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IMPERIAL OIL LTD - Quarter Report: 2010 March (Form 10-Q)

Form 10-Q
Table of Contents

 

FORM 10-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

ü] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2010

 

OR

[    ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D)

OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from — to —

Commission file number 0-12014

 

IMPERIAL OIL LIMITED

(Exact name of registrant as specified in its charter)

 

 

            CANADA      98-0017682

(State or other jurisdiction of

incorporation or organization)

    

(I.R.S. Employer

Identification No.)

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

(Address of principal executive offices)

     (Postal Code)

Registrant’s telephone number, including area code: 1-800-567-3776

 

 

 

 

The registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

YES  ü      NO       

 

The registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files).

YES  ü      NO       

 

The registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer (see definition of “accelerated filer” and “large accelerated filer” in Rule 12b-2 of the Securities Exchange Act of 1934).

 

 

Large accelerated filer  ü

   Accelerated filer       

Non-accelerated filer       

   Smaller reporting company       

The registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934).

YES           NO ü

 

The number of common shares outstanding, as of March 31, 2010, was 847,599,011.

 

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IMPERIAL OIL LIMITED

 

 

 

INDEX

 

     PAGE

PART I - Financial Information

  

Item 1 - Financial Statements.

  

Consolidated Statement of Income - Three Months ended March 31, 2010 and 2009

   3

Consolidated Balance Sheet - As at March 31, 2010 and December 31, 2009

   4

Consolidated Statement of Cash Flows - Three Months ended March 31, 2010 and 2009

   5

Notes to the Consolidated Financial Statements

   6

Item 2 - Management’s Discussion and Analysis of Financial Condition and Results of Operations.

   10

Item 3 - Quantitative and Qualitative Disclosures about Market Risk.

   12

Item 4 - Controls and Procedures.

   12

PART II - Other Information

  

Item 2 - Unregistered Sales of Equity Securities and Use of Proceeds.

   13

Item 4 - Submission of Matters to a Vote of Security Holders.

   13

Item 6 - Exhibits.

   14

SIGNATURES

   14

 

 

 

 

 

In this report all dollar amounts are expressed in Canadian dollars unless otherwise stated. This report should be read in conjunction with the company’s Annual Report on Form 10-K for the year ended December 31, 2009.

 

 

Statements in this report regarding future events or conditions are forward-looking statements. Actual results could differ materially due to the impact of market conditions, changes in law or governmental 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.

 

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PART I - FINANCIAL INFORMATION

 

Item 1. Financial Statements.

IMPERIAL OIL LIMITED

 

 

 

CONSOLIDATED STATEMENT OF INCOME          
(U.S. GAAP, unaudited)    Three months
     to March 31
millions of Canadian dollars    2010    2009

REVENUES AND OTHER INCOME

     

Operating revenues (a)(b)

   6,134    4,653

Investment and other income (4)

   32    17
    

TOTAL REVENUES AND OTHER INCOME

   6,166    4,670
    

EXPENSES

     

Exploration

   87    83

Purchases of crude oil and products (c)

   3,661    2,320

Production and manufacturing (d)(5)

   1,030    1,030

Selling and general (5)

   250    330

Federal excise tax (a)

   304    306

Depreciation and depletion

   182    197

Financing costs

   1    2
    

TOTAL EXPENSES

   5,515    4,268
    

INCOME BEFORE INCOME TAXES

   651    402

INCOME TAXES

   175    113
    

NET INCOME (3)

   476    289
    

NET INCOME PER COMMON SHARE - BASIC (dollars) (7)

   0.56    0.34

NET INCOME PER COMMON SHARE - DILUTED (dollars) (7)

   0.56    0.33

DIVIDENDS PER COMMON SHARE (dollars)

   0.10    0.10

(a)    Federal excise tax included in operating revenues

   304    306

(b)    Amounts from related parties included in operating revenues

   608    314

(c)    Amounts to related parties included in purchases of crude oil and products

   523    697

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

   55    59

 

The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

 

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IMPERIAL OIL LIMITED

 

 

CONSOLIDATED BALANCE SHEET

(U.S. GAAP, unaudited)

millions of Canadian dollars

   As at
Mar. 31
2010
    As at
Dec. 31
2009
 

ASSETS

    

Current assets

    

Cash

   534      513   

Accounts receivable, less estimated doubtful accounts

   1,894      1,714   

Inventories of crude oil and products

   663      564   

Materials, supplies and prepaid expenses

   282      247   

Deferred income tax assets

   468      467   
      

Total current assets

   3,841      3,505   

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

   750      854   

Property, plant and equipment,

   27,185      26,421   

less accumulated depreciation and depletion

   13,706      13,569   
      

Property, plant and equipment, net

   13,479      12,852   

Goodwill

   204      204   

Other intangible assets, net

   61      58   
      

TOTAL ASSETS

   18,335      17,473   
      

LIABILITIES

    

Current liabilities

    

Notes and loans payable

   109      109   

Accounts payable and accrued liabilities (a)(6)

   3,448      2,811   

Income taxes payable

   686      848   
      

Total current liabilities

   4,243      3,768   

Capitalized lease obligations

   30      31   

Other long-term obligations (6)

   2,679      2,839   

Deferred income tax liabilities

   1,440      1,396   
      

TOTAL LIABILITIES

   8,392      8,034   

SHAREHOLDERS’ EQUITY

    

Common shares at stated value (b)

   1,508      1,508   

Earnings reinvested

   9,644      9,252   

Accumulated other comprehensive income (8)

   (1,209   (1,321
      

TOTAL SHAREHOLDERS’ EQUITY

   9,943      9,439   
      

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

   18,335      17,473   
      

 

 

(a) Accounts payable and accrued liabilities include amounts to related parties of $250 million (2009 - $59 million).
(b) Number of common shares authorized and outstanding were 1,100 million and 848 million, respectively (December 31, 2009 - 1,100 million and 848 million, respectively).

The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

 

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IMPERIAL OIL LIMITED

 

 

 

CONSOLIDATED STATEMENT OF CASH FLOWS

(U.S. GAAP, unaudited)

inflow/(outflow)

millions of Canadian dollars

   Three months

to March 31

  

  

   2010     2009  

OPERATING ACTIVITIES

    

Net income

   476      289   

Adjustment for non-cash items:

    

Depreciation and depletion

   182      197   

(Gain)/loss on asset sales (4)

   (4   (1

Deferred income taxes and other

   2      28   

Changes in operating assets and liabilities:

    

Accounts receivable

   (180   (125

Inventories and prepaids

   (134   (297

Income taxes payable

   (162   (560

Accounts payable

   637      288   

All other items - net (a)

   97      (115
      

CASH FROM (USED IN) OPERATING ACTIVITIES

   914      (296
      

INVESTING ACTIVITIES

    

Additions to property, plant and equipment and intangibles

   (813   (411

Proceeds from asset sales

   6      2   

Loans to equity company

   0      2   
      

CASH FROM (USED IN) INVESTING ACTIVITIES

   (807   (407
      

FINANCING ACTIVITIES

    

Reduction in capitalized lease obligations

   (1   (1

Common shares purchased

   0      (429

Dividends paid

   (85   (86
      

CASH FROM (USED IN) FINANCING ACTIVITIES

   (86   (516
      

INCREASE (DECREASE) IN CASH

   21      (1,219

CASH AT BEGINNING OF PERIOD

   513      1,974   
      

CASH AT END OF PERIOD

   534      755   
      

(a) Includes contribution to registered pension plans

   (70   (161

The information in the Notes to Consolidated Financial Statements is an integral part of these statements.

 

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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, 2010, and December 31, 2009, and the results of operations and changes in cash flows for the three months ended March 31, 2010 and 2009. 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 2010 presentation.

The results for the three months ended March 31, 2010, 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 change for variable-interest entities

Effective January 1, 2010, the company adopted the authoritative guidance for variable-interest entities (VIEs). The guidance requires the enterprise to qualitatively assess if it is the primary beneficiary of the VIE and, if so, the VIE must be consolidated. The adoption did not have any impact on the company’s financial statements.

 

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IMPERIAL OIL LIMITED

 

 

 

 

3. Business Segments

 

Three months to March 31        Upstream        Downstream        Chemical  
millions of dollars            2010     2009                   2010     2009                   2010     2009  

REVENUES AND OTHER INCOME

                  

External sales (a)

   1,241      760         4,610      3,685         283      208   

Intersegment sales

   948      656         571      390         70      64   

Investment and other income

   20      4           11      8           0      0   
   2,209      1,420           5,192      4,083           353      272   

EXPENSES

                  

Exploration

   87      83         0      0         0      0   

Purchases of crude oil and products

   787      364         4,187      2,867         276      199   

Production and manufacturing

   602      646         370      336         58      48   

Selling and general

   2      1         224      233         17      19   

Federal excise tax

   0      0         304      306         0      0   

Depreciation and depletion

   125      136         52      56         3      3   

Financing costs

   0      0           0      1           0      0   

TOTAL EXPENSES

   1,603      1,230           5,137      3,799           354      269   

INCOME BEFORE INCOME TAXES

   606      190         55      284         (1   3   

INCOME TAXES

   162      48           16      82           0      0   

NET INCOME

   444      142           39      202           (1   3   

Export sales to the United States

   297      405         298      237         165      109   

Cash flows from (used in) operating activities

   742      (230      186      (46      4      (14

CAPEX (b)

   855      447         38      42         6      4   

Total assets as at March 31

   11,190      9,154         6,323      6,326         414      420   
Three months to March 31    Corporate and
Other
         Eliminations          Consolidated  
millions of dollars    2010     2009           2010     2009           2010     2009  

REVENUES AND OTHER INCOME

                  

External sales (a)

   0      0         0      0         6,134      4,653   

Intersegment sales

   0      0         (1,589   (1,110      0      0   

Investment and other income

   1      5           0      0           32      17   
   1      5           (1,589   (1,110        6,166      4,670   

EXPENSES

                  

Exploration

   0      0         0      0         87      83   

Purchases of crude oil and products

   0      0         (1,589   (1,110      3,661      2,320   

Production and manufacturing

   0      0         0      0         1,030      1,030   

Selling and general

   7      77         0      0         250      330   

Federal excise tax

   0      0         0      0         304      306   

Depreciation and depletion

   2      2         0      0         182      197   

Financing costs

   1      1           0      0           1      2   

TOTAL EXPENSES

   10      80           (1,589   (1,110        5,515      4,268   

INCOME BEFORE INCOME TAXES

   (9   (75      0      0         651      402   

INCOME TAXES

   (3   (17        0      0           175      113   

NET INCOME

   (6   (58        0      0           476      289   

Export sales to the United States

   0      0         0      0         760      751   

Cash flows from (used in) operating activities

   (18   (6      0      0         914      (296

CAPEX (b)

   1      1         0      0         900      494   

Total assets as at March 31

   631      833         (223   (243      18,335      16,490   

 

(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.

 

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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    2010    2009

Proceeds from asset sales

             6              2

Book value of assets sold

   2    1
    

Gain/(loss) on asset sales, before tax

   4    1
    

Gain/(loss) on asset sales, after tax

   4    1
    

 

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    2010     2009  

Pension benefits:

    

Current service cost

             25                26   

Interest cost

   77      73   

Expected return on plan assets

   (68   (68

Amortization of prior service cost

   4      4   

Recognized actuarial loss/(gain)

   34      28   
      

Net benefit cost

   72      63   
      

Other post-retirement benefits:

    

Current service cost

   1      1   

Interest cost

   6      7   
      

Net benefit cost

   7      8   
      

 

6. Other long-term obligations

 

millions of dollars

   As at
Mar. 31
2010
   As at
Dec. 31
2009

Employee retirement benefits (a)

   1,523    1,682

Asset retirement obligations and other environmental liabilities (b)

   799    806

Share-based incentive compensation liabilities

   152    144

Other obligations

   205    207
    

Total other long-term obligations

   2,679    2,839
    

 

(a) Total recorded employee retirement benefits obligations also include $47 million in current liabilities (December 31, 2009 - $47 million).
(b) Total asset retirement obligations and other environmental liabilities also include $112 million in current liabilities (December 31, 2009 - $114 million).

 

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IMPERIAL OIL LIMITED

 

 

 

 

7. Net income per share

 

     Three months
to March 31
      2010    2009

Net income per common share - basic

     

Net income (millions of dollars)

   476    289

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

   847.6    856.0

Net income per common share (dollars)

   0.56    0.34

Net income per common share - diluted

     

Net income (millions of dollars)

   476    289

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

   847.6    856.0

Effect of employee share - based awards (millions of shares)

   6.6    6.7
    

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

   854.2    862.7

Net income per common share (dollars)

   0.56    0.33

 

8. Comprehensive income

 

     Three months
to March 31

millions of dollars

   2010    2009

Net income

   476    289

Post-retirement benefit liability adjustment (excluding amortization)

   84    0

Amortization of post retirement benefit liability adjustment
included in net periodic benefit costs

   28    23
    

Other comprehensive income (net of income taxes)

   112    23
    

Total comprehensive income

   588    312
    

 

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IMPERIAL OIL LIMITED

 

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations.

OPERATING RESULTS

The company’s net income for the first quarter of 2010 was $476 million or $0.56 a share on a diluted basis, compared with $289 million or $0.33 a share for the same period last year.

Earnings in the first quarter were higher than the same quarter in 2009, as higher Upstream earnings were partially offset by lower Downstream earnings. In the Upstream, earnings increased primarily due to the impact of higher crude oil commodity prices of about $550 million, partially offset by higher royalty costs due to higher commodity prices of about $180 million and the unfavourable foreign exchange effects of a higher Canadian dollar of about $100 million. Lower Downstream earnings were primarily due to lower margins of about $125 million.

Upstream

Net income in the first quarter was $444 million, $302 million higher than the same period of 2009. Higher crude oil commodity prices in the first quarter of 2010 increased revenues, contributing to higher earnings of about $550 million. This positive earnings factor was partially offset by higher royalties due to higher commodity prices of about $180 million and the unfavourable foreign exchange effects of a higher Canadian dollar of about $100 million.

The average price of Brent crude oil in U.S. dollars, a common benchmark for world oil markets, at $76.32 a barrel, in the first quarter, increased about 72 percent from the same quarter last year. The company’s average realizations on sales of Canadian conventional crude oil also increased. Prices for Canadian heavier crude oil were also higher along with the lighter crude oil. The company’s average bitumen realizations were favourably impacted by the lower spread between light and heavy crude oils in world markets, compared to the same quarter last year.

Gross production of Cold Lake bitumen returned to expected levels and averaged 148 thousand barrels a day during the first quarter, unchanged from the same quarter last year.

The company’s share of Syncrude’s gross production in the first quarter was 67 thousand barrels a day, slightly lower than 68 thousand barrels during the same period a year ago. Volumes in the first quarter of 2010 were impacted by the advancement of planned maintenance activities originally scheduled for later in the year. The maintenance activities were completed, and the impacted operating units returned to normal operations in the quarter.

In the first quarter, gross production of conventional crude oil averaged 24 thousand barrels a day, down from 26 thousand barrels in the same period last year, due to natural reservoir decline.

Gross production of natural gas during the first quarter of 2010 decreased to 273 million cubic feet a day from 307 million cubic feet in the same period last year. Lower production was primarily due to maintenance activities and natural reservoir decline.

 

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IMPERIAL OIL LIMITED

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS (continued .....)

 

 

Downstream

Net income was $39 million in the first quarter of 2010, compared with $202 million in the same period a year ago. Earnings were lower in the quarter mainly due to lower overall margins of about $125 million. Earnings were also negatively impacted by the unfavourable foreign exchange effects of a higher Canadian dollar of about $30 million and higher costs associated with planned maintenance activities in the first quarter of 2010.

Chemical

Net income was negative $1 million in the first quarter, compared with $3 million in the same quarter last year. Higher costs associated with planned maintenance activities on the Sarnia ethylene cracker in the first quarter of 2010 more than offset improvements in industry margins.

Corporate and other

Net income effects were negative $6 million in the first quarter, compared with negative $58 million in the same period of 2009. Favourable earnings effects were primarily due to lower share-based compensation charges.

LIQUIDITY AND CAPITAL RESOURCES

Cash flow generated from operating activities was $914 million during the first quarter of 2010, compared with cash flow used in operating activities of $296 million in the same period last year. Higher cash flow was primarily driven by higher earnings. Timing of scheduled income tax payments, higher payable balances due to timing of expenditures and lower seasonal inventory builds also contributed to higher cash flows. Funding contributions to the company’s registered pension plan were lower in the first quarter than the same period last year, but are expected to increase in the second quarter of 2010.

Investing activities used net cash of $807 million in the first quarter, an increase of $400 million from the corresponding period in 2009. Additions to property, plant and equipment were $813 million in the first quarter, compared with $411 million during the same quarter 2009. For the Upstream segment, expenditures during the quarter were primarily for advancing the Kearl oil sands project. Other investments included development drilling at Cold Lake, exploration drilling at Horn River and environmental and other projects at Syncrude. The Downstream segment’s capital expenditures were focused mainly on refinery projects to improve reliability, feedstock flexibility, energy efficiency and air quality.

During the first quarter of 2010, the company did not make any share repurchases outside of those to offset the dilutive effects from the exercise of stock options, as cash flow from operations was used to fund growth projects such as Kearl. The company will continue to evaluate its share-purchase program in the context of its overall capital activities.

 

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IMPERIAL OIL LIMITED

 

 

MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND

RESULTS OF OPERATIONS (continued .....)

 

 

Cash dividends of $85 million were paid in the first quarter of 2010 compared with dividends of $86 million in the first quarter of 2009.

The above factors led to an increase in the company’s balance of cash to $534 million at March 31, 2010, from $513 million at the end of 2009.

 

Item 3. Quantitative and Qualitative Disclosures about Market Risk.

Information about market risks for the three months ended March 31, 2010 does not differ materially from that discussed on pages 23 in the company’s annual report on Form 10-K for the year ended December 31, 2009.

 

Item 4. Controls and Procedures.

As indicated in the certifications in Exhibit 31 of this report, the company’s principal executive officer and principal financial officer have evaluated the company’s disclosure controls and procedures as of March 31, 2010. Based on that evaluation, these officers have concluded that the company’s disclosure controls and procedures are effective in ensuring that information required to be disclosed by the company in the reports that it files or submits under the Securities Exchange Act of 1934, as amended, is accumulated and communicated to them in a manner that allows for timely decisions regarding required disclosures and are effective in ensuring that such information is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms.

There has not been any change in the company’s internal control over financial reporting during the last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the company’s internal control over financial reporting.

 

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PART II - OTHER INFORMATION

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds.

During the period January 1, 2010 to March 31, 2010, the company issued 11,121 common shares to employees or former employees outside the U.S.A. for $15.50 per share upon the exercise of stock options. These issuances were not registered under the Securities Act in reliance on Regulation S thereunder.

Issuer Purchases of Equity Securities (1)

 

        Period   

(a) Total
number of

shares (or

units)
purchased

       

(b) Average

price paid

per share (or

unit)

       

(c) Total

number of

shares (or

units)

purchased

as part of

publicly

announced

plans or

programs

       

(d) Maximum

number (or

approximate

dollar value) of

shares (or units)

that may yet be

purchased

under the plans

or programs

January 2010

(January 1–January 31)

   0          N/A        0        41,750,627

February 2010

(February 1–February 28)

   0          N/A        0        41,664,177

March 2010

(March 1–March 31)

   11,121        $ 38.70        11,121        41,564,609

 

(1) On June 23, 2009, 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 share repurchase program. The new program enables the company to repurchase up to a maximum of 42,380,326 common shares, including common shares purchased for the company’s employee savings plan, the company’s employee retirement plan and from Exxon Mobil Corporation during the period June 25, 2009 to June 24, 2010. If not previously terminated, the program will end on June 24, 2010.

The company will continue to evaluate its share purchase program in the context of its overall capital activities.

 

Item 4. Submission of Matters to a Vote of Security Holders.

At the annual meeting of shareholders on April 29, 2010, all of the management’s nominee directors were elected to hold office until the close of the next annual meeting. The votes for the directors were: K.T. Hoeg 730,998,561 shares for and 1,259,498 shares withheld, B. H. March 719,718,863 shares for and 12,539,196 shares withheld, J.M. Mintz 731,272,838 shares for and 985,221 shares withheld, R.C. Olsen 669,488,416 shares for and 62,769,643 shares withheld, D.S. Sutherland 731,590,940 shares for and 667,119 shares withheld, S.D. Whittaker 730,898,470 shares for and 1,359,589 shares withheld, and V.L. Young 731,441,556 shares for and 816,503 shares withheld.

At the same annual meeting of shareholders, PricewaterhouseCoopers LLP were reappointed as the auditors by a vote of 738,547,149 shares for and 753,474 shares withheld from the reappointment of the auditors.

 

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Table of Contents
Item 6. Exhibits.

(31.1) Certification by the principal executive officer of the company pursuant to Rule 13a-14(a).

(31.2) Certification by the principal financial officer of the company pursuant to Rule 13a-14(a).

(32.1) Certification by the chief executive officer and of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350.

(32.2) Certification by the chief financial officer and of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

   

IMPERIAL OIL LIMITED

(Registrant)

Date: May 5, 2010     /s/  Paul J. Masschelin        
   

(Signature)

Paul J. Masschelin

Senior Vice-President, Finance and

Administration and Treasurer

(Principal Accounting Officer)

 

Date: May 5, 2010     /s/  Brent A. Latimer
   

(Signature)

Brent A. Latimer

Assistant Secretary

 

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