FORM 10-K IMPERIAL OIL LIMITED

Consolidated balance sheet
millions of Canadian dollars
At December 31 2004 2003
Assets
Current assets
Cash 1 279 448
Accounts receivable, less estimated
doubtful amounts 1 626 1 315
Inventories of crude oil and products (note 14) 432 407
Materials, supplies and prepaid expenses 112 105
Deferred income tax assets (note 4) 448 353
Total current assets 3 897 2 628
Investments and other long-term assets 130 97
Property, plant and equipment, less accumulation,
depreciation and depletion (note 2) 9 647 9 267
Goodwill (note 2) 204 204
Other intangible assets, net 149 141
Total assets (note 2) 14 027 12 337
Liabilities
Current liabilities
Short-term debt 81 72
Accounts payable and accrued liabilities (note 16) 2 525 2 222
Income taxes payable 1 057 595
Current portion of long-term debt 995 501
Total current liabilities 4 658 3 390
Long-term debt (note 3) 367 859
Other long-term obligations (note 8) 1 525 1 314
Deferred income tax liabilities (note 4) 1 155 1 229
Commitments and contingent liabilities (note 12)
Total liabilities 7 705 6 792
Shareholders’ equity
Common shares at stated value (note 13) 1 801 1 859
Earnings reinvested 4 889 3 952
Accumulated other nonowner changes in equity (368) (266)
Total shareholders’ equity 6 322 5 545
Total liabilities and shareholders’ equity 14 027 12 337
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 .
Approved by the directors
/s/ T.J. Hearn
Chairman, president and
chief executive officer
/s/ P.A. Smith
Controller and senior vice-president,
finance and administration
F-5