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Imperial Oil Reports Big Profit, Syncrude Playing A Big Part

Fort McMurray, AB, Canada / MIX 103.7
Imperial Oil Reports Big Profit, Syncrude Playing A Big Part

Oilsands around Fort McMurray are playing a big part in mixed results coming from Imperial Oil.

The gas giant released its 2016 financial results stating they posted a profit of $ 2.2 billion.

According to the report, the Kearl project, located roughly 70 km north of Fort McMurray, saw a big decrease in production, losing on average, over 20,000 barrels per day, year over year. They produced around 120,000 barrels per day in the final quarter, compared to 144,000 in the same quarter in 2015.

Imperial Oil says lower production was the result of “planned and unplanned maintenance activities.”

One positive, helping to erase the bad quarter from Kearl was Syncrude who saw a 25 per cent increase in production in compared to 2015.

In that time, they averaged 87,000 barrels per day, matching their previous high, up from 64,000 in the previous year.

The company also credits the sale of nearly 500 Esso retail stations to five fuel distributors for the big profit increase.

In addition to the profit, Rich Kruger, Chairman, President and CEO of Imperial Oil says last year was their best for safety and environmental needs.

“We recorded our lowest number of oil spills, compliance incidents and workforce safety injuries in company history.”

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