments necessary for a fair statement of the results for the periods reported herein. All such adjustments are of a normal recurring nature.The company’s exploration and production activities are accounted for under the “successful efforts” method. The results for the six months ended June 30, 2019, are not necessarily indicative of the operations to be expected for the full year. All amounts are in Canadian dollars unless otherwise indicated. |
Accounting changes |
6 Months Ended |
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Jun. 30, 2019 | |
Accounting changes | 2. Accounting changes Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard,
Leases (Topic 842) |
Business segments |
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Business segments | 3. Business segments
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Investment and other income |
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Investment and other income | 4. Investment and other income Investment and other income included gains and losses on asset sales as follows:
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Employee retirement benefits |
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Employee retirement benefits | 5. Employee retirement benefits The components of net benefit cost were as follows:
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Financing and additional notes and loans payable information |
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Financing and additional notes and loans payable information | 6. Financing and additional notes and loans payable information
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Long-term debt |
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Long-term debt | 7. Long-term debt
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Leases |
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Leased facilities | 8. Leases The company generally purchases the property, plant and equipment used in operations, but there are situations where assets are leased, primarily rail cars, marine vessels, storage tanks and other moveable equipment. Right of use assets and lease liabilities are established on the balance sheet for leases with an expected term greater than one year, by discounting the amounts fixed in the lease agreement for the duration of the lease which is reasonably certain, considering the probability of exercising any early termination and extension options. The portion of the fixed payment related to service costs for long-term transportation agreements is excluded from the calculation of right of use assets and lease liabilities. Usually, assets are leased only for a portion of their useful lives and are accounted for as operating leases. In limited situations assets are leased for nearly all of their useful lives and are accounted for as finance leases. In general, leases are capitalized using the company’s incremental borrowing rate. Variable payments under these lease agreements are not significant. Residual value guarantees, restrictions, or covenants related to leases, and transactions with related parties are also not significant. The company’s activities as a lessor are not material. At adoption of the lease accounting change (see note 2), on January 1, 2019, an operating lease liability of $ 298 million was recorded and the operating lease right of use asset was $298 million. There was no cumulative earnings effect adjustment. The table below summarizes the total lease cost incurred:
The following table summarizes the amounts related to operating leases and finance leases recorded on the Consolidated balance sheet:
The maturity analysis of the company’s lease liabilities, weighted average remaining lease term and weighted average discount rates applied are summarized below:
In addition to the operating lease liabilities in the table immediately above, at June 30, 2019, additional undiscounted commitments for leases not yet commenced totalled $1 million. The table below summarizes the cash paid for amounts included in the measurement of lease liabilities and the right of use assets obtained in exchange for new lease liabilities:
At December 31, 2018, the company held
non-cancelable operating leases covering primarily storage tanks, rail cars and marine vessels, with minimum undiscounted lease commitments totaling $291 million as indicated in the following table:
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Other long-term obligations |
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Other long-term obligations | 9. Other long-term obligations
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Financial instruments |
6 Months Ended |
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Jun. 30, 2019 | |
Financial Instruments Disclosure | 10. Financial instruments The fair value of the company’s financial instruments is determined by reference to various market data and other appropriate valuation techniques. There are no material differences between the fair value of the company’s financial instruments and the recorded carrying value. At June 30, 2019 and December 31, 2018 the fair value of long-term debt ($ 4,447 |
Common shares |
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Common shares | 11. Common shares
The 12-month normal course issuer bid program that was in place during the second quarter of 2019 came into effect in June 27, 2018. The program enabled the company to purchase up to a maximum of 40,391,196 common shares (5 percent of the total shares on June 13, 2018), which included shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. Exxon Mobil Corporation participated to maintain its ownership percentage in Imperial at approximately 69.6 percent.The current 12-month normal course issuer bid program came into effect June 27, 2019, under which Imperial will continue its existing share purchase program. The program enables the company to purchase up to a maximum of 38,211,086 common shares (5 percent of the total shares on June 13, 2019) which includes shares purchased under the normal course issuer bid and from Exxon Mobil Corporation concurrent with, but outside of the normal course issuer bid. As in the past, Exxon Mobil Corporation has advised the company that it intends to participate to maintain its ownership percentage at approximately 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. The company’s common share activities are summarized below:
The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
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Other comprehensive income (loss) information |
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Other comprehensive income (loss) information | 12. Other comprehensive income (loss) information Changes in accumulated other comprehensive income (loss):
Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
Income tax expense (credit) for components of other comprehensive income (loss):
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Recently issued accounting standards |
6 Months Ended |
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Jun. 30, 2019 | |
Recently issued accounting standards | 13. Recently issued accounting standards Effective January 1, 2020, Imperial will adopt the Financial Accounting Standards Board’s update,
Financial Instruments - Credit Losses (Topic 326) |
Accounting changes (Policies) |
6 Months Ended |
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Jun. 30, 2019 | |
Accounting changes | Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Board’s standard,
Leases (Topic 842) |
Business segments (Tables) |
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Business Segments |
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Investment and other income (Tables) |
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Gains and Losses on Asset Sales | Investment and other income included gains and losses on asset sales as follows:
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Employee retirement benefits (Tables) |
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Schedule of Net Benefit Costs [Table Text Block] | The components of net benefit cost were as follows:
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Financing and additional notes and loans payable information (Tables) |
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Financing and Additional Notes and Loans Payable Information |
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Long-term debt (Tables) |
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Long-Term Debt |
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Leases (Tables) |
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Schedule Of Lease Cost | The table below summarizes the total lease cost incurred:
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Schedule Of Operating Leases and Finance Leases Recorded In Balance Sheet | The following table summarizes the amounts related to operating leases and finance leases recorded on the Consolidated balance sheet:
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Maturity Of Lease Liabilities | The maturity analysis of the company’s lease liabilities, weighted average remaining lease term and weighted average discount rates applied are summarized below:
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Schedule Of Measurement Of Lease Liabilities and Right Of Use Assets |
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Schedule of Operating Leases | At December 31, 2018, the company held
non-cancelable operating leases covering primarily storage tanks, rail cars and marine vessels, with minimum undiscounted lease commitments totaling $291 million as indicated in the following table:
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Other long-term obligations (Tables) |
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Other Long-Term Obligations |
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Common shares (Tables) |
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Summary of Common Shares |
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Common Share Activities | The company’s common share activities are summarized below:
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Calculation of Basic and Diluted Earnings Per Share | The following table provides the calculation of basic and diluted earnings per common share and the dividends declared by the company on its outstanding common shares:
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Other comprehensive income (loss) information (Tables) |
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Changes in Accumulated Other Comprehensive Income (Loss) | Changes in accumulated other comprehensive income (loss):
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Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) - Before-Tax Income (Expense) | Amounts reclassified out of accumulated other comprehensive income (loss) - before-tax income (expense):
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Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) | Income tax expense (credit) for components of other comprehensive income (loss):
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Accounting changes - Additional Information (Detail) - CAD ($) $ in Millions |
Jun. 30, 2019 |
Jan. 01, 2019 |
---|---|---|
Change in Accounting Estimate [Abstract] | ||
Operating Lease, Right-of-Use Asset | $ 261 | $ 298 |
Operating Lease, Liability | $ 259 | $ 298 |
Business Segments (Detail) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
||||||||||||||||||||||||
Revenues and other income | ||||||||||||||||||||||||||||
Revenues | [1] | $ 9,228 | [2] | $ 9,516 | [2] | $ 17,193 | [3] | $ 17,416 | [3] | |||||||||||||||||||
Intersegment sales | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Investment and other income (note 4) | 33 | 27 | 50 | 61 | ||||||||||||||||||||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 9,261 | 9,543 | 17,243 | 17,477 | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Exploration | 5 | 1 | 38 | 9 | ||||||||||||||||||||||||
Purchases of crude oil and products | [4] | 5,662 | 6,537 | 10,557 | 11,317 | |||||||||||||||||||||||
Production and manufacturing | [5] | 1,715 | 1,646 | 3,310 | 3,077 | |||||||||||||||||||||||
Selling and general | [5] | 236 | 273 | 449 | 467 | |||||||||||||||||||||||
Federal excise tax and fuel charge | 463 | 412 | 857 | 809 | ||||||||||||||||||||||||
Depreciation and depletion | 392 | 358 | 782 | 735 | ||||||||||||||||||||||||
Non-service pension and postretirement benefit | 36 | 26 | 72 | 53 | ||||||||||||||||||||||||
Financing (note 6) | [6] | 23 | 26 | 51 | 49 | |||||||||||||||||||||||
Total expenses | 8,532 | 9,279 | 16,116 | 16,516 | ||||||||||||||||||||||||
Income (loss) before income taxes | 729 | 264 | 1,127 | 961 | ||||||||||||||||||||||||
Income taxes | (483) | 68 | (378) | 249 | ||||||||||||||||||||||||
Net income (loss) | 1,212 | 196 | 1,505 | 712 | ||||||||||||||||||||||||
Cash flows from (used in) operating activities | 1,026 | 859 | 2,029 | 1,844 | ||||||||||||||||||||||||
Capital and exploration expenditures | [7] | 429 | 284 | 958 | 558 | |||||||||||||||||||||||
Total assets as at June 30 | 41,929 | [8],[9] | 41,390 | [8],[9] | 41,929 | [8],[9] | 41,390 | [8],[9] | $ 41,456 | |||||||||||||||||||
Consolidation, Eliminations | ||||||||||||||||||||||||||||
Revenues and other income | ||||||||||||||||||||||||||||
Revenues | 0 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | ||||||||||||||||||||
Intersegment sales | (1,651) | (1,056) | (3,119) | (2,148) | ||||||||||||||||||||||||
Investment and other income (note 4) | 0 | 0 | ||||||||||||||||||||||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | (1,651) | (1,056) | (3,119) | (2,148) | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Exploration | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Purchases of crude oil and products | (1,649) | (1,055) | (3,115) | (2,145) | ||||||||||||||||||||||||
Production and manufacturing | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Selling and general | (2) | (1) | (4) | (3) | ||||||||||||||||||||||||
Federal excise tax and fuel charge | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Depreciation and depletion | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Non-service pension and postretirement benefit | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Financing (note 6) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total expenses | (1,651) | (1,056) | (3,119) | (2,148) | ||||||||||||||||||||||||
Income (loss) before income taxes | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Income taxes | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Net income (loss) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Cash flows from (used in) operating activities | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Capital and exploration expenditures | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total assets as at June 30 | [8],[9] | (444) | (327) | (444) | (327) | |||||||||||||||||||||||
Upstream | ||||||||||||||||||||||||||||
Revenues and other income | ||||||||||||||||||||||||||||
Revenues | 2,587 | [2] | 2,318 | [2] | 4,827 | [3] | 4,307 | [3] | ||||||||||||||||||||
Intersegment sales | 1,116 | 650 | 2,064 | 1,307 | ||||||||||||||||||||||||
Investment and other income (note 4) | 4 | 3 | 4 | 4 | ||||||||||||||||||||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 3,707 | 2,971 | 6,895 | 5,618 | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Exploration | 5 | 1 | 38 | 9 | ||||||||||||||||||||||||
Purchases of crude oil and products | 1,802 | 1,573 | 3,388 | 2,947 | ||||||||||||||||||||||||
Production and manufacturing | 1,171 | 1,106 | 2,327 | 2,118 | ||||||||||||||||||||||||
Selling and general | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Federal excise tax and fuel charge | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Depreciation and depletion | 338 | 300 | 672 | 618 | ||||||||||||||||||||||||
Non-service pension and postretirement benefit | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Financing (note 6) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total expenses | 3,316 | 2,980 | 6,425 | 5,692 | ||||||||||||||||||||||||
Income (loss) before income taxes | 391 | (9) | 470 | (74) | ||||||||||||||||||||||||
Income taxes | (594) | (3) | (573) | (24) | ||||||||||||||||||||||||
Net income (loss) | 985 | (6) | 1,043 | (50) | ||||||||||||||||||||||||
Cash flows from (used in) operating activities | 585 | (10) | 865 | 327 | ||||||||||||||||||||||||
Capital and exploration expenditures | [7] | 301 | 183 | 673 | 389 | |||||||||||||||||||||||
Total assets as at June 30 | [8],[9] | 35,059 | 34,781 | 35,059 | 34,781 | |||||||||||||||||||||||
Downstream | ||||||||||||||||||||||||||||
Revenues and other income | ||||||||||||||||||||||||||||
Revenues | 6,375 | [2] | 6,870 | [2] | 11,849 | [3] | 12,477 | [3] | ||||||||||||||||||||
Intersegment sales | 487 | 332 | 935 | 694 | ||||||||||||||||||||||||
Investment and other income (note 4) | 19 | 19 | 29 | 41 | ||||||||||||||||||||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 6,881 | 7,221 | 12,813 | 13,212 | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Exploration | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Purchases of crude oil and products | 5,338 | 5,803 | 9,920 | 10,097 | ||||||||||||||||||||||||
Production and manufacturing | 474 | 488 | 855 | 856 | ||||||||||||||||||||||||
Selling and general | 201 | 197 | 380 | 370 | ||||||||||||||||||||||||
Federal excise tax and fuel charge | 463 | 412 | 857 | 809 | ||||||||||||||||||||||||
Depreciation and depletion | 46 | 49 | 92 | 100 | ||||||||||||||||||||||||
Non-service pension and postretirement benefit | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Financing (note 6) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total expenses | 6,522 | 6,949 | 12,104 | 12,232 | ||||||||||||||||||||||||
Income (loss) before income taxes | 359 | 272 | 709 | 980 | ||||||||||||||||||||||||
Income taxes | 101 | 71 | 194 | 258 | ||||||||||||||||||||||||
Net income (loss) | 258 | 201 | 515 | 722 | ||||||||||||||||||||||||
Cash flows from (used in) operating activities | 423 | 776 | 1,155 | 1,366 | ||||||||||||||||||||||||
Capital and exploration expenditures | [7] | 111 | 88 | 240 | 145 | |||||||||||||||||||||||
Total assets as at June 30 | [8],[9] | 5,041 | 5,090 | 5,041 | 5,090 | |||||||||||||||||||||||
Chemical | ||||||||||||||||||||||||||||
Revenues and other income | ||||||||||||||||||||||||||||
Revenues | 266 | [2] | 328 | [2] | 517 | [3] | 632 | [3] | ||||||||||||||||||||
Intersegment sales | 48 | 74 | 120 | 147 | ||||||||||||||||||||||||
Investment and other income (note 4) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 314 | 402 | 637 | 779 | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Exploration | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Purchases of crude oil and products | 171 | 216 | 364 | 418 | ||||||||||||||||||||||||
Production and manufacturing | 70 | 52 | 128 | 103 | ||||||||||||||||||||||||
Selling and general | 23 | 23 | 44 | 44 | ||||||||||||||||||||||||
Federal excise tax and fuel charge | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Depreciation and depletion | 3 | 4 | 7 | 7 | ||||||||||||||||||||||||
Non-service pension and postretirement benefit | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Financing (note 6) | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Total expenses | 267 | 295 | 543 | 572 | ||||||||||||||||||||||||
Income (loss) before income taxes | 47 | 107 | 94 | 207 | ||||||||||||||||||||||||
Income taxes | 9 | 29 | 22 | 56 | ||||||||||||||||||||||||
Net income (loss) | 38 | 78 | 72 | 151 | ||||||||||||||||||||||||
Cash flows from (used in) operating activities | 52 | 116 | 100 | 199 | ||||||||||||||||||||||||
Capital and exploration expenditures | [7] | 6 | 7 | 23 | 11 | |||||||||||||||||||||||
Total assets as at June 30 | [8],[9] | 451 | 408 | 451 | 408 | |||||||||||||||||||||||
Corporate and Other | ||||||||||||||||||||||||||||
Revenues and other income | ||||||||||||||||||||||||||||
Revenues | 0 | [2] | 0 | [2] | 0 | [3] | 0 | [3] | ||||||||||||||||||||
Intersegment sales | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Investment and other income (note 4) | 10 | 5 | 17 | 16 | ||||||||||||||||||||||||
TOTAL OPERATING REVENUES, INTERSEGMENT SALES, INVESTMENT AND OTHER INCOME | 10 | 5 | 17 | 16 | ||||||||||||||||||||||||
Expenses | ||||||||||||||||||||||||||||
Exploration | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Purchases of crude oil and products | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Production and manufacturing | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Selling and general | 14 | 54 | 29 | 56 | ||||||||||||||||||||||||
Federal excise tax and fuel charge | 0 | 0 | 0 | 0 | ||||||||||||||||||||||||
Depreciation and depletion | 5 | 5 | 11 | 10 | ||||||||||||||||||||||||
Non-service pension and postretirement benefit | 36 | 26 | 72 | 53 | ||||||||||||||||||||||||
Financing (note 6) | 23 | 26 | 51 | 49 | ||||||||||||||||||||||||
Total expenses | 78 | 111 | 163 | 168 | ||||||||||||||||||||||||
Income (loss) before income taxes | (68) | (106) | (146) | (152) | ||||||||||||||||||||||||
Income taxes | 1 | (29) | (21) | (41) | ||||||||||||||||||||||||
Net income (loss) | (69) | (77) | (125) | (111) | ||||||||||||||||||||||||
Cash flows from (used in) operating activities | (34) | (23) | (91) | (48) | ||||||||||||||||||||||||
Capital and exploration expenditures | [7] | 11 | 6 | 22 | 13 | |||||||||||||||||||||||
Total assets as at June 30 | [8],[9] | $ 1,822 | $ 1,438 | $ 1,822 | $ 1,438 | |||||||||||||||||||||||
|
Business Segments (Parenthetical) (Detail) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Jan. 01, 2019 |
|
Segment Reporting Information [Line Items] | |||||
Operating Lease, Right-of-Use Asset | $ 261 | $ 261 | $ 298 | ||
Accounts payable and accrued liabilities | |||||
Segment Reporting Information [Line Items] | |||||
Non-cash adjustments to accrued liabilities and all other items | 570 | ||||
United States Exports | |||||
Segment Reporting Information [Line Items] | |||||
Operating revenues | $ 2,152 | $ 1,561 | $ 3,816 | $ 2,768 |
Gains and Losses on Asset Sales (Detail) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Investment And Other Income [Line Items] | ||||
Proceeds from asset sales | $ 14 | $ 9 | $ 36 | $ 21 |
Book value of asset sales | 3 | 0 | 30 | 2 |
Gain (loss) on asset sales, before-tax | 11 | 9 | 6 | 19 |
Gain (loss) on asset sales, after-tax | $ 10 | $ 8 | $ 6 | $ 15 |
Components of Net Periodic Benefit Cost (Detail) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Pension benefits | ||||
Current service cost | $ 57 | $ 60 | $ 114 | $ 120 |
Interest cost | 81 | 75 | 162 | 151 |
Expected return on plan assets | (88) | (100) | (175) | (201) |
Amortization of prior service cost | 0 | 1 | 0 | 2 |
Amortization of actuarial loss (gain) | 38 | 43 | 75 | 87 |
Net periodic benefit cost | 88 | 79 | 176 | 159 |
Other postretirement benefits | ||||
Current service cost | 4 | 4 | 8 | 8 |
Interest cost | 6 | 6 | 11 | 11 |
Amortization of actuarial loss (gain) | (1) | 1 | (1) | 3 |
Net periodic benefit cost | $ 9 | $ 11 | $ 18 | $ 22 |
Financing and Additional Notes and Loans Payable Information (Detail) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Debt-related interest | $ 34 | $ 32 | $ 73 | $ 62 | ||
Capitalized interest | (11) | (6) | (22) | (13) | ||
Net interest expense | 23 | 26 | 51 | 49 | ||
Other interest | 0 | 0 | 0 | 0 | ||
Total financing | [1] | $ 23 | $ 26 | $ 51 | $ 49 | |
|
Long-Term Debt (Detail) - CAD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||||
---|---|---|---|---|---|---|---|
Debt Instrument [Line Items] | |||||||
Long-term debt | $ 4,447 | $ 4,447 | |||||
Finance leases | [1] | 521 | 531 | ||||
Total long-term debt | [2] | $ 4,968 | $ 4,978 | ||||
|
Leases - Additional Information (Detail) - CAD ($) $ in Millions |
6 Months Ended | ||||
---|---|---|---|---|---|
Jun. 30, 2019 |
Jan. 01, 2019 |
Dec. 31, 2018 |
|||
Operating Leased Assets [Line Items] | |||||
Undiscounted Commitments | $ 1 | ||||
Operating Lease, Liability | 259 | $ 298 | |||
Operating Lease, Right-of-Use Asset | $ 261 | $ 298 | |||
Operating Leases, Future Minimum Payments Due | [1] | $ 291 | |||
|
Schedule Of Lease Cost (Details) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
|
Operating leases [Member] | ||
Lease, cost | ||
Operating lease cost, Operating leases | $ 37 | $ 74 |
Short-term and other (net of sublease rental income), Operating leases | 25 | 40 |
Total lease cost | 62 | 114 |
Finance leases [Member] | ||
Lease, cost | ||
Amortization of right of use assets | 14 | 27 |
Interest on lease liabilities, Finance leases | 10 | 20 |
Total lease cost | $ 24 | $ 47 |
Maturity Of Lease Liabilities (Detail) - CAD ($) $ in Millions |
Jun. 30, 2019 |
Jan. 01, 2019 |
---|---|---|
Operating Lease | ||
2019 remaining months | $ 68 | |
2020 | 94 | |
2021 | 46 | |
2022 | 15 | |
2023 | 13 | |
2024 | 11 | |
2025 and beyond | 30 | |
Total lease payments | 277 | |
Discount to present value | (18) | |
Total lease liability | $ 259 | $ 298 |
Weighted average remaining lease term (years) | 4 years | |
Weighted average discount rate (percent) | 2.70% | |
Finance Lease | ||
2019 remaining months | $ 55 | |
2020 | 71 | |
2021 | 50 | |
2022 | 49 | |
2023 | 48 | |
2024 | 47 | |
2025 and beyond | 1,086 | |
Total lease payments | 1,406 | |
Discount to present value | (822) | |
Total lease liability | $ 584 | |
Weighted average remaining lease term (years) | 41 years | |
Weighted average discount rate (percent) | 7.50% |
Schedule Of Measurement Of Lease Liabilities and Right Of Use Assets (Detail) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |
---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2019 |
Jan. 01, 2019 |
|
Cash paid for amounts included in the measurement of lease liabilities | |||
Cash flows from operating activities, Operating leases | $ 37 | $ 73 | |
Cash flows from financing activities, Finance leases | 28 | 35 | |
Non-cash right of use assets recorded for lease liabilities | |||
For January 1 adoption of Leases | 259 | 259 | $ 298 |
In exchange for new lease liabilities during the period | 34 | ||
Adoption of Leases Topic (842) [Member] | |||
Non-cash right of use assets recorded for lease liabilities | |||
For January 1 adoption of Leases | $ 298 | $ 298 |
Schedule of Non Cancelable Operating Leases (Detail) $ in Millions |
Dec. 31, 2018
CAD ($)
|
|||
---|---|---|---|---|
Operating Leased Assets [Line Items] | ||||
2019 | $ 130 | |||
2020 | 82 | |||
2021 | 43 | |||
2022 | 13 | |||
2023 | 11 | |||
2024 and beyond | 12 | |||
Total lease payments under minimum commitments | $ 291 | [1] | ||
|
Schedule of Non Cancelable Operating Leases (Parenthetical) (Detail) - CAD ($) $ in Millions |
12 Months Ended | ||
---|---|---|---|
Dec. 31, 2018 |
Dec. 31, 2017 |
Dec. 31, 2016 |
|
Operating Leased Assets [Line Items] | |||
Net rental cost incurred for operating leases | $ 221 | $ 206 | $ 253 |
Other Long-Term Obligations (Detail) - CAD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
|||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
Schedule of Other Liabilities [Line Items] | |||||||||||
Employee retirement benefits | [1] | $ 1,153 | $ 1,195 | ||||||||
Asset retirement obligations and other environmental liabilities | [2] | 1,446 | 1,435 | ||||||||
Share-based incentive compensation liabilities | 95 | 78 | |||||||||
Operating lease liability | [3] | 141 | 0 | ||||||||
Other obligations | 241 | 235 | |||||||||
Total other long-term obligations | [4] | $ 3,076 | $ 2,943 | ||||||||
|
Other Long-Term Obligations (Parenthetical) (Detail) - CAD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Schedule of Other Liabilities [Line Items] | ||
Employee retirement benefit obligations in current liabilities | $ 55 | $ 55 |
Asset retirement obligations and other environmental liabilities in current liabilities | $ 118 | $ 118 |
Financial Instruments - Additional Information (Detail) - CAD ($) $ in Millions |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Financial Instruments And Derivatives [Line Items] | ||
Long-term Debt, Fair Value | $ 4,447 | $ 4,447 |
Summary of Common Shares (Detail) - shares |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|
Class of Stock [Line Items] | ||
Authorized | 1,100,000,000 | 1,100,000,000 |
Common shares outstanding | 762,774,000 | 782,565,000 |
Common Shares - Additional Information (Detail) - shares |
Jun. 27, 2018 |
Jun. 27, 2019 |
Jun. 13, 2019 |
Jun. 13, 2018 |
---|---|---|---|---|
Class of Stock [Line Items] | ||||
Normal course issuer bid share repurchase shares authorized | 40,391,196 | 38,211,086 | ||
Percent of total shares | 5.00% | 5.00% | ||
Exxon Mobil Corporation's ownership interest in Imperial | 69.60% | 69.60% | ||
Normal course issuer bid share repurchase term, months | 12 months |
Common Share Activities (Detail) - CAD ($) shares in Thousands, $ in Millions |
3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
---|---|---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
Dec. 31, 2018 |
||||
Class of Stock [Line Items] | ||||||||
Common stock beginning balance, shares | 782,565 | |||||||
Common stock, ending balance, shares | 762,774 | 762,774 | 782,565 | |||||
Common stock beginning balance, value | [1] | $ 1,446 | ||||||
Common stock, ending balance, value | [1] | $ 1,410 | $ 1,410 | $ 1,446 | ||||
Common Stock | ||||||||
Class of Stock [Line Items] | ||||||||
Common stock beginning balance, shares | 782,565 | 831,242 | 831,242 | |||||
Issued under employee share-based awards, shares | 0 | 2 | ||||||
Purchases at stated value, shares | (19,791) | (48,679) | ||||||
Common stock, ending balance, shares | 762,774 | 762,774 | 782,565 | |||||
Common stock beginning balance, value | $ 1,446 | $ 1,536 | $ 1,536 | |||||
Issued under employee share-based awards, value | 0 | 0 | ||||||
Purchases at stated value, value | $ (17) | $ (40) | (36) | $ (53) | (90) | |||
Common stock, ending balance, value | $ 1,410 | $ 1,410 | $ 1,446 | |||||
|
Calculation of basic and diluted earnings per common share and the dividend declared by the company on its outstanding common shares (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Net income (loss) per common share - basic | ||||
Net income (loss) | $ 1,212 | $ 196 | $ 1,505 | $ 712 |
Weighted average number of common shares outstanding (millions of shares) | 767.4 | 816.1 | 772.5 | 822.6 |
Net income (loss) per common share (dollars) | $ 1.58 | $ 0.24 | $ 1.95 | $ 0.86 |
Net income (loss) per common share - diluted | ||||
Net income (loss) | $ 1,212 | $ 196 | $ 1,505 | $ 712 |
Weighted average number of common shares outstanding (millions of shares) | 767.4 | 816.1 | 772.5 | 822.6 |
Effect of employee share-based awards (millions of shares) | 2.5 | 2.7 | 2.4 | 2.6 |
Weighted average number of common shares outstanding, assuming dilution (millions of shares) | 769.9 | 818.8 | 774.9 | 825.2 |
Net income (loss) per common share (dollars) | $ 1.57 | $ 0.24 | $ 1.94 | $ 0.86 |
Dividends per common share - declared (dollars) | $ 0.22 | $ 0.19 | $ 0.41 | $ 0.35 |
Changes in Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Balance at January 1 | $ (1,517) | $ (1,815) | ||
Current period change excluding amounts reclassified from accumulated other comprehensive income | $ 0 | $ 0 | 18 | (19) |
Amounts reclassified from accumulated other comprehensive income | 28 | 33 | 55 | 67 |
Balance at June 30 | $ (1,444) | $ (1,767) | $ (1,444) | $ (1,767) |
Amounts Reclassified Out of Accumulated Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|||
Reclassification Adjustment out of Accumulated Other Comprehensive Income | ||||||
Reclassification Adjustment out of Accumulated Other Comprehensive Income [Line Items] | ||||||
Amortization of postretirement benefits liability adjustment included in net periodic benefit cost | [1] | $ (37) | $ (46) | $ (74) | $ (92) | |
|
Income Tax Expense (Credit) for Components of Other Comprehensive Income (Loss) (Detail) - CAD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2019 |
Jun. 30, 2018 |
Jun. 30, 2019 |
Jun. 30, 2018 |
|
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Postretirement benefits liability adjustment (excluding amortization) | $ 0 | $ 0 | $ 7 | $ (7) |
Amortization of postretirement benefits liability adjustment included in net periodic benefit cost | 9 | 13 | 19 | 25 |
Total | $ 9 | $ 13 | $ 26 | $ 18 |
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