Imperial Oil announces estimated first-quarter financial and operating results

Calgary, Alberta, April 28, 2011

Imperial Oil delivered a first quarter of solid results with earnings of $781 million or $0.91 per share, up from $476 million in the first quarter of 2010. The 64 percent earnings increase resulted from improved industry refining margins, higher Syncrude and Cold Lake production and lower refinery planned maintenance activities. These factors were partially offset by the unfavourable foreign exchange effects of the stronger Canadian dollar. Reliability and expense management improvements in all operating segments allowed us to capture higher crude oil realizations in the Upstream and improved margins in petroleum product markets.

Our long-term business approach continues to support robust activity and exceptional growth, while achieving operational excellence in our base business. Capital and exploration expenditures were $859 million in the first quarter, funded from cash flow generated from operations. Our ability to deliver on the elements we can control, while meeting our objective of continuous improvement will continue to reward our shareholders in the future.

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.