Upstream Downstream Chemical millions of Canadian dollars 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues and other income Revenues (a) 9,479 8,525 7,302 23,591 25,200 20,714 932 1,239 1,109 Intersegment sales 3,763 2,634 2,264 1,597 1,542 1,155 229 279 262 Investment and other income (note 9) 17 11 16 47 95 269 - - - 13,259 11,170 9,582 25,235 26,837 22,138 1,161 1,518 1,371 Expenses Exploration (b) (note 16) 47 19 183 - - - - - - Purchases of crude oil and products 6,528 5,833 4,526 19,332 19,326 16,543 667 831 751 Production and manufacturing (c) 4,440 4,305 3,913 1,829 1,606 1,576 251 210 209 Selling and general (c) - - - 774 773 772 86 87 78 Federal excise tax and fuel charge - - - 1,808 1,667 1,673 - - - Depreciation and depletion (b) (d) 1,374 1,278 1,939 186 242 202 16 14 12 Non-service pension and postretirement benefit (c) - - - - - - - - - Financing (note 13) 3 1 13 - 2 - - - - Total expenses 12,392 11,436 10,574 23,929 23,616 20,766 1,020 1,142 1,050 Income (loss) before income taxes 867 (266 ) (992 ) 1,306 3,221 1,372 141 376 321 Income tax expense (benefit) (e) (note 4) (481 ) (128 ) (286 ) 345 855 332 33 101 86 Net income (loss) 1,348 (138 ) (706 ) 961 2,366 1,040 108 275 235 Cash flows from (used in) operating activities 2,423 916 1,257 1,965 2,749 1,396 172 354 235 Capital and exploration expenditures (f) 1,248 991 416 484 383 200 34 25 17 Property, plant and equipment Cost 47,050 46,435 45,542 6,123 5,900 5,683 954 916 888 Accumulated depreciation and depletion (15,889 ) (15,050 ) (13,844 ) (3,830 ) (3,763 ) (3,594 ) (680 ) (662 ) (644 ) Net property, plant and equipment (g) 31,161 31,385 31,698 2,293 2,137 2,089 274 254 244 Total assets (h) (i) 34,554 34,829 35,044 5,179 5,119 4,890 416 438 399 Corporate and other Eliminations Consolidated millions of Canadian dollars 2019 2018 2017 2019 2018 2017 2019 2018 2017 Revenues and other income Revenues (a) - - - - - - 34,002 34,964 29,125 Intersegment sales - - - (5,589 ) (4,455 ) (3,681 ) - - - Investment and other income (note 9) 35 29 14 - - - 99 135 299 35 29 14 (5,589 ) (4,455 ) (3,681 ) 34,101 35,099 29,424 Expenses Exploration (b) (note 16) - - - - - - 47 19 183 Purchases of crude oil and products - - - (5,581 ) (4,449 ) (3,675 ) 20,946 21,541 18,145 Production and manufacturing (c) - - - - - - 6,520 6,121 5,698 Selling and general (c) 48 54 49 (8 ) (6 ) (6 ) 900 908 893 Federal excise tax and fuel charge - - - - - - 1,808 1,667 1,673 Depreciation and depletion (b) (d) 22 21 19 - - - 1,598 1,555 2,172 Non-service pension and postretirement benefit (c) 143 107 - - - - 143 107 - Financing (note 13) 90 105 65 - - - 93 108 78 Total expenses 303 287 133 (5,589 ) (4,455 ) (3,681 ) 32,055 32,026 28,842 Income (loss) before income taxes (268 ) (258 ) (119 ) - - - 2,046 3,073 582 Income tax expense (benefit) (e) (note 4) (51 ) (69 ) (40 ) - - - (154 ) 759 92 Net income (loss) (217 ) (189 ) (79 ) - - - 2,200 2,314 490 Cash flows from (used in) operating activities (124 ) (116 ) (125 ) (7 ) 19 - 4,429 3,922 2,763 Capital and exploration expenditures (f) 48 28 38 - - - 1,814 1,427 671 Property, plant and equipment Cost 741 693 665 - - - 54,868 53,944 52,778 Accumulated depreciation and depletion (266 ) (244 ) (223 ) - - - (20,665 ) (19,719 ) (18,305 ) Net property, plant and equipment (g) 475 449 442 - - - 34,203 34,225 34,473 Total assets (h) (i) 2,536 1,548 1,703 (498 ) (478 ) (435 ) 42,187 41,456 41,601 (a) Includes export sales to the United States of $7,190 million (2018 - $6,661 million, 2017 - $4,392 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (b) The Upstream segment in 2017 includes non-cash impairment charges of $396 million, before tax, associated with the Horn River development and $379 million, before tax, associated with the Mackenzie gas project. The impairment charges are recognized in the lines Exploration and Depreciation and depletion on the Consolidated statement of income, and the Accumulated depreciation and depletion line of the Consolidated balance sheet. (c) As part of the implementation of Accounting Standard Update, Compensation  Retirement Benefits (Topic 715), beginning January 1, 2018, Corporate and other includes all non-service pension and postretirement benefit expense. Prior to 2018, the majority of these costs were allocated to the operating segments. (d) In 2018, the Downstream segment included a non-cash impairment charge of $46 million, before tax, associated with the Government of Ontarios revocation of its cap and trade legislation. (e) Segment results in 2019 include a largely non- cash favourable impact of $662 million associated with the Alberta corporate income tax rate decrease, with the largest impact in the Upstream segment. (f) Capital and exploration expenditures (CAPEX) include exploration expenses, additions to property, plant and equipment, additions to finance leases, additional investments and acquisitions. CAPEX excludes the purchase of carbon emission credits. (g) Includes property, plant and equipment under construction of $2,149 million (2018 - $1,553 million, 2017 - $1,047 million). (h) Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Boards standard, Leases (Topic 842) , as amended. As at December 31, 2019, Total assets include operating lease right of use assets of $260 million. An election was made not to restate prior periods. See note 14 for additional details. (i) In 2019, the company removed $570 million from Total assets and corresponding liabilities in the Downstream segment associated with the Government of Ontarios revocation of its cap and trade legislation .