Discuss both the positive and negative trends (horizontal analysis) presented on the income and balance sheet statements of this company.

2019 2018 2019 $ 2018 $ 4.1% 2.4% 6.4% 6.1% At December 31, 2019 Assets Current assets Cash Accounts receivable, less estimated doubtful accounts Inventories of crude oil and products Materials, supplies and prepaid expenses Total current assets Investments and long-term receivables Property, plant and equipment, less accumulated depreciation and depletion Goodwill Other assets, including intangibles, net Total assets 1,718 988 2,699 2,529 1,296 1,297 616 541 6,329 5,355 857 3.1% 3.1% 1.5% 1.3% 15.0% 12.9% 2.1% 2.1% 891 34,203 34.225 81.1% 82.6% 186 186 578 833 42,187 41.456 0.4% 0.4% 1.4% 2.0% 100.0% 100.0% $ $ Liabilities Current liabilities Notes and loans payable Accounts payable and accrued liabilities Income taxes payable Total current liabilities Long-term debt Other long-term obligations Deferred income tax liabilities Total liabilities 229 202 4,260 3.688 106 65 4,595 3,955 4,961 4,978 3,637 2.943 4,718 5.091 17,911 16.967 0.5% 0.5% 10.1% 8.9% 0.3% 0.2% 10.9% 9.5% 11.8% 12.0% 8.6% 7.1% 11.2% 12.3% 42.5% 40.9% Shareholders' equity Common shares at stated value Earnings reinvested Accumulated other comprehensive income (loss) Total shareholders' equity Total liabilities and shareholders' equity $ $ 1,375 1.446 24.812 24.560 -(1911) -(1517) 24,276 24.489 42,187 41.456 3.3% 3.5% 58.8% 59.2% (5%) -(4% 57.5% 59.1% 100.0% 100.0% 2019 2018 2017 2019 2018 For the years ended December 31, 2019 Revenues and other income Revenues 34,002 34,964 29,125 99.7% 99.6% Investment and other income 99 135 299 0.3% 0.4% 34,101 35,099 29,424 100.0% 100.0% 183 Total revenues and other income Expenses Exploration Purchases of crude oil and products Production and manufacturing Selling and general Federal excise tax and fuel charge Depreciation and depletion Non-service pension and postretirement benefit Financing Total expenses Income (loss) before income taxes Income taxes Net income (loss) 47 19 20,946 21.541 18.145 6,520 6.121 5.586 900 908 883 1,808 1,667 1,673 1,598 1.555 2.172 143 107 122 93 108 78 32,055 32.026 28.842 2,046 3.073 582 (154) 759 92 2,200 2.314 490 0.1% 0.19% 61.4% 61.4% 19.1% 17.4% 2.6% 2.6% 5.3% 4.7% 4.7% 4.4% 0.4% 0.3% 0.3% 0.3% 94.0% 91.29% 6.0% 8.8% (0.5%) 2.29% 6.596 6.6% (a) Amounts from related parties included in revenues, (note 17). 8,569 6.383 4.110 25.1% 18.2% (b) Amounts to related parties included in purchases of crude oil and products, (note 17). 3,305 4.092 2.687 9.79 11.79 C) Amounts to related parties included in production and manufacturing, and selling and general expenses, (note 17). 628 566 544 1.8% 1.6% (a) Amounts to related parties included in financing, (note 17). 98 89 60 0.3% 0.3% 17. Transactions with related parties Revenues and expenses of the company also include the results of transactions with affiliated companies of ExxonMobil in the normal course of operations. These were conducted on terms comparable to those which would have been conducted with unrelated parties and primarily consisted of the purchase and sale of crude oilnatural gas, petroleum and chemical products, as well as technical engineering and research, and development costs. Transactions with ExxonMobil also included amounts paid and received in connection with the company's participation in a number of upstream activities conducted jointly in Canada. In addition, the company has existing agreements with ExxonMobil: a) To provide computer and customer support services to the company and to share common business and operational support services that allow the companies to consolidate duplicate work and systems: b) To operate certain western Canada production properties owned by ExxonMobil, as well as provide for the delivery of management, business and technical services to ExxonMobil in Canada. These agreements are designed to provide organizational efficiencies and to reduce costs. No separate legal entities were created from these arrangements. Separate books of account continue to be maintained for the company and ExxonMobil. The company and ExxonMobil retain ownership of their respective assets, and there is no impact on operations or reserves c) To provide for the delivery of management, business and technical services to Syncrude Canada Ltd. by ExxonMobil: d) To provide for the option of equal participation in new upstream opportunities; and e) To enter into derivative agreements on each other's behalf. Certain charges from ExxonMobil have been capitalized; they are not material in the aggregate. The amounts of purchases and sales by Imperial in 2019, with ExxonMobil, were $3,245 million and $8,552 million respectively (2018 - $4,036 million and $6,364 million respectively). As at December 31, 2019, the company had outstanding long-term loans of $4,447 million (2018 - $4,447 million) and short-term loans of $111 million (2018 - $75 million) from ExxonMobil (see note 15, Long-term debt, on page 92 and note 13, Financing and additional notes and loans payable information, on page 89 for further details). The amount of financing costs with ExxonMobil were $96 million (2018 - $87 million), Imperial has other related party transactions not detailed above in note 17. as they are not significant 2019 2018 2019 $ 2018 $ 4.1% 2.4% 6.4% 6.1% At December 31, 2019 Assets Current assets Cash Accounts receivable, less estimated doubtful accounts Inventories of crude oil and products Materials, supplies and prepaid expenses Total current assets Investments and long-term receivables Property, plant and equipment, less accumulated depreciation and depletion Goodwill Other assets, including intangibles, net Total assets 1,718 988 2,699 2,529 1,296 1,297 616 541 6,329 5,355 857 3.1% 3.1% 1.5% 1.3% 15.0% 12.9% 2.1% 2.1% 891 34,203 34.225 81.1% 82.6% 186 186 578 833 42,187 41.456 0.4% 0.4% 1.4% 2.0% 100.0% 100.0% $ $ Liabilities Current liabilities Notes and loans payable Accounts payable and accrued liabilities Income taxes payable Total current liabilities Long-term debt Other long-term obligations Deferred income tax liabilities Total liabilities 229 202 4,260 3.688 106 65 4,595 3,955 4,961 4,978 3,637 2.943 4,718 5.091 17,911 16.967 0.5% 0.5% 10.1% 8.9% 0.3% 0.2% 10.9% 9.5% 11.8% 12.0% 8.6% 7.1% 11.2% 12.3% 42.5% 40.9% Shareholders' equity Common shares at stated value Earnings reinvested Accumulated other comprehensive income (loss) Total shareholders' equity Total liabilities and shareholders' equity $ $ 1,375 1.446 24.812 24.560 -(1911) -(1517) 24,276 24.489 42,187 41.456 3.3% 3.5% 58.8% 59.2% (5%) -(4% 57.5% 59.1% 100.0% 100.0% 2019 2018 2017 2019 2018 For the years ended December 31, 2019 Revenues and other income Revenues 34,002 34,964 29,125 99.7% 99.6% Investment and other income 99 135 299 0.3% 0.4% 34,101 35,099 29,424 100.0% 100.0% 183 Total revenues and other income Expenses Exploration Purchases of crude oil and products Production and manufacturing Selling and general Federal excise tax and fuel charge Depreciation and depletion Non-service pension and postretirement benefit Financing Total expenses Income (loss) before income taxes Income taxes Net income (loss) 47 19 20,946 21.541 18.145 6,520 6.121 5.586 900 908 883 1,808 1,667 1,673 1,598 1.555 2.172 143 107 122 93 108 78 32,055 32.026 28.842 2,046 3.073 582 (154) 759 92 2,200 2.314 490 0.1% 0.19% 61.4% 61.4% 19.1% 17.4% 2.6% 2.6% 5.3% 4.7% 4.7% 4.4% 0.4% 0.3% 0.3% 0.3% 94.0% 91.29% 6.0% 8.8% (0.5%) 2.29% 6.596 6.6% (a) Amounts from related parties included in revenues, (note 17). 8,569 6.383 4.110 25.1% 18.2% (b) Amounts to related parties included in purchases of crude oil and products, (note 17). 3,305 4.092 2.687 9.79 11.79 C) Amounts to related parties included in production and manufacturing, and selling and general expenses, (note 17). 628 566 544 1.8% 1.6% (a) Amounts to related parties included in financing, (note 17). 98 89 60 0.3% 0.3% 17. Transactions with related parties Revenues and expenses of the company also include the results of transactions with affiliated companies of ExxonMobil in the normal course of operations. These were conducted on terms comparable to those which would have been conducted with unrelated parties and primarily consisted of the purchase and sale of crude oilnatural gas, petroleum and chemical products, as well as technical engineering and research, and development costs. Transactions with ExxonMobil also included amounts paid and received in connection with the company's participation in a number of upstream activities conducted jointly in Canada. In addition, the company has existing agreements with ExxonMobil: a) To provide computer and customer support services to the company and to share common business and operational support services that allow the companies to consolidate duplicate work and systems: b) To operate certain western Canada production properties owned by ExxonMobil, as well as provide for the delivery of management, business and technical services to ExxonMobil in Canada. These agreements are designed to provide organizational efficiencies and to reduce costs. No separate legal entities were created from these arrangements. Separate books of account continue to be maintained for the company and ExxonMobil. The company and ExxonMobil retain ownership of their respective assets, and there is no impact on operations or reserves c) To provide for the delivery of management, business and technical services to Syncrude Canada Ltd. by ExxonMobil: d) To provide for the option of equal participation in new upstream opportunities; and e) To enter into derivative agreements on each other's behalf. Certain charges from ExxonMobil have been capitalized; they are not material in the aggregate. The amounts of purchases and sales by Imperial in 2019, with ExxonMobil, were $3,245 million and $8,552 million respectively (2018 - $4,036 million and $6,364 million respectively). As at December 31, 2019, the company had outstanding long-term loans of $4,447 million (2018 - $4,447 million) and short-term loans of $111 million (2018 - $75 million) from ExxonMobil (see note 15, Long-term debt, on page 92 and note 13, Financing and additional notes and loans payable information, on page 89 for further details). The amount of financing costs with ExxonMobil were $96 million (2018 - $87 million), Imperial has other related party transactions not detailed above in note 17. as they are not significant