FORM 10-K IMPERIAL OIL LIMITED

Changes in Standardized Measure of Discounted Future Net Cash Flows Related to Proved Oil and
Gas Reserves
2004 2003 2002
(millions)
Balance at beginning of year......................................................... $ 4,738 $ 8,201 $ 2,789
Changes resulting from:
Sales and transfers of oil and gas produced, net of production costs.. (2,240) (2,075) (1,645)
Net changes in prices, development costs and production costs......... (3,692) (4,395) 9,276
Extensions, discoveries, additions and improved recovery,
less related costs.................................................................. (43) 22 34
Purchase/(sales) of minerals in place.............................................. – – 4
Development costs incurred during the year..................................... 345 281 432
Revisions of previous quantity estimates......................................... 1,838 (368) 111
Accretion of discount................................................................... 663 1,108 423
Net change in income taxes.......................................................... 1,708 1,964 (3,223)
Net change................................................................................. (1,421) (3,463) 5,412
Balance at end of year................................................................. $ 3,317 $ 4,738 $ 8,201
Within the past 12 months, the Company has not filed oil and gas reserve estimates with any authority or
agency of the United States.
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure.
None.
Item 9A. Controls and Procedures.
As indicated in the certifications in Exhibit 31.1 and 31.2 of this report, the Company’s principal executive
officer and principal financial officer have evaluated the Company’s disclosure controls and procedures as
of December 31, 2004. Based on that evaluation, these officers have concluded that the Company’s
disclosure controls and procedures are appropriate and effective for the purpose of ensuring that material
information relating to the Company, including its consolidated subsidiaries, is made known to them by
others within those entities, particularly during the period in which this annual report is being prepared.
Reference is made to page F-2 of this report for management’s report on internal control over financial
reporting.
Reference is made to page F-2 of this report for the report of the independent registered public
accounting firm on management’s assessment on internal control over financial reporting.
There has not been any change in the Company’s internal control over financial reporting that occurred
during the Company’s fourth fiscal quarter of 2004 that has materially affected, or is reasonably likely to
materially affect, the Company’s internal control over financial reporting.
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