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Transactions with related parties | 12 Months Ended
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Dec. 31, 2019
Transactions with related parties | 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 oil, natural 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.

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- Definition The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 850 -URI http://asc.fasb.org/topic&trid=2122745 + Details
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