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IMPERIAL OIL LIMITED REPORTS RESULTS

 TORONTO, April 22 /PRNewswire/ -- Imperial Oil Limited's (AMEX: IMO) net earnings for the first quarter of 1993 were $73 million or $0.38 per share, up from $40 million or $0.21 per share in the similar period last year.
 Excluding the effect of divestments, first quarter earnings this year were $77 million, up from $54 million in the first quarter of 1992.
 Cash flow provided from operating activities was $289 million in the first quarter of this year compared with $175 million in the similar period last year. The company has reduced debt by $114 million since year-end while increasing its cash and marketable securities balance.
 Imperial's chairman and chief executive officer Bob Peterson said: "I am very pleased with the company's stronger first quarter results. Earnings improved, operating costs were down, and the company's financial position was strengthened."
 SUPPLEMENTARY INFORMATION
 NATURAL RESOURCES
 First quarter earnings from natural resources were $20 million, up from $7 million in the first quarter of last year. Excluding the effect of asset sales, earnings in the first quarter were $24 million compared with $13 million in 1992. The improvement primarily reflects higher crude oil prices, particularly for Cold Lake Blend, and higher natural gas prices. Syncrude production was lower due to maintenance in the quarter. Conventional crude oil volumes were down as a result of natural reservoir decline and asset sales.
 PETROLEUM PRODUCTS
 Earnings from petroleum products were $69 million in the first quarter of this year, compared with $58 million in the first quarter of 1992. Earnings before gains or losses on asset sales were $69 million compared with $66 million in the similar period last year, as lower margins were offset by reduced operating expenses. Volumes were down as a result of the company's decision to withdraw from certain low margin business.
 CHEMICALS
 Earnings from chemicals were $5 million in the first quarter this year up from $1 million in the similar period in 1992. The improvement resulted from higher sales volumes.
 CORPORATE AND OTHER
 Corporate charges were $21 million compared with $26 million in the first quarter of 1992. This was the result of higher investment income and reduced interest expense, offset by a foreign exchange loss on the redemption of certain U.S. dollar denominated debt.
 IMPERIAL OIL LIMITED
 CONSOLIDATED STATEMENT OF EARNINGS Three months
 (unaudited) to March 31
 millions of dollars 1993 1992
 REVENUES
 Operating revenues $2,154 $2,065
 Interest and
 investment income 25 11
 TOTAL REVENUES 2,179 2,076
 EXPENSES
 Exploration 7 8
 Purchases of crude oil and
 products 872 738
 Operating 654 702
 Commodity and other taxes 248 254
 Depreciation and depletion 204 213
 Interest 36 42
 TOTAL EXPENSES 2,021 1,957
 GAIN/(LOSS) FROM DIVESTMENTS (1) (5) (9)
 EARNINGS BEFORE INCOME TAXES 153 110
 INCOME TAXES 80 70
 NET EARNINGS 73 40
 PER-SHARE INFORMATION - dollars
 Net earnings 0.38 0.21
 Dividends 0.45 0.45
 Approved by the directors April 22, 1993.
 Chairman and chief President
 executive officer
 IMPERIAL OIL LIMITED
 CONSOLIDATED STATEMENT OF CASH FLOWS Three months
 (unaudited) to March 31
 millions of dollars 1993 1992
 OPERATING ACTIVITIES
 Cash flow provided from
 earnings (2) $279 $273
 Change in operating assets
 and liabilities 10 (98)
 CASH PROVIDED FROM OPERATING
 ACTIVITIES 289 175
 INVESTING ACTIVITIES
 Payments for capital and
 exploration expenditures (80) (142)
 Proceeds from sale of property,
 plant and equipment, and
 other long-term assets 12 119
 Marketable securities - net (31) (10)
 CASH USED IN INVESTING
 ACTIVITIES (99) (33)
 FINANCING ACTIVITIES
 Repayment of long-term debt (114) (40)
 Short-term debt - net - (58)
 Dividends paid (87) (87)
 CASH USED IN FINANCING
 ACTIVITIES (201) (185)
 INCREASE (DECREASE) IN CASH (11) (43)
 CASH AT BEGINNING OF PERIOD 265 286
 CASH AT END OF PERIOD (A) 254 243
 (A) Total cash and marketable securities at March 31, 1993, was $1,042 million (1992--$260 million)
 IMPERIAL OIL LIMITED
 CONSOLIDATED BALANCE SHEET As at As at
 (unaudited) March 31 Dec. 31
 millions of dollars 1993 1992
 ASSETS
 Cash and marketable securities at cost $1,042 $1,022
 Accounts receivable 982 1,008
 Inventories of crude oil and products 496 468
 Materials, supplies and prepaid expenses 148 140
 Investments and other long-term assets 209 216
 Property, plant and equipment 9,818 9,965
 Goodwill 375 373
 TOTAL ASSETS 13,070 13,192
 LIABILITIES
 Current payables and accrued liabilities $1,493 $1,563
 Long-term debt 2,187 2,243
 Other long-term obligations 1,207 1,173
 TOTAL LIABILITIES 4,887 4,979
 DEFERRED INCOME TAXES 1,561 1,577
 SHAREHOLDERS' EQUITY 6,622


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P1 TM % TO BUSINESS EDITOR:
 IMPERIAL OIL LIMITED REPORTS RESULTS
 TORONTO, April 22 /PRNewswire/ -- Imperial Oil Limited's (AMEX: IMO) net earnings for the first quarter of 1993 were $73 million or $0.38 per share, up from $40 million or $0.21 per share in the similar period last year.
 Excluding the effect of divestments, first quarter earnings this year were $77 million, up from $54 million in the first quarter of 1992.
 Cash flow provided from operating activities was $289 million in the first quarter of this year compared with $175 million in the similar 6,636
 TOTAL LIABILITIES, DEFERRED INCOME TAXES AND
 SHAREHOLDERS' EQUITY 13,070 13,192
 IMPERIAL OIL LIMITED
 BUSINESS SEGMENTS Three months
 (unaudited) to March 31
 millions of dollars 1993 1992
 REVENUES
 Natural resources $ 537 $ 516
 Petroleum products 1,792 1,751
 Chemicals 230 196
 Corporate and other 27 13
 Intersegment sales (407) (400)
 Total revenues 2,179 2,076
 EARNINGS (includes gain/(loss) from
 divestments, see note 1)
 Natural resources 20 7
 Petroleum products 69 58
 Chemicals 5 1
 Corporate and other (21) (26)
 Net earnings 73 40
 CAPITAL AND EXPLORATION EXPENDITURES
 Natural resources 57 48
 Petroleum products 18 12
 Chemicals 5 5
 Corporate and other - 77
 Total capital and exploration
 expenditures 80 142
 IMPERIAL OIL LIMITED
 OPERATING STATISTICS Three months
 to March 31
 1993 1992
 GROSS CRUDE-OIL PRODUCTION (thousands of barrels a day)
 Conventional 130 147
 Cold Lake 88 74
 Syncrude 36 44
 Total crude-oil production 254 265
 Natural-gas liquids (NGLs)
 available for sale 26 42
 Total crude-oil and NGL
 production 280 307
 NATURAL GAS (millions of cubic feet a day)
 Production (gross) 637 524
 Production available for sale
 (gross) 505 413
 Sales 584 613
 AVERAGE SALES PRICES (dollars)
 Conventional crude-oil sales (a barrel) 19.88 18.92
 Par crude-oil price at
 Edmonton (a barrel) 23.03 21.22
 Heavy crude-oil price at Hardisty
 (Bow River Bantry, a barrel) 17.32 15.47
 Natural-gas sales (a thousand cubic feet) 1.65 1.26
 PETROLEUM PRODUCTS SALES (millions of litres a day)
 Gasolines 28.0 28.5
 Heating, diesel and jet fuels 24.9 28.4
 Heavy fuel oils 6.5 6.8
 Liquefied petroleum gas,
 lube oils and other products 10.1 8.3
 Total petroleum products 69.5 72.0
 Total refinery throughput 63.6 64.5
 Refinery utilization (percent) 74 76
 CHEMICALS SALES (thousands of tons a day)
 Petrochemicals 2.8 2.4
 Agricultural chemicals 4.5 4.0
 IMPERIAL OIL LIMITED
 SHARE OWNERSHIP, TRADING AND PERFORMANCE Three months
 to March 31
 1993 1992
 RETURN ON AVERAGE CAPITAL EMPLOYED
 (rolling 4 quarters,percent) 2.7 1.0
 SHARE OWNERSHIP
 Outstanding shares (thousands)
 Monthly weighted average 193841 193841
 At March 31 193841 193841
 Number of registered
 shareholders at March 31 21946 22420
 SHARE PRICES (dollars)
 High 47-7/8 43-3/4
 Low 40-1/8 37-3/4
 Close at March 31 47-7/8 38-1/4
 IMPERIAL OIL LIMITED
 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS (unaudited)
 1. Gain/(loss) from divestments
 The company divested certain assets as part of its ongoing Restructuring to improve the efficiency of its operations. In the three months to March 31, these divestments resulted in a before-tax loss of $5 million (1992 -- $9 million). The after-tax impact of the loss was $4 million (1992 -- $14 million).
 Three months
 to March 31
 millions of dollars 1993 1992
 Natural resources (4) (6)
 Petroleum products - (8)
 Total gain/(loss) from
 divestments after income taxes (4) (14)
 2. Cash flow provided from earnings
 Three months
 to March 31
 millions of dollars 1993 1992
 Net earnings 73 40
 Exploration expenses (A) 7 8
 Non-cash items included in earnings
 Depreciation and depletion 204 213
 (Gain)/loss from divestments 5 9
 Deferred income taxes (16) 3
 Other 6 -
 Total cash flow provided from
 earnings 279 273
 (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.
 3. Subsequent Event
 On April 15, 1993, the company announced its decision to permanently shut down refining operations at its Ioco site, in Vancouver, in the latter half of 1994. The write-down of the Ioco refinery assets and related shut-down costs will result in a charge against Imperial's 1993 second quarter earnings of $54 million after tax.
 -0- 4/22/93
 /CONTACT: Jean Cote, investor relations, 416-968-4262; or Dennis Baxter, media relations, 416-968-4875, both of Imperial Oil/
 (IMO)


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

PS -- NY074 -- 9485 04/22/93 13:01 EDT
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Date:Apr 22, 1993
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