Annual report 2007

Overall, improving operations, a strong price environment and record production at both Cold Lake and Syncrude contributed to record earnings and shareholder returns that well exceeded the energy equity index. Furthermore, progress was made on a number of fronts during the year: the balance sheet was strengthened, and long-term investment opportunities were advanced, including regulatory approval for the proposed Kearl Oil Sands project and the addition of major acreage positions.

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Chairman's letter
"While we are proud of the progress achieved in 2007, we recognize that the confidence of our shareholders relies on our ability to deliver future performance – not on past achievements."
-- Tim Hearn, Imperial's chairman and chief executive officer.

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Overview
As an integrated energy company, we explore for, produce, refine and market products that are essential to Canadians and the Canadian economy. Each of our businesses is unique, but all are complementary and managed under the same principles. Learn more about "The Imperial Oil Advantage" and our energy outlook in this section of the annual report.

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Year in review
2007 was a year of record earnings.  We continued to progress major projects and new opportunities, and maintained our focus on safety performance and the environment. Learn more about our financial and operating highlights in this section of the annual report.

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Natural resources
With 1.5 billion oil-equivalent barrels of proved reserves and nearly 12 billion oil-equivalent barrels of non-proved resources, our total resource base is large by any standard. Record production at Cold Lake and Syncrude, advancement for the proposed Kearl oil sands project, and a commitment to research and technology, will provide the means to unlock the full potential of this high-quality, long-life resource base.

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Petroleum products
Imperial is the largest petroleum refiner in Canada, with the capacity to process 500,000 barrels a day of crude oil, and has a leading market share in petroleum product sales, including retail fuels and finished lubricants.

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Chemicals
Imperial is one of Canada’s leading producers of chemical products, with the largest market share in North America for polyethylene used in rotational molding and the second largest market share in injection molding.

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Financial section
Management's discussion and analysis, financial statements, supplemental information for the natural resources division and share performance data are provided in this section of the annual report.

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Information for investors and shareholders
The board of directors, senior management and contact information are covered in this section of the report.

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Forward-looking statements:  This report contains forward-looking information on future production, project start-ups and future capital spending. Actual results could differ materially as a result of market conditions or changes in law, government policy, operating conditions, costs, project schedules, operating performance, demand for oil and natural gas, commercial negotiations or other technical and economic factors.