Imperial Oil announces estimated third-quarter financial and operating results

Calgary, Alberta, October 27, 2011

Imperial Oil’s earnings in the third quarter of 2011 were $859 million, up 106 percent or $441 million from 2010. Strong market conditions were captured by our solid operating performance in both the Upstream, Downstream and Chemical sectors. Another record quarterly production at Cold Lake and higher production at Syncrude contributed to an oil-equivalent production increase of five percent over the third quarter of 2010. Less scheduled refinery downtime contributed to a significant improvement in Downstream earnings in the third quarter compared to the second quarter of 2011. Our consistent focus on operations excellence and production reliability in all areas of our business allows us to continue to advance our growth plans while sustaining performance in our base business.

Our company growth program remains robust with capital and exploration expenditures of $2,888 million year-to-date as we continue to invest at a record level to develop new supplies of energy to meet growing world demand. The capital spending was primarily directed to the construction of the Kearl project and also includes activity to advance the Nabiye expansion at Cold Lake. Our continued strong business performance allowed us to finance these investments largely by cash flow from operations.

Click here to read our interim report news release.

Imperial Oil is one of Canada’s largest corporations and a leading member of the country’s petroleum industry. The company is a major producer of crude oil and natural gas, Canada’s largest petroleum refiner, a key petrochemical producer and a leading marketer with a coast-to-coast supply network that includes about 1,850 retail service stations.