3. Business segments Third Quarter Upstream Downstream Chemical millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) 2,185 2,489 6,266 6,880 236 328 Intersegment sales 913 771 314 425 61 79 Investment and other income (note 4) 7 2 32 25 1 1 3,105 3,262 6,612 7,330 298 408 Expenses Exploration 4 4 - - - - Purchases of crude oil and products 1,376 1,566 5,142 5,567 167 239 Production and manufacturing 1,087 1,073 460 356 54 51 Selling and general - - 191 199 23 21 Federal excise tax and fuel charge - - 486 432 - - Depreciation and depletion (b) 364 309 45 91 4 4 Non-service pension and postretirement benefit - - - - - - Financing (note 6) - - - - - - Total expenses 2,831 2,952 6,324 6,645 248 315 Income (loss) before income taxes 274 310 288 685 50 93 Income taxes 65 88 67 183 12 24 Net income (loss) 209 222 221 502 38 69 Cash flows from (used in) operating activities 392 872 900 281 75 79 Capital and exploration expenditures (c) 302 257 124 105 4 8 Third Quarter Corporate and other Eliminations Consolidated millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) - - - - 8,687 9,697 Intersegment sales - - (1,288) (1,275) - - Investment and other income (note 4) 9 7 - - 49 35 9 7 (1,288) (1,275) 8,736 9,732 Expenses Exploration - - - - 4 4 Purchases of crude oil and products - - (1,286) (1,273) 5,399 6,099 Production and manufacturing - - - - 1,601 1,480 Selling and general 5 6 (2) (2) 217 224 Federal excise tax and fuel charge - - - - 486 432 Depreciation and depletion (b) 6 6 - - 419 410 Non-service pension and postretirement benefit 36 27 - - 36 27 Financing (note 6) 20 30 - - 20 30 Total expenses 67 69 (1,288) (1,275) 8,182 8,706 Income (loss) before income taxes (58) (62) - - 554 1,026 Income taxes (14) (18) - - 130 277 Net income (loss) (44) (44) - - 424 749 Cash flows from (used in) operating activities 9 (25) - - 1,376 1,207 Capital and exploration expenditures (c) 12 6 - - 442 376 (a) Included export sales to the United States of $1,807 million (2018 - $1,741 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (b) 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. (c) 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. Nine Months to September 30 Upstream Downstream Chemical millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) 7,012 6,796 18,115 19,357 753 960 Intersegment sales 2,977 2,078 1,249 1,119 181 226 Investment and other income (note 4) 11 6 61 66 1 1 10,000 8,880 19,425 20,542 935 1,187 Expenses Exploration 42 13 - - - - Purchases of crude oil and products 4,764 4,513 15,062 15,664 531 657 Production and manufacturing 3,414 3,191 1,315 1,212 182 154 Selling and general - - 571 569 67 65 Federal excise tax and fuel charge - - 1,343 1,241 - - Depreciation and depletion (b) 1,036 927 137 191 11 11 Non-service pension and postretirement benefit - - - - - - Financing (note 6) - - - - - - Total expenses 9,256 8,644 18,428 18,877 791 887 Income (loss) before income taxes 744 236 997 1,665 144 300 Income taxes (508) 64 261 441 34 80 Net income (loss) 1,252 172 736 1,224 110 220 Cash flows from (used in) operating activities 1,257 1,199 2,055 1,647 175 278 Capital and exploration expenditures (c) 975 646 364 250 27 19 Total assets as at September 30 (d) (e) 35,066 34,570 4,433 5,426 423 427 Nine Months to September 30 Corporate and other Eliminations Consolidated millions of Canadian dollars 2019 2018 2019 2018 2019 2018 Revenues and other income Revenues (a) - - - - 25,880 27,113 Intersegment sales - - (4,407) (3,423) - - Investment and other income (note 4) 26 23 - - 99 96 26 23 (4,407) (3,423) 25,979 27,209 Expenses Exploration - - - - 42 13 Purchases of crude oil and products - - (4,401) (3,418) 15,956 17,416 Production and manufacturing - - - - 4,911 4,557 Selling and general 34 62 (6) (5) 666 691 Federal excise tax and fuel charge - - - - 1,343 1,241 Depreciation and depletion (b) 17 16 - - 1,201 1,145 Non-service pension and postretirement benefit 108 80 - - 108 80 Financing (note 6) 71 79 - - 71 79 Total expenses 230 237 (4,407) (3,423) 24,298 25,222 Income (loss) before income taxes (204) (214) - - 1,681 1,987 Income taxes (35) (59) - - (248) 526 Net income (loss) (169) (155) - - 1,929 1,461 Cash flows from (used in) operating activities (82) (73) - - 3,405 3,051 Capital and exploration expenditures (c) 34 19 - - 1,400 934 Total assets as at September 30 (d) (e) 2,298 1,727 (313) (331) 41,907 41,819 (a) Included export sales to the United States of $5,623 million (2018 - $4,509 million). Export sales to the United States were recorded in all operating segments, with the largest effects in the Upstream segment. (b) 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. (c) 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. (d) Effective January 1, 2019, Imperial adopted the Financial Accounting Standards Boards standard, Leases (Topic 842) , as amended. As at September 30, 2019, Total assets include operating lease right of use assets of $283 million. An election was made not to restate prior periods. See note 8 for additional details. (e) 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.