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, 2011

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 91 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, 2011, was 847,599,011.

 


Table of Contents

IMPERIAL OIL LIMITED

 

 

INDEX   
       PAGE   

PART I - Financial Information

  

Item 1- Financial Statements.

  
  Consolidated Statement of Income -Three Months ended March 31, 2011 and 2010      3   
  Consolidated Balance Sheet - as at March 31, 2011 and December 31, 2010      4   
  Consolidated Statement of Cash Flows - Three Months ended March 31, 2011 and 2010      5   
  Notes to the Consolidated Financial Statements      6   

Item 2-

  Management’s Discussion and Analysis of Financial Condition and Results of Operations.      11   

Item 3 -

  Quantitative and Qualitative Disclosures about Market Risk.      12   

Item 4 -

  Controls and Procedures.      13   

PART II - Other Information

  

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

     14   

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

     14   

Item 6 - Exhibits.

     15   

SIGNATURES

     15   

 

 

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, 2010.

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

   2011    2010  

REVENUES AND OTHER INCOME

     

Operating revenues (a)(b)

   6,852    6,134  

Investment and other income (3)

   19    32  

TOTAL REVENUES AND OTHER INCOME

   6,871    6,166  

EXPENSES

     

Exploration

   37    87  

Purchases of crude oil and products (c)

   3,980    3,661  

Production and manufacturing (d)(4)

   979    1,030  

Selling and general (4)

   321    250  

Federal excise tax (a)

   315    304  

Depreciation and depletion

   188    182  

Financing costs (5)

   -    1  

TOTAL EXPENSES

   5,820    5,515  

INCOME BEFORE INCOME TAXES

   1,051    651  

INCOME TAXES

   270    175  

NET INCOME (2)

   781    476  

NET INCOME PER COMMON SHARE - BASIC (dollars) (8)

   0.92    0.56  

NET INCOME PER COMMON SHARE - DILUTED (dollars) (8)

   0.91    0.56  

DIVIDENDS PER COMMON SHARE (dollars)

   0.11    0.10  

(a)  Federal excise tax included in operating revenues

   315    304  

(b)  Amounts from related parties included in operating revenues

   482    608  

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

   1,115    523  

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

   53    55  

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)

     As at        As at   
     Mar. 31        Dec. 31   

millions of Canadian dollars

     2011        2010   

ASSETS

    

Current assets

    

Cash

     301        267   

Accounts receivable, less estimated doubtful accounts

     2,243        2,000   

Inventories of crude oil and products

     913        527   

Materials, supplies and prepaid expenses

     322        246   

Deferred income tax assets

     577        498   

Total current assets

     4,356        3,538   

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

     854        870   

Property, plant and equipment,

     30,671        30,004   

less accumulated depreciation and depletion

     14,141        14,099   

Property, plant and equipment, net

     16,530        15,905   

Goodwill

     204        204   

Other intangible assets, net

     64        63   

TOTAL ASSETS

     22,008        20,580   

LIABILITIES

    

Current liabilities

    

Notes and loans payable

     229        229   

Accounts payable and accrued liabilities (a)(7)

     4,202        3,470   

Income taxes payable

     895        878   

Total current liabilities

     5,326        4,577   

Long-term debt (b)(6)

     526        527   

Other long-term obligations (7)

     2,880        2,753   

Deferred income tax liabilities

     1,512        1,546   

TOTAL LIABILITIES

     10,244        9,403   

SHAREHOLDERS’ EQUITY

    

Common shares at stated value (c)

     1,520        1,511   

Earnings reinvested

     11,743        11,090   

Accumulated other comprehensive income (9)

     (1,499     (1,424

TOTAL SHAREHOLDERS’ EQUITY

     11,764        11,177   

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY

     22,008        20,580   

 

(a)    Accounts payable and accrued liabilities included amounts payable to related parties of $492 million (2010 - amounts receivable of $45 million).
(b)    Long-term debt included amounts to related parties of $500 million (2010 - $500 million).
(c)    Number of common shares authorized and outstanding were 1,100 million and 848 million, respectively (2010 - 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)    Three Months  
inflow/(outflow)    to March 31  
millions of Canadian dollars    2011     2010  

OPERATING ACTIVITIES

    

Net income

     781        476   

Adjustment for non-cash items:

    

Depreciation and depletion

     188        182   

(Gain)/loss on asset sales (3)

     (6     (4

Deferred income taxes and other

     (90     2   

Changes in operating assets and liabilities:

    

Accounts receivable

     (245     (180

Inventories and prepaids

     (462     (134

Income taxes payable

     17        (162

Accounts payable

     731        637   

All other items - net (a)

     45        97   

CASH FROM (USED IN) OPERATING ACTIVITIES

     959        914   

INVESTING ACTIVITIES

    

Additions to property, plant and equipment and intangibles

     (822     (813

Proceeds from asset sales

     14        6   

Loans to equity company

     2        -   

CASH FROM (USED IN) INVESTING ACTIVITIES

     (806     (807

FINANCING ACTIVITIES

    

Reduction in capitalized lease obligations

     (1     (1

Issuance of common shares under stock option plan

     11        -   

Common shares purchased

     (36     -   

Dividends paid

     (93     (85

CASH FROM (USED IN) FINANCING ACTIVITIES

     (119     (86

INCREASE (DECREASE) IN CASH

     34        21   

CASH AT BEGINNING OF PERIOD

     267        513   

CASH AT END OF PERIOD

     301        534   

(a) Includes contribution to registered pension plans.

     (66     (70

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, 2011, and December 31, 2010, and the results of operations and changes in cash flows for the three months ended March 31, 2011 and 2010. 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 2011 presentation.

The results for the three months ended March 31, 2011, are not necessarily indicative of the operations to be expected for the full year.

All amounts are in Canadian dollars unless otherwise indicated.

 

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IMPERIAL OIL LIMITED

 

 

2. Business segments

 

 

Three Months to March 31    Upstream      Downstream      Chemical  
millions of dollars    2011        2010        2011        2010        2011        2010    

REVENUES AND OTHER INCOME

                 

Operating revenues

     1,174           1,241           5,347           4,610           331           283     

Intersegment sales

     1,157           948           711           571           89           70     

Investment and other income

     8           20           9           11           -           -     
                          
     2,339           2,209           6,067           5,192           420           353     
                          

EXPENSES

                 

Exploration

     37           87           -           -           -           -     

Purchases of crude oil and products

     861           787           4,769           4,187           307           276     

Production and manufacturing

     599           602           337           370           43           58     

Selling and general

     1           2           223           224           16           17     

Federal excise tax

     -           -           315           304           -           -     

Depreciation and depletion

     133           125           50           52           3           3     

Financing costs

     -           -           (1)          -           -           -     
                          

TOTAL EXPENSES

     1,631           1,603           5,693           5,137           369           354     
                          

INCOME BEFORE INCOME TAXES

     708           606           374           55           51           (1)    

INCOME TAXES

     180           162           98           16           13           -     
                          

NET INCOME

     528           444           276           39           38           (1)    
                          

Export sales to the United States

     549           507           251           298           200           165     

Cash flow from (used in) operating activities

     717           742           271           186           5           4     

CAPEX (a)

     818           855           36           38           2           6     

Total assets as at March 31

     14,527           11,190           6,955           6,323           456           414     
Three Months to March 31    Corporate and Other      Eliminations      Consolidated  
millions of dollars    2011      2010      2011      2010      2011      2010  

REVENUES AND OTHER INCOME

                 

Operating revenues

     -           -           -           -           6,852           6,134     

Intersegment sales

     -           -           (1,957)          (1,589)          -           -     

Investment and other income

     2           1           -           -           19           32     
                          
     2           1           (1,957)          (1,589)          6,871           6,166     
                          

EXPENSES

                 

Exploration

     -           -           -           -           37           87     

Purchases of crude oil and products

     -           -           (1,957)          (1,589)          3,980           3,661     

Production and manufacturing

     -           -           -           -           979           1,030     

Selling and general

     81           7           -           -           321           250     

Federal excise tax

     -           -           -           -           315           304     

Depreciation and depletion

     2           2           -           -           188           182     

Financing costs

     1           1           -           -           -           1     
                          

TOTAL EXPENSES

     84           10           (1,957)          (1,589)          5,820           5,515     
                          

INCOME BEFORE INCOME TAXES

     (82)          (9)          -           -           1,051           651     

INCOME TAXES

     (21)          (3)         
-  
  
     -           270           175     
                          

NET INCOME

     (61)          (6)          -           -           781           476     
                          

Export sales to the United States

     -            -           -           -           1,000           970     

Cash flow from (used in) operating activities

     (34)          (18)          -           -           959           914     

CAPEX (a)

     3           1           -           -           859           900     

Total assets as at March 31

     416           631           (346)          (223)          22,008           18,335     

 

(a) 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

 

 

3. 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    2011      2010  

Proceeds from asset sales

     14         6   

Book value of assets sold

     8         2   

Gain/(loss) on asset sales, before tax

     6         4   

Gain/(loss) on asset sales, after tax

     4         4   

 

4. 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    2011     2010  

Pension benefits:

    

Current service cost

     29        25   

Interest cost

     78        77   

Expected return on plan assets

     (76     (68

Amortization of prior service cost

     4        4   

Recognized actuarial loss

     40        34   

Net benefit cost

     75        72   

Other post-retirement benefits:

    

Current service cost

     1        1   

Interest cost

     6        6   

Recognized actuarial loss

     1        -   

Net benefit cost

     8        7   

 

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IMPERIAL OIL LIMITED

 

 

 

5. Financing costs

 

     Three Months
to March 31
 
millions of dollars    2011     2010  

Debt related interest

     3        1   

Capitalized interest

     (3     (1

Net interest expense

     -        -   

Other interest

     -        1   

Total financing costs

     -        1   

 

6. Long-term debt

 

millions of dollars    As at
Mar. 31
2011
             As at
Dec. 31
2010
 

Long-term debt

     500              500     

Capital leases

     26              27     
                    

Total long-term debt

             526                      527     
                    

 

7. Other long-term obligations

 

millions of dollars    As at
Mar. 31
2011
             As at
Dec. 31
2010
 

Employee retirement benefits (a)

     1,749            1,640   

Asset retirement obligations and other environmental liabilities (b)

     732            754   

Share-based incentive compensation liabilities

     173            127   

Other obligations

     226            232   
                    

Total other long-term obligations

             2,880                    2,753   
                    

 

(a) Total recorded employee retirement benefits obligations also include $47 million in current liabilities (December 31, 2010 - $47 million).
(b) Total asset retirement obligations and other environmental liabilities also include $134 million in current liabilities (December 31, 2010 - $134 million).

 

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IMPERIAL OIL LIMITED

 

 

 

8. Net income per share

 

     Three Months
to March 31
 
      2011      2010  

Net income per common share - basic

     

Net income (millions of dollars)

     781         476   

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

     847.8         847.6   

Net income per common share (dollars)

     0.92         0.56   

Net income per common share - diluted

     

Net income (millions of dollars)

     781         476   

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

     847.8         847.6   

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

     6.3         6.6   

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

     854.1         854.2   

Net income per common share (dollars)

     0.91         0.56   

 

9. Comprehensive income

 

     Three Months
to March 31
 
millions of dollars    2011     2010  

Net income

     781        476   

Post-retirement benefit liability adjustment (excluding amortization)

     (108     84   

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

     33        28   

Other comprehensive income (net of income taxes)

 

    

 

(75

 

 

   

 

112

 

  

 

Total comprehensive income

     706        588   

 

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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 2011 was $781 million or $0.91 a share on a diluted basis, compared with $476 million or $0.56 a share for the same period last year.

Earnings in the first quarter were higher than the same quarter in 2010 primarily due to stronger industry refining margins of about $175 million, higher Syncrude and Cold Lake volumes of about $100 million and lower refinery planned maintenance activities of about $85 million. These factors were partially offset by the unfavourable foreign exchange effects of the stronger Canadian dollar of about $70 million. Reliability and expense management improvements in all operating segments allowed the capture of higher crude oil realizations in the Upstream and improved margins in petroleum product markets.

Upstream

Net income in the first quarter was $528 million, $84 million higher than the same period of 2010. Earnings increased primarily due to higher volumes and lower maintenance costs at Syncrude totaling about $80 million. Earnings were also positively impacted by higher Cold Lake bitumen production of about $30 million and higher crude oil commodity prices of about $30 million. These factors were partially offset by the unfavourable foreign exchange effects of the stronger Canadian dollar of about $50 million.

The average price of Brent crude oil in U.S. dollars, a common benchmark for world oil markets, was $105.01 a barrel in the first quarter of 2011, up almost 40 percent from the corresponding period last year. The company’s average realizations on sales of Canadian conventional crude oil and synthetic crude oil from Syncrude production also increased. The company’s average bitumen realizations in the first quarter were about ten percent lower than that in the first quarter of 2010, reflecting a widened price spread between the lighter crude oils and Cold Lake bitumen, primarily due to continuing impacts from third party pipeline integrity issues on heavy oil markets.

Gross production of Cold Lake bitumen averaged 157 thousand barrels a day during the first quarter, up from 148 thousand barrels in the same quarter last year. Higher volumes were the result of the ongoing development drilling program partially offset by the cyclic nature of production at Cold Lake.

The company’s share of Syncrude’s gross production in the first quarter was 80 thousand barrels a day, versus 67 thousand barrels in the first quarter of 2010. Increased production was primarily the result of improved mining and upgrading reliability as well as lower planned maintenance activities.

Gross production of conventional crude oil averaged 22 thousand barrels a day in the first quarter, down from 24 thousand barrels the same period last year, due to natural reservoir decline.

Gross production of natural gas during the first quarter of 2011 was 269 million cubic feet a day, down from 273 million cubic feet in the same period last year. The lower production volume was a result of natural reservoir decline.

The Kearl development plan is being reconfigured from a three-phase to a two-phase strategy. Production from the initial development phase will be at 110,000 barrels of bitumen a day. A second phase expansion with debottlenecking of both phases will be used to reach the regulatory capacity of 345,000 barrels a day as approved under the original three-phase strategy. Full lease unit development costs are expected to remain the same.

 

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Downstream

Net income was $276 million in the first quarter of 2011, $237 million higher than the same period a year ago. Earnings benefited from stronger industry refining margins of about $175 million due in part to favourably priced crude mix processed and improved demand for petroleum products, as well as the favourable impact of about $85 million associated with lower planned refinery maintenance activities. These factors were partially offset by the unfavourable effects of the stronger Canadian dollar of about $20 million.

Chemical

Net income was $38 million in the first quarter, $39 million higher than the same quarter last year. Improved industry margins across all product channels, lower costs due to lower planned maintenance activities, and higher polyethylene sales volumes were the main contributors to the increase.

Corporate and other

Net income effects were negative $61 million in the first quarter, compared with negative $6 million in the same period of 2010. Unfavourable earnings effects in the first quarter were primarily due to changes in share-based compensation charges.

LIQUIDITY AND CAPITAL RESOURCES

Cash flow generated from operating activities was $959 million during the first quarter of 2011, compared with $914 million in the same period of 2010. Higher cash flow was primarily driven by higher earnings partially offset by working capital effects.

Investing activities used net cash of $806 million in the first quarter, compared to $807 million in the corresponding period in 2010. Additions to property, plant and equipment were $822 million in the first quarter, compared with $813 million during the same quarter 2010. For the Upstream segment, expenditures during the quarter were primarily directed towards the advancement of the Kearl oil sands project. Other investments included environmental and other projects at Syncrude, development drilling at Cold Lake and advancing the Nabiye project, the next phase of expansion at Cold Lake, as well as exploration drilling at Horn River. The Downstream segment’s capital expenditures were focused mainly on refinery projects to improve reliability, feedstock flexibility, energy efficiency and environmental performance.

Cash used in financing activities was $119 million in the first quarter 2011, compared with $86 million in the first quarter of 2010. During the first quarter of 2011, the company did not make any share repurchases except those to offset the dilutive effects from the exercise of stock options. Cash dividends of $93 million were paid in the first quarter 2011, compared with dividends of $85 million in the first quarter 2010. Per-share dividends paid in the first quarter 2011 totaled $0.11, up from $0.10 in the same period of 2010.

The above factors led to an increase in the company’s balance of cash to $301 million at March 31, 2011, from $267 million at the end of 2010.

Item 3.  Quantitative and Qualitative Disclosures about Market Risk.

Information about market risks for the three months ended March 31, 2011 does not differ materially from that discussed on page 23 in the company’s annual report on Form 10-K for the year ended December 31, 2010.

 

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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, 2011. 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, 2011 to March 31, 2011, the company issued 602,214 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 2011

(January 1 - January 31)

    -        N/A        -        41,621,691   
         

February 2011

(February 1 - February 28)

    107,574      $ 44.88        107,574        41,439,964   
         

March 2011

(March 1 - March 31)

 

   

 

602,766

 

  

 

  $

 

50.93

 

  

 

   

 

602,766

 

  

 

   

 

40,767,472

 

  

 

 

  (1) On June 23, 2010, 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 42,380,333 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, 2010 to June 24, 2011. If not previously terminated, the program will end on June 24, 2011.

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 28, 2011, 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 738,106,214 shares for and 997,911 shares withheld, B. H. March 725,214,301 shares for and 13,889,824 shares withheld, J.M. Mintz 738,693,464 shares for and 410,661 shares withheld, R.C. Olsen 686,307,977 shares for and 52,796,148 shares withheld, D.S. Sutherland 738,782,411 shares for and 321,714 shares withheld, S.D. Whittaker 738,457,594 shares for and 646,531 shares withheld, and V.L. Young 738,786,854 shares for and 317,271 shares withheld.

At the same annual meeting of shareholders, PricewaterhouseCoopers LLP were reappointed as the auditors by a vote of 745,950,692 shares for and 1,085,455 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 4, 2011     /s/ Paul J. Masschelin
    (Signature)
    Paul J. Masschelin
    Senior Vice-President, Finance and
    Administration and Treasurer
    (Principal Accounting Officer)
Date:    May 4, 2011     /s/ Brent A. Latimer
    (Signature)
    Brent A. Latimer
    Assistant Secretary

 

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