Imperial Oil in Harvest Mode
Imperial’s first quarter signified the beginning of harvest mode throughout the industry. The company’s lack of action speaks volumes as the company continues to strengthen its balance sheet and begins harvesting cash. Imperial reported first-quarter production volumes of 378 mboe/d, below our expectations of 423 mboe/d. Lower production was the result of planned and unplanned maintenance activities at Kearl along with a fire at the Syncrude Mildred Lake upgrader. Syncrude has developed a detai...Imperial Oil is an integrated oil company. Co. is active in all phases of the petroleum industry in Canada, including the exploration for, and production and sale of, crude oil and natural gas. In Canada, Co. is a producer of crude oil, natural gas and petroleum refiner and a marketer of petroleum products. Co. is also a producer of petrochemicals. As of Dec 31 2017, Co. had 1.57 billion barrels of oil-equivalent basis of net proved reserves, which consisted of 44.0 million barrels of liquids, 641.00 billion cubic feet of natural gas, 473.0 million barrels of synthetic oil, and 946.0 million barrels of bitumen.
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