Imperial Oil Ltd. is slowing or deferring maintenance work throughout its operations as it tries to ensure employee safety in the wake of a COVID-19 outbreak that has infected 83 workers at its Kearl oilsands mine in northern Alberta. Shipments by rail fell to about 10,000 bpd in April and are being phased out as pipeline space is freed up amid industry-wide production cutbacks due to current low oil prices, said Corson. Imperial Oil reported a loss of $188 million in its first quarter as oil prices plunged in March due to the COVID-19 pandemic.
However, there are signs demand may be slowly recovering, he added. In a statement, president and chief executive Rich Kruger said upstream cash costs in the quarter were nearly 25 per cent lower than in 2014, crediting selectivity in new capital investments, scrutiny of operating costs and negotiations with suppliers and contractors. Imperial cut its 2020 capital spending plan at the end of March by $500 million to between $1.1 billion and $1.2 billion and targeted a reduction in expenses by $500 million compared with 2019 levels in an effort to deal with impact of the pandemic. Want to discuss? READ MORE: Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Imperial Oil's Kearl oilsands project and its expansion phases helped the company grow third quarter production. Inter Pipeline declined to comment. Timeline: Police investigations into alleged illegal casinos and transnational crime networks in Ontario and B.C. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. The outage is likely to remove 240,000 to 270,000 bpd from the market for at least a few weeks, disrupting U.S. refiners, Credit Suisse said in a note. And why can't I find it on ceddit. She said Imperial, which is about 70 per cent owned by American giant Exxon Mobil Corp., currently has about 5,500 staff. What happened to the "Massive Imperial Oil job cuts in Calgary" post in r/Calgary? Imperial Oil cutting spending plans for 2020 by $1 billion amid COVID-19 pandemic. Corson said demand for jet fuel and gasoline fell significantly in March, while diesel demand dropped by a more moderate amount, due to measures taken to limit the pandemic. Imperial Oil Ltd on Wednesday said it had shut all production at its 220,000 barrel-per-day (bpd) Kearl oil sands site in Canada due to an outage of part of the Polaris diluent pipeline following a leak..
Imperial Oil reports $188M loss as COVID 19 hits workers, slows work schedule. Does ceddit not work anymore? The discount on Canadian heavy oil to West Texas Intermediate dipped by 35 cents per barrel to $9.55, reflecting stronger Canadian prices due to reduced supplies. Crude-by-rail shipments averaged 97,000 bpd from its co-owned Edmonton rail terminal in the first quarter of 2020, up from 53,000 bpd in the fourth quarter of 2019. Twenty-two of the Kearl workers stricken with the coronavirus have recovered and the others are being monitored or treated as necessary, Corson said. Imperial reported a third-quarter net profit of $479 million, down 49 per cent from $936 million in the same period of last year, due to the same low oil prices blamed for 1,400 job cuts at Husky Energy Inc., 1,500 at Cenovus Energy Inc. and 1,300 at Suncor Energy Inc.
shark. We ask you to keep your comments relevant and respectful. Exxon Mobil Husky Energy Imperial Oil Inter Pipeline, Receivership Sale: Point Loma Resources Ltd, Cenovus-Husky deal creates new Canadian oil major, stokes hunger for deals, Topaz Energy Corp. completes $230.5 million initial public offering, Oil falls as COVID-19 case surge stokes demand concerns, Cenovus and Husky combine to create a resilient integrated energy leader. Imperial reported a net loss of $188 million in the first quarter due to lower commodity prices and non-cash charges of $301 million, with $281 million of that due to a reduction in the value of its inventory as crude oil prices plunged in March and $20 million from a goodwill impairment. Analysts said Imperial beat their expectations on production and on cash flow, the latter thanks to higher profits from its refining and marketing sector.
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