FORM 10-K IMPERIAL OIL LIMITED

The following table sets forth the Company's share of net proven reserves of Syncrude after deducting
royalties payable to the Province of Alberta:
Synthetic Crude Oil
Base Mine and Aurora Mine Total
North Mine
(millions of cubic metres)
Beginning of year 2002................................................................ 58 73 131
Revision of previous estimate....................................................... – – –
Production................................................................................. (3) (1) (4)
End of year 2002........................................................................ 55 72 127
Revision of previous estimate....................................................... – – –
Production................................................................................. (2) (1) (3)
End of year 2003........................................................................ 53 71 124
Revision of previous estimate....................................................... (16) 16 0
Production................................................................................. (2) (2) (4)
End of year 2004........................................................................ 35 85 120
Synthetic Crude Oil
Base Mine and Aurora Mine Total
North Mine
(millions of barrels)
Beginning of year 2002................................................................ 358 463 821
Revision of previous estimate....................................................... – – –
Production................................................................................. (14) (7) (21)
End of year 2002........................................................................ 344 456 800
Revision of previous estimate....................................................... – – –
Production................................................................................. (13) (6) (19)
End of year 2003........................................................................ 331 450 781
Revision of previous estimate....................................................... (103) 100 (3)
Production................................................................................. (11) (10) (21)
End of year 2004........................................................................ 217 540 757
Oil and Gas Producing Activities
The following information is provided in accordance with the United States’ Statement of Financial
Accounting Standards No. 69, “Disclosures about Oil and Gas Producing Activities”.
Results of operations
2004 2003 2002
(millions of dollars)
Sales to customers..................................................................... $2,160 $2,067 $1,485
Intersegment sales..................................................................... 976 665 797
Total sales (1) (2)....................................................................... $3,136 $2,732 $2,282
Production expenses (2).............................................................. 915 926 736
Exploration expenses.................................................................. 44 55 30
Depreciation and depletion........................................................... 565 463 426
Income taxes............................................................................. 532 364 350
Results of operations.................................................................. $1,080 $ 924 $ 740
Capital and exploration expenditures
2004 2003 2002
(millions of dollars)
Property costs (3)
Proved.................................................................................. $ – $ – $ 13
Unproved............................................................................... 1 2 5
Exploration costs........................................................................ 43 55 34
Development costs..................................................................... 408 339 469
Total capital and exploration expenditures...................................... $ 452 $ 396 $ 521
(Table continued on following page)
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