Low oil prices have slowed Imperial's oil sands growth, but the balance sheet remains strong.
No-moat Imperial Oil reported fourth-quarter production of 399 thousand barrels of oil equivalent a day, flat with the year-ago quarter and slightly ahead of our expectations of 395 mboe/d. Increased production was driven by better-than-expected production at Cold Lake. Imperial continues to increase reliability at Kearl, as it aims for gross production of 240 mbbl/d compared with current levels of 176 mbbl/d. Management expects 2018 production at the project to average 200 mbbl/d, an increase o...
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