Item 2.06 Material Impairments

On November 24, 2020, the board of directors of Imperial Oil Limited (the "company") completed its annual review and approval of the company's business and strategic plan. The company has re-assessed the long term development plans of its unconventional portfolio in Alberta, Canada and no longer plans to develop a significant portion of this portfolio. The decision not to develop these assets will result in a non-cash, after-tax charge of approximately $0.9 billion to $1.2 billion in the company's fourth quarter 2020 results. These non-core assets are non-producing, undeveloped assets and the company does not expect any material future cash expenditures related to this impairment. Not included in this impairment are the high value, liquids-rich portion of the company's unconventional asset portfolio, which the company still plans to develop. This decision is consistent with the company's strategy of focusing its upstream resources and efforts on its key oil sands assets as well as on only the most attractive portions of its unconventional portfolio, and as such will not impact previously provided production estimates.

Item 9.01 Financial Statements and Exhibits.






   (d) Exhibits.

The following exhibit is furnished as part of this Current Report on Form 8-K:





            99.1   News release of the company on November 30, 2020 confirming the
                   decision not to develop a significant portion of its
                   unconventional portfolio in Alberta, Canada, and an estimate of
                   the resulting non-cash, after-tax charge associated with this
                   decision.




          104   Cover Page Interactive Data File (embedded within the Inline XBRL
                document).

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