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Imperial Oil Posts Net Earnings of $371M in Third Quarter

Fort McMurray, AB, Canada / MIX 103.7
Imperial Oil Posts Net Earnings of $371M in Third Quarter

Syncrude

Imperial Oil is posting a small profit in the third quarter after strong performances at Syncrude and Kearl.

On Friday, the company released its financial and operating results for the past three months – posting net earnings of $371 million, down significantly from this time last year where they earned over $1 billion.

“Third quarter operating performance in both the upstream and downstream businesses was strong and
improved significantly compared to the second quarter of 2017,” said Rich Kruger, Chairman, President and CEO, in the report.

“Imperial continues to focus on base business operating fundamentals and progressing strategic priorities with the objective of maximizing value from our integrated asset base.”

As mentioned in Suncor’s third quarter report, Syncrude seems to have fully recovered from the fire at its Mildred lake Upgrader back in March.

They were able to produce 74,000 barrels per day with Imperial’s share – still down from 2016 where they saw 85,000 barrels per day, however, up from the second quarter which produced 27,000 bbls/d.

As for Kearl, an oilsands project located 70 km north of Fort McMurray, they were able to produce 182,000 bbls/d – 129,000 barrels in Imperial’s share.

The numbers are up from both the second quarter and third quarter of 2016.

Imperial notes these numbers were impacted as “planned turnaround activity” did cause the site to lose 23,000 bbls/d late in the quarter.

“The company optimized planned maintenance events to implement enhancements, consistent with Kearl’s reliability improvement plan. Syncrude recovered from the fire at its Mildred Lake upgrader early in the quarter and sustained high production volumes thereafter,” the report said.

Overall, they were able to produce 390,000 barrels per day, up from 331,000 in the second quarter, down slightly from 2016.

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