Imperial Oil announces estimated fourth-quarter financial and operating results

Calgary, Alberta, January 31, 2012

Imperial Oil’s earnings in the fourth quarter of 2011 were $1,005 million, up 26 percent from the fourth quarter of 2010. Strong operating performance in Imperial’s business segments allowed us to capture higher crude oil realizations in the Upstream and improved margins in the Downstream petroleum product markets. Another record quarterly production at Cold Lake highlighted our consistent focus on operations excellence and production reliability. The same focus in all areas of our business is fundamental to sustaining operating performance while advancing our company growth plans.

Earnings for the full year 2011 were $3,371 million, the second highest in our company’s history and up $1,161 million or 53% from $2,210 million in 2010.

The strength of Imperial’s business model and our flexibility to manage within changing business conditions continues to serve our shareholders well. We are entering the third year of our decade-long growth strategy in which we will double our total Upstream production to about 600,000 barrels per day. Capital expenditures in 2011 were $4.1 billion and were focused on advancing the construction of the Kearl oil sands project and funded from internally generated funds.

Click here to read our interim report news release.

Imperial Oil is one of Canada’s largest corporations and a leading member of the country’s petroleum industry. The company is a major producer of crude oil and natural gas, Canada’s largest petroleum refiner, a key petrochemical producer and a leading marketer with coast-to-coast supply and retail service station networks.