FORM 10-K IMPERIAL OIL LIMITED

2. Business segments
Natural resources ( a ) Petroleum products Chemicals
millions of dollars 2004 2003 2002 2004 2003 2002 2004 2003 2002
Revenues
External sales (c) 3 689 3 390 2 573 17 503 14 710 13 362 1 216 994 955
Intersegment sales 2 891 2 224 2 217 1 666 1 294 1 038 293 238 209
Investment and other income 45 34 104 42 54 34 – – –
Total revenues 6 625 5 648 4 894 19 211 16 058 14 434 1 509 1 232 1 164
Expenses
Exploration 59 55 30 – – – – – –
Purchases of crude oil and products 2 110 1 873 1 599 14 769 11 822 10 781 1 064 882 806
Production and manufacturing 1 608 1 577 1 228 1 092 1 054 954 184 153 139
Selling and general ( d ) 27 28 21 1 098 1 123 1 076 93 118 115
Federal excise tax – – – 1 264 1 254 1 231 – – –
Depreciation and depletion 633 517 477 257 211 203 13 22 23
Financing costs (note 15) 1 1 1 2 2 1 – – –
Total expenses 4 438 4 051 3 356 18 482 15 466 14 246 1 354 1 175 1 083
Income before income taxes 2 187 1 597 1 538 729 592 188 155 57 81
Income taxes (note 4)
Current 763 535 517 299 66 172 59 13 40
Deferred (63) (77) (21) (70) 119 (111) (4) 7 (11)
Total income tax expense 700 458 496 229 185 61 55 20 29
Income before cumulative effect of
accounting change 1 487 1 139 1 042 500 407 127 100 37 52
Cumulative effect of accounting change,
after income tax – 4 – – – – – – –
Net income 1 487 1 143 1 042 500 407 127 100 37 52
Capital and exploration expenditures ( e ) 1 113 1 007 986 283 478 589 15 41 25
Property, plant and equipment
Cost 13 538 12 610 11 612 6 078 6 069 5 827 682 609 579
Accumulated depreciation and depletion 7 337 6 813 6 269 2 959 2 856 2 867 459 401 383
Net property, plant and equipment (f) (g) 6 201 5 797 5 343 3 119 3 213 2 960 223 208 196
Total assets ( h ) 6 875 6 418 6 013 5 570 5 290 5 127 498 440 428
Corporate and other Consolidated ( b )
millions of dollars 2004 2003 2002 2004 2003 2002
Revenues
External sales (c) – – – 22 408 19 094 16 890
Intersegment sales – – – – – –
Investment and other income (35) 26 14 52 114 152
Total revenues (35) 26 14 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 ( d ) – – 10 1 218 1 269 1 222
Federal excise tax – – – 1 264 1 254 1 231
Depreciation and depletion 5 5 5 908 755 708
Financing costs (note 15) 4 (123) 18 7 (120) 20
Total expenses 9 (118) 33 19 433 16 818 15 254
Income before income taxes (44) 144 (19) 3 027 2 390 1 788
Income taxes (note 4)
Current (18) (4) (11) 1 103 610 718
Deferred 9 30 (1) (128) 79 (144)
Total income tax expense (9) 26 (12) 975 689 574
Income before cumulative effect of accounting change (35) 118 (7) 2 052 1 701 1 214
Cumulative effect of accounting change, after income tax – – – – 4 –
Net income (35) 118 (7) 2 052 1 705 1 214
Capital and exploration expenditures ( e ) 34 33 12 1 445 1 559 1 612
Property, plant and equipment
Cost 205 145 112 20 503 19 433 18 130
Accumulated depreciation and depletion 101 96 91 10 856 10 166 9 610
Net property, plant and equipment (f) (g) 104 49 21 9 647 9 267 8 520
Total assets ( h ) 1 382 497 787 14 027 12 337 12 003
F-10