Try our mobile app
| (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 | ||||
| 24 | ||||
| 24 | ||||
| 25 | ||||
| 25 | ||||
| 25 | ||||
| 26 | ||||
| 27 | ||||
Item 1. |
Financial statements |
| Second Quarter | Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2021 |
2020 | 2021 |
2020 | ||||||||||||
| Revenues and other income |
||||||||||||||||
| Revenues (a) |
||||||||||||||||
| Investment and other income (note 3) |
||||||||||||||||
| Total revenues and other income |
||||||||||||||||
| Expenses |
||||||||||||||||
| Exploration |
||||||||||||||||
| Purchases of crude oil and products (b) (note 11) |
||||||||||||||||
| Production and manufacturing (c) |
||||||||||||||||
| Selling and general (c) |
||||||||||||||||
| Federal excise tax and fuel charge |
||||||||||||||||
| Depreciation and depletion (note 11) |
||||||||||||||||
| Non-service pension and postretirement benefit |
||||||||||||||||
| Financing (d) (note 5) |
||||||||||||||||
| 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 9) |
( |
) | ( |
) | ||||||||||||
| Net income (loss) per common share - diluted (note 9) |
( |
) | ( |
) | ||||||||||||
| (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 5). |
||||||||||||||||
| Second Quarter | Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2021 |
2020 | 2021 |
2020 | ||||||||||||
| 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 |
2021 |
2020 | ||||||
| Assets |
||||||||
| Current assets |
||||||||
| Cash |
||||||||
| Accounts receivable - net (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 (note 11) |
||||||||
| Other assets, including intangibles - net |
||||||||
| Total assets |
||||||||
| Liabilities |
||||||||
| Current liabilities |
||||||||
| Notes and loans payable (c) |
||||||||
| Accounts payable and accrued liabilities (a) (note 7) |
||||||||
| Income taxes payable |
||||||||
| Total current liabilities |
||||||||
| Long-term debt (d) (note 6) |
||||||||
| Other long-term obligations (note 7) |
||||||||
| Deferred income tax liabilities |
||||||||
| Total liabilities |
||||||||
| Shareholders’ equity |
||||||||
| Common shares at stated value (e) (note 9) |
||||||||
| Earnings reinvested |
||||||||
| Accumulated other comprehensive income (loss) (note 10) |
( |
) |
( |
) | ||||
| Total shareholders’ equity |
||||||||
| Total liabilities and shareholders’ equity |
||||||||
| (a) | Accounts receivable - net 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) | Number of common shares authorized and outstanding were |
| Second Quarter | Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2021 |
2020 | 2021 |
2020 | ||||||||||||
| Common shares at stated value (note 9) |
||||||||||||||||
| At beginning of period |
||||||||||||||||
| 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 |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
| Cumulative effect of accounting change |
- | ( |
) | |||||||||||||
| At end of period |
||||||||||||||||
| Accumulated other comprehensive income (loss) (note 10) |
||||||||||||||||
| At beginning of period |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
| Other comprehensive income (loss) |
( |
) | ||||||||||||||
| At end of period |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
| Shareholders’ equity at end of period |
||||||||||||||||
Inflow ( o utflow) |
Second Quarter | Six Months to June 30 |
||||||||||||||
millions of Canadian dollars |
2021 |
2020 | 2021 |
2020 | ||||||||||||
| Operating activities |
||||||||||||||||
| Net income (loss) |
( |
) | ( |
) | ||||||||||||
| Adjustments for non-cash items: |
||||||||||||||||
| Depreciation and depletion |
||||||||||||||||
| Impairment of intangible assets (note 11) |
- |
|||||||||||||||
| (Gain) loss on asset sales (note 3) |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
| Inventory write-down to current market value (note 11) |
( |
) | ||||||||||||||
| 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 (b) |
||||||||||||||||
| Cash flows from (used in) operating activities |
( |
) | ( |
) | ||||||||||||
| Investing activities |
||||||||||||||||
| Additions to property, plant and equipment |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
| Proceeds from asset sales (note 3) |
||||||||||||||||
| Loans to equity companies - net |
( |
) |
( |
) | ( |
) | ||||||||||
| Cash flows from (used in) investing activities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
| Financing activities |
||||||||||||||||
| Short-term debt - net |
( |
) |
||||||||||||||
| Reduction in finance lease obligations (note 6) |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
| Dividends paid |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
| Common shares purchased (note 9) |
( |
) |
( |
) |
( |
) | ||||||||||
| Cash flows from (used in) financing activities |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
| Increase (decrease) in cash |
( |
) |
( |
) | ( |
) | ||||||||||
| Cash at beginning of period |
||||||||||||||||
| Cash at end of period (a) |
||||||||||||||||
| (a) Cash is composed of cash in bank and cash equivalents at cost. Cash equivalents are all highly liquid securities with maturity of three months or less when purchased. |
| (b) Included contributions to registered pension plans. |
( |
) |
( |
) |
( |
) |
( |
) |
| Income taxes (paid) refunded. |
( |
) | ||||||||||||||
| Interest (paid), net of capitalization. |
( |
) |
( |
) |
( |
) |
( |
) | ||||||||
| Second Quarter | Upstream | Downstream | Chemical | |||||||||
millions of Canadian dollars |
2021 |
2020 | 2021 |
2020 | 2021 |
2020 | ||||||
| Revenues and other income |
||||||||||||
| Revenues (a) |
||||||||||||
| Intersegment sales |
||||||||||||
| Investment and other income (note 3) |
||||||||||||
| Expenses |
||||||||||||
| Exploration |
||||||||||||
| Purchases of crude oil and products (note 11) |
||||||||||||
| Production and manufacturing |
||||||||||||
| Selling and general |
||||||||||||
| Federal excise tax and fuel charge |
||||||||||||
| Depreciation and depletion (note 11) |
||||||||||||
| Non-service pension and postretirement benefit |
||||||||||||
| Financing (note 5) |
||||||||||||
| 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 |
2021 |
2020 | 2021 |
2020 | 2021 |
2020 | ||||||
| Revenues and other income |
||||||||||||
| Revenues (a) |
||||||||||||
| Intersegment sales |
( |
( |
||||||||||
| Investment and other income (note 3) |
||||||||||||
( |
( |
|||||||||||
| Expenses |
||||||||||||
| Exploration |
||||||||||||
| Purchases of crude oil and products (note 11) |
( |
( |
||||||||||
| Production and manufacturing |
||||||||||||
| Selling and general |
( |
( |
||||||||||
| Federal excise tax and fuel charge |
||||||||||||
| Depreciation and depletion (note 11) |
||||||||||||
| Non-service pension and postretirement benefit |
||||||||||||
| Financing (note 5) |
||||||||||||
| Total expenses |
( |
( |
||||||||||
| Income (loss) before income taxes |
( |
( |
( | |||||||||
| Income taxes |
( |
( |
( | |||||||||
| Net income (loss) |
( |
( |
( | |||||||||
| Cash flows from (used in) operating activities |
( | |||||||||||
| 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 |
2021 |
2020 | 2021 |
2020 | 2021 |
2020 | ||||||
| Revenues and other income |
||||||||||||
| Revenues (a) |
||||||||||||
| Intersegment sales |
||||||||||||
| Investment and other income (note 3) |
||||||||||||
| Expenses |
||||||||||||
| Exploration |
||||||||||||
| Purchases of crude oil and products (note 11) |
||||||||||||
| Production and manufacturing |
||||||||||||
| Selling and general |
||||||||||||
| Federal excise tax and fuel charge |
||||||||||||
| Depreciation and depletion (note 11) |
||||||||||||
| Non-service pension and postretirement benefit |
||||||||||||
| Financing (note 5) |
||||||||||||
| Total expenses |
||||||||||||
| Income (loss) before income taxes |
( |
|||||||||||
| Income tax expense (benefit) |
( |
|||||||||||
| Net income (loss) |
( |
|||||||||||
| Cash flows from (used in) operating activities |
( |
|||||||||||
| Capital and exploration expenditures (b) |
||||||||||||
| Total assets as at June 30 (note 11) |
||||||||||||
| Six Months to June 30 | Corporate and other | Eliminations | Consolidated | |||||||||
millions of Canadian dollars |
2021 |
2020 | 2021 |
2020 | 2021 |
2020 | ||||||
| Revenues and other income |
||||||||||||
| Revenues (a) |
||||||||||||
| Intersegment sales |
( |
( |
||||||||||
| Investment and other income (note 3) |
||||||||||||
( |
( |
|||||||||||
| Expenses |
||||||||||||
| Exploration |
||||||||||||
| Purchases of crude oil and products (note 11) |
( |
( |
||||||||||
| Production and manufacturing |
||||||||||||
| Selling and general |
( |
( |
( |
|||||||||
| Federal excise tax and fuel charge |
||||||||||||
| Depreciation and depletion (note 11) |
||||||||||||
| Non-service pension and postretirement benefit |
||||||||||||
| Financing (note 5) |
||||||||||||
| Total expenses |
( |
( |
||||||||||
| Income (loss) before income taxes |
( |
( |
( | |||||||||
| Income tax expense (benefit) |
( |
( |
( | |||||||||
| Net income (loss) |
( |
( |
( | |||||||||
| Cash flows from (used in) operating activities |
( |
( | ||||||||||
| Capital and exploration expenditures (b) |
||||||||||||
| Total assets as at June 30 (note 11) |
( |
( |
||||||||||
| (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. |
| Second Quarter | Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2021 |
2020 | 2021 |
2020 | ||||||||||||
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 |
2021 |
2020 | 2021 |
2020 | ||||||||||||
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 |
2021 |
2020 | 2021 |
2020 | ||||||||||||
Debt-related interest |
||||||||||||||||
Capitalized interest |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Net interest expense |
||||||||||||||||
Other interest |
||||||||||||||||
Total financing |
||||||||||||||||
millions of Canadian dollars |
As at June 30 2021 |
As at Dec 31 2020 |
||||||
Long-term debt |
||||||||
Finance leases |
||||||||
Total long-term debt |
||||||||
millions of Canadian dollars |
As at June 30 2021 |
As at Dec 31 2020 |
||||||
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) | Total operating lease liability also included $ |
(thousands of barrels) |
As at June 30 2021 |
As at Dec 31 2020 |
||||||
Crude |
( |
) |
( |
) | ||||
Products |
( |
) |
( |
) | ||||
| Second Quarter | Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2021 |
2020 | 2021 |
2020 | ||||||||||||
Revenues |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Purchases of crude oil and products |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
Total |
( |
) |
( |
) | ( |
) |
( |
) | ||||||||
millions of Canadian dollars |
||||||||||||||||||||||||||||
At June 30, 2021 |
||||||||||||||||||||||||||||
| Fair value | Effect of counterparty netting |
Effect of collateral netting |
Net carrying value |
|||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||
Derivative assets (a) |
( |
) |
- |
|||||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||
Derivative liabilities (b) |
( |
) |
( |
) |
- |
|||||||||||||||||||||||
| (a) | Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”. |
| (b) | Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities”. |
millions of Canadian dollars |
||||||||||||||||||||||||||||
At December 31, 2020 |
||||||||||||||||||||||||||||
| Fair value | Effect of counterparty netting |
Effect of collateral netting |
Net carrying value |
|||||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||||||||
Assets |
||||||||||||||||||||||||||||
Derivative assets (a) |
( |
) | - | |||||||||||||||||||||||||
Liabilities |
||||||||||||||||||||||||||||
Derivative liabilities (b) |
( |
) | ( |
) | - | |||||||||||||||||||||||
| (a) | Included in the Consolidated balance sheet line: “Materials, supplies and prepaid expenses”. |
| (b) | Included in the Consolidated balance sheet line: “Accounts payable and accrued liabilities”. |
thousands of shares |
As of June 30 2021 |
As of Dec 31 2020 |
||||||
Authorized |
||||||||
Common shares outstanding |
||||||||
Thousands of shares |
Millions of dollars |
|||||||
Balance as at December 31, 2019 |
||||||||
Issued under employee share-based awards |
||||||||
Purchases at stated value |
( |
) | ( |
) | ||||
Balance as at December 31, 2020 |
||||||||
Issued under employee share-based awards |
||||||||
Purchases at stated value |
( |
) |
( |
) | ||||
Balance as at June 30, 2021 |
||||||||
| Second Quarter | Six Months to June 30 |
|||||||||||||||
2021 |
2020 | 2021 |
2020 | |||||||||||||
Net income (loss) per common share - basic |
||||||||||||||||
Net income (loss) (millions of Canadian dollars) |
( |
) | ( |
) | ||||||||||||
Weighted average number of common shares outstanding (millions of shares) |
||||||||||||||||
Net income (loss) per common share (dollars) |
( |
) | ( |
) | ||||||||||||
Net income (loss) per common share - diluted |
||||||||||||||||
Net income (loss) (millions of Canadian dollars) |
( |
) | ( |
) | ||||||||||||
Weighted average number of common shares outstanding (millions of shares) |
||||||||||||||||
Effect of employee share-based awards (millions of shares) (a) |
||||||||||||||||
Weighted average number of common shares outstanding, assuming dilution (millions of shares) |
||||||||||||||||
Net income (loss) per common share (dollars) |
( |
) | ( |
) | ||||||||||||
Dividends per common share - declared (dollars) |
||||||||||||||||
| (a) | For Second Quarter 2020 and Six Months to June 30, 2020, the Net income (loss) per common share – diluted excludes the effect of |
millions of Canadian dollars |
2021 |
2020 | ||||||
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 |
2021 |
2020 | 2021 |
2020 | ||||||||||||
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 4). |
| Second Quarter | Six Months to June 30 |
|||||||||||||||
millions of Canadian dollars |
2021 |
2020 | 2021 |
2020 | ||||||||||||
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 |
millions of Canadian dollars after tax |
||||||
| One dollar (U.S.) per barrel increase (decrease) in crude oil prices |
+ (-) | 100 | ||||
| One cent decrease (increase) in the value of the Canadian dollar versus the U.S. dollar |
+ (-) | 100 | ||||
| (a) | Each sensitivity calculation shows the impact on net income resulting from a change in one factor, after tax and royalties and holding all other factors constant. These sensitivities have been updated to reflect current conditions. They may not apply proportionately to larger fluctuations. |
Item 4. |
Controls and procedures |
Item 1. |
Legal proceedings |
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 2021 |
||||||||||||||||
| (April 1 - April 30) |
- |
- |
- |
29,356,095 |
||||||||||||
| May 2021 |
||||||||||||||||
| (May 1 - May 31) |
13,905,500 |
38.75 |
13,905,500 |
15,450,595 |
||||||||||||
| June 2021 |
||||||||||||||||
| (June 1 - June 28) |
15,450,595 |
40.58 |
15,450,595 |
- |
||||||||||||
| (June 29 - June 30) |
142,332 |
37.77 |
142,332 |
35,441,339 |
||||||||||||
| |
||||||||||||||||
| (a) | On June 23, 2020, the company announced by news release that it had received final approval from the Toronto Stock Exchange for a limited normal course issuer bid. The program was initially used primarily to eliminate dilution from shares issued in conjunction with Imperial’s restricted stock unit plan, and enabled the company to purchase up to a maximum of 50,000 common shares during the period June 29, 2020 to June 28, 2021. This maximum 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. |
| On April 30, 2021, the company announced an amendment to its normal course issuer bid to increase the number of common shares that were available to be purchased. Under the amendment, the number of common shares available to be purchased increased to a maximum of 29,363,070 common shares during the period June 29, 2020 to June 28, 2021, 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. No other provisions of the normal course issuer bid have changed. |
| The program ended on June 28, 2021. Upon expiration, the company had purchased the maximum 29,363,070 shares allowed under the program. |
| (b) | On June 23, 2021, 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 35,583,671 common shares during the period June 29, 2021 to June 28, 2022. 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 28, 2022. |
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 of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350. |
| (32.2) Certification by the chief financial officer of the company pursuant to Rule 13a-14(b) and 18 U.S.C. Section 1350. |
| (101) Interactive Data Files (formatted as Inline XBRL). |
| (104) Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
| Imperial Oil Limited (Registrant) | ||||
| Date: August 4, 2021 | /s/ Daniel E. Lyons --------------------------------------------------- | |||
| (Signature) | ||||
| Daniel E. Lyons | ||||
| Senior vice-president, finance and administration, and controller (Principal accounting officer) | ||||
| Date: August 4, 2021 | /s/ Cathryn Walker --------------------------------------------------- | |||
| (Signature) | ||||
| Cathryn Walker | ||||
| Assistant corporate secretary | ||||
