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IMPERIAL OIL LIMITED REPORTS RESULTS

 TORONTO, July 21 /PRNewswire/ - Imperial Oil Limited's (AMEX: IMO) net earnings for the second quarter of 1993 were $68 million or $0.35 per share compared with $58 million or $0.30 per share in the similar period last year.
 For the first six months of 1993, net earnings were $141 million or $0.73 per share compared with $98 million or $0.51 per share in the first half of 1992.
 Excluding the effect of unusual items amounting to $60 million dollars in the first half of this year, earnings from operations were $201 million up from $116 million in the first six months of last year.
 Six-month cash flow provided from operating activities was $683 million, compared with $549 million in the similar period last year.
 Imperial's chairman and chief executive officer R. B. Peterson said: "I am encouraged that operating earnings in all segments of the business improved over last year. Our restructuring efforts continue to show results."
 SUPPLEMENTARY INFORMATION
 Natural Resources
 Six-month net earnings from natural resources were $86 million, up from $64 million in the first half of last year. Excluding losses on asset sales, resource earnings were $92 million compared with $74 million in the first six months of 1992. The improvement primarily reflects higher average crude oil prices, particularly for Cold Lake Blend, and higher natural gas prices, offset in part by lower conventional sales volumes.
 Petroleum Products
 Net earnings from petroleum products in the first six months were $73 million compared with $71 million for the similar period in 1992.
 In April of this year, the company announced its intention to cease refining operations at its Ioco, Vancouver site, in the latter half of 1994. A provision of $54 million after tax was recorded in the second quarter for the writedown of the Ioco refining assets and other shutdown costs. Earnings excluding unusual items were $127 million in the first half of this year compared with $79 million in the similar 1992 period. The improvement is primarily the result of reduced operating costs. Volumes were down because of reduced low margin sales.
 Chemicals
 Earnings from chemicals were $24 million in the first half of this year compared with $15 million in the first half of 1992, reflecting higher sales volumes and improved product mix.
 Corporate
 Corporate charges were $42 million, down from $52 million in the first six months of 1992. This was the result of higher investment income and reduced interest expense, offset by foreign exchange losses on the redemption of certain U.S. dollar denominated debt.
 IMPERIAL OIL LIMITED
 Consolidated Statement Of Earnings
 (unaudited, in million of dollars)
 Six months
 Second quarter to June 30
 1993 1992 1993 1992
 REVENUES
 Operating revenues 2,246 2,323 4,400 4,388
 Interest and investment income 26 16 51 27
 Total revenues 2,272 2,339 4,451 4,415
 EXPENSES
 Exploration 7 10 14 18
 Purchases of crude oil and
 products 849 967 1,721 1,705
 Operating 673 696 1,327 1,398
 Commodity and other taxes 279 284 527 538
 Depreciation and depletion 202 208 406 421
 Interest 37 40 73 82
 Total expenses 2,047 2,205 4,068 4,162
 Unusual items (1) (103) (13) (108) (22)
 Earnings before income taxes 122 121 275 231
 Income taxes 54 63 134 133
 Net earnings 68 58 141 98
 Per-share information - dollars
 Net earnings 0.35 0.30 0.73 0.51
 Dividends 0.45 0.45 0.90 0.90
 IMPERIAL OIL LIMITED
 Consolidated Statement Of Cash Flows
 (unaudited, millions of dollars)
 Six months
 Second quarter to June 30
 1993 1992 1993 1992
 inflow (outflow)
 Operating activities
 Cash flow provided from
 earnings (2) 301 226 582 499
 Change in operating assets
 and liabilities 93 148 101 50
 Cash provided from operating
 activities 394 374 683 549
 Investing activities
 Payments for capital and
 exploration expenditures (85) (73) (165) (215)
 Proceeds from sale of property,
 plant and equipment, and
 other long-term assets 26 33 38 152
 Marketable securities - net (196) (303) (227) (313)
 Cash used in investing
 activities (255) (343) (354) (376)
 Financing activities
 Repayment of long-term debt (63) (1) (177) (41)
 Short-term debt - net -- -- -- (58)
 Dividends paid (87) (87) (174) (174)
 Cash used in financing
 activities (150) (88) (351) (273)
 Increase (decrease) in cash (11) (57) (22) (100)
 Cash at beginning of period 254 243 265 286
 Cash at end of period (A) 243 186 243 186
 NOTE: (A) Total cash and marketable securities at June 30, 1993 was $1,227 million (1992--$506 million)
 IMPERIAL OIL LIMITED
 Consolidated Balance Sheet
 (unaudited, million of dollars)
 As at As at
 June 30 Dec. 31
 1993 1992
 ASSETS
 Cash and marketable securities at cost 1,227 1,022
 Accounts receivable 992 1,008
 Inventories of crude oil and products 478 468
 Materials, supplies and prepaid expenses 165 140
 Investments and other long-term assets 208 216
 Property, plant and equipment 9,610 9,965
 Goodwill 368 373
 Total assets 13,048 13,192
 LIABILITIES
 Current payables and accrued liabilities 1,575 1,563
 Long-term debt 2,131 2,243
 Other long-term obligations 1,227 1,173
 Total liabilities 4,933 4,979
 Deferred income taxes 1,512 1,577
 Shareholders' equity 6,603 6,636
 Total liabilities, deferred income taxes
 and shareholders' equity 13,048 13,192
 IMPERIAL OIL LIMITED
 Business Segments
 (unaudited, million of dollars)
 Six months
 Second quarter to June 30
 1993 1992 1993 1992
 REVENUES
 Natural resources 600 587 1,137 1,103
 Petroleum products 1,748 1,857 3,540 3,608
 Chemicals 329 325 559 521
 Corporate and other 28 19 55 32
 Intersegment sales (433) (449) (840) (849)
 Total revenues 2,272 2,339 4,451 4,415
 EARNINGS (1)
 Natural resources 66 57 86 64
 Petroleum products 4 13 73 71
 Chemicals 19 14 24 15
 Corporate and other (21) (26) (42) (52)
 Net earnings 68 58 141 98
 CAPITAL AND EXPLORATION EXPENDITURES
 Natural resources 58 45 115 93
 Petroleum products 21 21 39 33
 Chemicals 5 5 10 10
 Corporate and other 1 2 1 79
 Total capital and exploration
 expenditures 85 73 165 215
 IMPERIAL OIL LIMITED
 Operating Statistics
 Six months
 Second quarter to June 30
 1993 1992 1993 1992
 Gross crude-oil production
 (thousands of barrels a day)
 Conventional 124 139 127 143
 Cold Lake 96 86 92 80
 Syncrude 48 42 42 43
 Total crude-oil production 268 267 261 266
 Natural-gas liquids (NGLs)
 available for sale 34 48 30 45
 Total crude-oil and NGL
 production 302 315 291 311
 Natural Gas
 (millions of cubic feet a day)
 Production (gross) 635 570 636 547
 Production available for sale
 (gross) 455 401 480 407
 Sales 518 551 551 582
 Average sales prices (dollars)
 Conventional crude-oil sales
 (a barrel) 21.13 21.47 20.52 20.15
 Par crude-oil price at
 Edmonton (a barrel) 23.28 24.27 23.16 22.85
 Heavy crude-oil price at Hardisty
 (Bow River Bantry, a barrel) 18.51 19.33 17.92 17.40
 Natural-gas sales
 (a thousand cubic feet) 1.70 1.37 1.67 1.31
 PETROLEUM PRODUCTS SALES
 (millions of liters a day)
 Gasolines 30.8 32.3 29.4 30.4
 Heating, diesel and jet fuels 20.9 23.9 22.9 26.1
 Heavy fuel oils 5.7 7.1 6.1 6.9
 Liquefied petroleum gas,
 lube oils and other products 9.0 9.7 9.5 9.1
 Total petroleum products 66.4 73.0 67.9 72.5
 Crude oil processed at company
 refineries 66.7 59.9 65.1 62.2
 Refinery capacity utilization
 (percent) 78 70 76 73
 Chemicals Sales
 (thousands of tonnes a day)
 Petrochemicals 3.0 2.9 2.9 2.7
 Agricultural chemicals 8.1 8.2 6.3 6.1
 IMPERIAL OIL LIMITED
 Share Ownership, Trading And Performance
 Six months
 Second quarter to June 30
 1993 1992 1993 1992
 Return on average capital employed
 (rolling 4 quarters,percent) 2.9 1.3
 Share ownership
 Outstanding shares (thousands)
 Monthly weighted average 193841 193841 193841 193841
 At June 30 193841 193841
 Number of registered
 shareholders at June 30 21802 22366
 Share prices (dollars)
 High 49-1/2 47-1/4 49-1/2 47-1/4
 Low 45-5/8 38-1/8 40-1/8 37-3/4
 Close at June 30 47-1/8 43-7/8
 IMPERIAL OIL LIMITED
 Notes To The Consolidated Financial Statements
 (unaudited)
 1. Unusual items
 The before-tax loss from unusual items for the six months to June 30 was $108 million (1992 -- $22 million).
 The after-tax impact of the unusual items was:
 Six months
 Second quarter to June 30
 millions of dollars 1993 1992 1993 1992
 Loss from divestments (a)
 Natural resources (2) (4) (6) (10)
 Petroleum products -- -- -- (8)
 Total loss from divestments
 after income taxes (2) (4) (6) (18)
 Ioco refinery shut down (b) (54) -- (54) --
 Total unusual items
 after income-tax (56) (4) (60) (18)
 (a) The company divested certain assets as part of its ongoing restructuring to improve the efficiency of its operations.
 (b) The company intends to permanently shut down refining operations at its Ioco site, in Vancouver, in the latter half of 1994. A provision was made for the write-down of the refinery assets and for related shut- down costs.
 IMPERIAL OIL LIMITED
 2. Cash flow provided from earnings
 Six months
 Second quarter to June 30
 millions of dollars 1993 1992 1993 1992
 Net earnings 68 58 141 98
 Exploration expenses (a) 7 10 14 18
 Non-cash items included in earnings
 Depreciation and depletion 202 208 406 421
 Loss from divestments 8 13 13 22
 Write-down of
 Ioco refinery assets 55 -- 55 --
 Deferred income taxes (49) (63) (65) (60)
 Other 10 -- 18 --
 Total cash flow provided from
 earnings 301 226 582 499
 (a) Exploration expenses have been deducted in arriving at net earnings; in the consolidated statement of cash flows they are reclassified and included in investing activities.
 -0- 7/21/93
 /CONTACT: Jean Cote, investor relations, 416-968-4262, or Dennis Baxter, media relations, 416-968-4875, both for Imperial Oil Limited/
 (IMO)


CO: Imperial Oil Limited ST: Ontario IN: OIL SU: ERN

LD-DH -- NY110 -- 4240 07/21/93 19:47 EDT
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