This 2004 document from Imperial Oil Ltd, the Canadian subsidiary of Exxon, is an annual report to shareholders of Imperial Oil, Ltd. This document is part of the ClimateFiles Imperial Oil document set, gleaned by DeSmog researchers from the Glenbow Imperial Oil Archive Collection.

The report discusses Imperial’s growing investment in tar sands exploration and development, stating that “Expenditures for 2005 are again expected to be more than $1 billion, most of which will be directed to investment in the oil sands.”

The report also briefly mentions Canada’s ratification of the 1997 Kyoto Protocol: 

“Although the government of Canada in ratifying the Kyoto Protocol agreed to restrictions of greenhouse-gas emissions by the period 2008-2012, it has not determined what measures it will impose on companies. Consequently, attempts to assess impact on Imperial can only be speculative. The company will continue to monitor the development of legal requirements in this area.”

Throughout the 1990s, Imperial’s parent company, Exxon, contributed to climate denialist groups like the Global Climate Coalition which lobbied aggressively against the Kyoto Protocol, among other environmental policies.