Imperial Oil announces estimated second-quarter financial and operating results

Friday, Jul 30, 2010

Net income (U.S. GAAP) 517 209 147 993 498 99 Net income per common share
- assuming dilution (dollars) 0.60 0.25 140 1.16 0.58 100 Capital and
exploration expenditures 881 535 65 1,781 1,029 73 >>

Bruce March, chairman, president and chief executive officer of Imperial
Oil, commented:

"Imperial Oil delivered solid results with earnings of $517 million or $0.60
per share, up from $209 million in the second quarter of 2009, an increase
of 147 percent. Earnings increased with stronger crude oil realizations,
increased production, lower operating costs and improved downstream margins.
These factors were partially offset by unfavourable foreign exchange effects
of a stronger Canadian dollar. Strong operating performance in all business
segments allowed us to take advantage of higher crude oil realizations in
the Upstream and improved margins in petroleum product markets.

Earnings for the first six months of 2010 were $993 million or $1.16 per
share, up from $498 million in the first six months of 2009, an increase of
99 percent.

With our strong balance sheet; cash flow from operations; minimal debt; and
long-term disciplined approach, we are well positioned to add value to our
shareholders through our company growth projects. Capital and exploration
expenditures continued at a record pace and were $881 million in the second
quarter, relating primarily to the Kearl oil sands project and continued
exploration of promising shale gas acreage in Horn River.

We also announced an increase to the quarterly dividend paid to
shareholders, which represents the fifteenth consecutive increase in
Imperial's annual per share dividend payments."

Source: Canada Wire