Imperial Oil Company News

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Canada's Imperial Oil Posts Unexpected 2Q Loss
Friday, July 28, 2017 Imperial Oil reports an unexpected second-quarter loss due to planned and unplanned maintenance that curbed oil output.

Imperial Oil Profit Boosted By Asset-Sale Gain
Tuesday, January 31, 2017 Imperial Oil reported a sharp rise in fourth-quarter profit.

Bulk of Canada's Oil Sands Plants Seen Up in Days to Weeks
Wednesday, May 11, 2016 Canadian oil sands facilities representing more than 90 percent of production taken offline during a wildfire in northern Alberta have emerged unscathed and are expected to restart within days to a couple of weeks.

Canada's Ever-Shrinking Oil Industry Braces for More Job Cuts
Monday, April 04, 2016 After almost two years of sinking oil prices and at least 40,000 job cuts, Canada's petroleum industry still isn't finished tackling its bloated operations.

Imperial Oil Profit Misses Estimate as Plunging Crude Weighs
Tuesday, February 02, 2016 Canada's Imperial Oil reports a lower-than-expected quarterly profit, hurt by a prolonged slump in crude oil prices.

Fight Or Flight: Canadian Oil Companies Weigh Hostile Takeover Bid
Thursday, December 03, 2015 In an unusual hostile takeover attempt, Suncor Energy is making a last ditch effort to absorb its joint venture partner Canadian Oil Sands or move on.

Imperial's New Projects Add 120,000 Bpd Of Crude So Far This Year
Wednesday, September 23, 2015 Imperial Oil adds 120,000 barrels per day of heavy crude supply from two new projects this year even as prices languish near 6-1/2 year lows.

Canadian Oil Sands Halts Syncrude Production After Fire, Prices Spike
Monday, August 31, 2015 Canadian Oil Sands Ltd halts crude oil production after a fire damaged equipment at its processing facility in northern Alberta.

Imperial Oil/Exxon/BP Group Defer Drilling In Canada's Arctic
Friday, June 26, 2015 Imperial Oil says it is deferring plans to drill an exploratory well in the Beaufort Sea in Canada's Arctic.

Oil-Sands Megaproject Era Wanes as Suncor to Imperial Scale Down
Thursday, June 18, 2015 Canadian oil-sands spending is poised to drop 30% to $19B this year while total oil production will be 17% lower by 2030 compared with last year's estimates.

Imperial Oil's Kearl Oil Sands Expansion Project Begins Production
Tuesday, June 16, 2015 Imperial Oil begins production at its Kearl oil sands expansion project in Alberta, Canada.

Imperial Oil 4Q Profit Falls, Kearl Expansion To Start Early
Monday, February 02, 2015 Imperial Oil's Kearl oil sands project expansion will start ahead of schedule, the company says, in the latest sign that weak crude prices are failing to dent oil sands growth.

Imperial Oil Profit Dips As Kearl Output Disappoints
Thursday, January 30, 2014 Imperial Oil's Kearl oil sands project in northern Alberta produced less than half its capacity in the fourth quarter, the company says.

Conoco in $720M Oil Sands Deal With Exxon, Imperial
Thursday, August 08, 2013 ConocoPhillips sells its stake in a Canadian oil sands project to ExxonMobil and Imperial Oil for $720 million.

Imperial Oil Announces Start-Up At Kearl Oil Sands Project
Saturday, April 27, 2013 Imperial Oil announces the start-up of the initial phase of its Kearl oil sands project, a project the Calgary energy company is counting on as key source of crude for more than 40 years.

Imperial Oil Extends Canada Base with Celtic Exploration Acquisition
Wednesday, November 28, 2012 Imperial Oil announced it will participate as an owner with ExxonMobil Canada Ltd. in Celtic Exploration Ltd.

Canada Oil Sands Producers to Share Environmental Technology
Thursday, March 01, 2012 A dozen of the largest Canadian oil sands producers agree to share funding for environmental research, saying pooling their resources will speed the creation of new technologies to reduce the negative effects of oil-sands development.

Imperial Oil Approves $2B Cold Lake Oil-Sands Expansion
Friday, February 03, 2012 Imperial Oil Ltd. said the $2B expansion of its big Cold Lake oil-sands operation will add more than 40,000 barrels of commercial bitumen production a day.

Canada Releases Rules For Offshore Arctic Oil, Gas Drilling
Thursday, December 15, 2011 Canada's national energy regulator released rules for offshore oil and gas drilling in the Arctic Ocean Thursday, clearing the way for energy companies to begin operations there if they meet safety requirements.

CB&I Awarded EPC Contract for Kearl Oil Sands
Tuesday, March 15, 2011 CB&I has been awarded a contract by Imperial Oil for engineering, procurement and construction work on the Kearl oil sands project in Alberta.

Oil Sands Companies Team Up in Tailings R&D Effort
Tuesday, December 14, 2010 Canadian Natural Resources, Imperial Oil, Shell Canada, Suncor Energy, Syncrude Canada Ltd., Teck Resources and Total E&P Canada announced Monday that they plan to work together in a unified effort to advance tailings management.

BP, Exxon to Explore for O&G Offshore Arctic
Monday, August 02, 2010 BP, Exxon Mobil and Imperial Oil formed a joint venture to explore for oil and gas in Canada's Beaufort Sea.

Imperial Oil Welcomes New Executive Appointment
Thursday, June 24, 2010 Imperial Oil announced T.G. (Glenn) Scott will replace R.L. Broiles as senior vice-president.

Imperial Oil Sees 65% Increase in 1Q
Thursday, April 29, 2010 "Net income for the first quarter was $476 million, an increase of 65 percent from the first quarter of 2009. Upstream earnings increased with stronger crude oil commodity prices," said Bruce March.

Imperial Oil Shuffles Executive Management
Wednesday, February 24, 2010 Imperial has appointed P.J. Masschelin, currently controller, ExxonMobil Refining & Supply and ExxonMobil Research & Engineering, to succeed Paul Smith as senior vice-president finance and administration and treasurer effective May 1, 2010.

National Energy Board Reviews Drilling Policy for Beaufort Sea
Monday, February 08, 2010 The National Energy Board will hold a written hearing to review its policy on same season relief well capability for oil and gas drilling operations in the Beaufort Sea.

Imperial Oil Posts Fourth Quarter Financial Results
Wednesday, February 03, 2010 "Despite the ongoing economic downturn, Imperial continued to progress our company growth projects and delivered strong results," said Imperial Oil CEO Bruce March.

UTS Sells Oil Sands Assets to Imperial, ExxonMobil
Tuesday, November 03, 2009 UTS Energy is selling its 50% stake in three oil sands leases in northeastern Alberta to Imperial Oil and ExxonMobil in a deal valued at $231 million.

Fluor to Collect $1.5B in 2009 from Kearl Oil Sands Gig
Tuesday, July 07, 2009 Fluor was awarded an engineering, procurement and construction contract for infrastructure and offlease facilities for the first phase of Imperial Oil's Kearl oil sands project.

Imperial Oil Continues Existing Share Repurchase Program
Tuesday, June 23, 2009 Imperial Oil has received final acceptance from the Toronto Stock Exchange for a new normal course issuer bid to continue its existing share repurchase program facility that will expire on June 24, 2009.

Enbridge to Develop Pipeline System for Kearl Oil Sands Project
Monday, June 22, 2009 Enbridge will provide for the transportation of blended bitumen from the Kearl project in the Athabasca Oil Sands region of northern Alberta to the Edmonton, Alberta area.

Imperial Oil Seeks Approval to Continue Existing Share Repurchase Program
Wednesday, June 03, 2009 Imperial Oil will seek acceptance from the Toronto Stock Exchange to continue its existing share repurchase program facility that will expire on June 24, 2009.

Imperial Oil Approves First Phase of Kearl Oil Sands Project
Tuesday, May 26, 2009 Imperial Oil has approved the first phase of the Kearl oil sands project, a surface mining operation northeast of Fort McMurray, Alberta.

Inter Pipeline Inks Transportation Agreement for Kearl Oil Sands Project
Tuesday, May 26, 2009 Inter Pipeline signed a long term agreement with Imperial Oil to provide diluent transportation service for Imperial's Kearl oil sands project.

Imperial Oil Reveals Q1 Financial, Operating Results
Thursday, April 30, 2009 "Sharply lower oil and natural gas prices as a result of the global economic downturn produced lower earnings for the quarter, compared to the same period last year," said Bruce March, Imperial Oil's CEO.

Oil Sands Cos Still Hesitate on Projects Despite Falling Costs
Tuesday, April 28, 2009 Costs in Canada's pricey oil sands are starting to fall but nervous developers are still leery of giving the green light to stalled projects.

Imperial Oil's Proved Reserves Up Almost 50% on Oil Sands Booking
Monday, February 16, 2009 Imperial Oil noted that its total year-end proved reserves was more than 2.3 billion oil equivalent barrels, an increase of almost 50% from 2007.

Imperial Oil Highlights Fourth Quarter Financial, Operating Results
Thursday, January 29, 2009 Imperial Oil's total operating revenues were $5,913 million in the fourth quarter of 2008 and $31,240 million for the year versus $6,697 million and $25,069 million in the corresponding periods of 2007.

Imperial Oil Taps AMEC for EPC Management at Kearl Oil Sands Project
Wednesday, January 14, 2009 AMEC has been selected by Imperial Oil as engineering, procurement and construction management contractor for its Kearl Oil Sands project in Alberta.

Oil Sands on Front Line in Energy Sector's Battle with Costs
Friday, October 31, 2008 Mining bitumen and shipping it to refineries costs more than extracting hydrocarbons from more conventional fields, bumping up the oil sands' price threshold. Analysts estimate projects may need a long-term oil price of $100 a barrel or more.

CAPP Honors 4 Canadian Companies with Steward of Excellence Awards
Friday, May 30, 2008 Devon Canada Corporation, Chevron Canada Resources, Petro-Canada and Imperial Oil Resources were honored during the Canadian Association of Petroleum Producers' (CAPP) seventh annual Steward of Excellence Awards Dinner.

Mackenzie Gas Pipeline Faces New Delay on Deferred Review
Friday, May 16, 2008 The proposed start date for the C$16.2 billion Mackenzie gas pipeline could be delayed yet again, after a key regulatory review for the troubled project was pushed into next year.

Imperial Oil Acquires Acreage in Horn River Area
Monday, April 28, 2008 In recent land sales, subsidiaries of Imperial Oil Limited (operator) and ExxonMobil Canada Limited have acquired exploration rights in the Horn River area of northeastern British Columbia.

Shell Floats Newfoundland Farm-in Opportunity at Orphan Basin
Wednesday, March 05, 2008 Shell Canada Energy is seeking a qualified company to carry Shell's portion of the costs associated with drilling an exploration well in the Orphan Basin. The 2008 drilling is planned for EL-1077 and is the second exploration well in the basin.

Hearn Steps Down as Imperial CEO, March Steps Up
Wednesday, February 20, 2008 T.J. (Tim) Hearn, currently chairman and chief executive officer of Imperial Oil Limited, has announced his intention to retire effective March 31, 2008. Mr. Hearn has more than 41 years of service with the company.

Imperial Oil Receives Aboriginal Partnership Award
Monday, February 11, 2008 The Rewarding Partnership Award was presented to Imperial in recognition of its Native Internship Program, which provides paid on-the-job training for aboriginal peoples for up to two years to provide graduates with field experience.

Major Players to Spend $585 Million on Beaufort Sea Exploration
Wednesday, July 25, 2007 Apex Resources reports on further Beaufort Sea exploration with major players Imperial and Exxon preparing to spend $585 million on gas and oil exploration.

Imperial Oil & ExxonMobil Acquire Beaufort Sea Acreage
Thursday, July 19, 2007 Imperial Oil announced today that it was successful, along with co-venturer ExxonMobil Canada, in acquiring exploration rights for a parcel in the Beaufort Sea.

Imperial Seeks Okay to Continue Share Repurchase
Thursday, May 24, 2007 Imperial Oil Limited on Wednesday said that it will seek acceptance from the Toronto Stock Exchange to continue its existing share repurchase program facility that will expire on June 22, 2007.

Kodiak: Early Indications Promising for Little Chicago
Wednesday, April 18, 2007 Kodiak Energy, Inc. said that the North West Territories (NWT) Little Chicago Seismic Program for 2007 is complete. The seismic data are now in the processing lab, and results are expected in 4 to 6 weeks.