An internal combustion engine, which can be disposed in a water vehicle, includes an exhaust system having features improving the performance, ease of manufacturing, and/or the water preclusive effects thereof. The exhaust system can include an exhaust manifold defining a plurality of exhaust runners and being made from at least two parts. The exhaust system can also include a plurality of individual exhaust passages extending from exhaust ports of the engine to a forward end of the engine. The exhaust system can also include an exhaust passage which extends from the exhaust ports to varying elevations relative to the exhaust ports, as well as other features.