FORM 10-K IMPERIAL OIL LIMITED

Consolidated statement of income
millions of Canadian dollars
For the years ended December 31 2004 2003 2002
Revenues
Operating revenues ( a ) 22 408 19 094 16 890
Investment and other income (note 11) 52 114 152
Total revenues 22 460 19 208 17 042
Expenses
Exploration 59 55 30
Purchases of crude oil and products 13 094 10 823 9 723
Production and manufacturing 2 883 2 782 2 320
Selling and general 1 218 1 269 1 222
Federal excise tax ( a ) 1 264 1 254 1 231
Depreciation and depletion 908 755 708
Financing costs (note 15) 7 (120) 20
Total expenses 19 433 16 818 15 254
Income before income taxes 3 027 2 390 1 788
Income taxes 975 689 574
Income before cumulative effect
of accounting change 2 052 1 701 1 214
Cumulative effect of accounting change,
after income tax 4 –
Net income 2 052 1 705 1 214
Per-share information ( d o l l a r s )
Net income per common share – basic (note 13)
Income before cumulative effect
of accounting change 5.75 4.57 3.20
Cumulative effect of accounting change,
after income tax – 0.01 –
Net income 5.75 4.58 3.20
Net income per common share – diluted (note 13)
Income before cumulative effect
of accounting change 5.74 4.57 3.20
Cumulative effect of accounting change,
after income tax – 0.01 –
Net income 5.74 4.58 3.20
Dividends 0.88 0.87 0.84
( a ) Operating revenues include federal
excise tax of $1,264 million
(2003 – $1,254 million,
2002 – $1,231 million).
The information on pages F-7 thro u g h
F-20 is part of these consolidated
financial statements. Certain figures for
prior years have been reclassified in the
financial statements to conform with
the current year’s pre s e n t a t i o n .
F-3