Latest news with #ImperialOil
National Post
4 days ago
- Business
- National Post
Imperial to hold 2025 Second Quarter Earnings Call
CALGARY, Alberta — (TSE: IMO, NYSE American: IMO) John Whelan, chairman, president and chief executive officer, and Peter Shaw, vice-president, investor relations, Imperial Oil Limited, will host a 2025 Second Quarter Earnings Call on Friday, August 1, following the company's second quarter earnings release that morning. The event begins at 9 a.m. MT and will be accessible by webcast. Article content During the call, Mr. Whelan will offer brief remarks prior to taking questions from Imperial's covering analysts. Article content Article content Please click here [ ] to register for the live webcast. The webcast will be available for one year on the company's website Article content In the event that the EDGAR system experiences technical difficulties, or the company is unable to successfully complete its Form 8-K earnings press release filing at the intended time, investors and the public should look for this information at that time on Imperial's website or on Canada's SEDAR+ system at In case of a failed filing, the company intends to furnish the information on EDGAR as soon as possible. Article content Article content Article content Article content Article content Article content
CBC
5 days ago
- Business
- CBC
How Canada's oilsands transformed into one of North America's lowest-cost plays
Social Sharing Giant shovels, driverless trucks and a dog-like robot have all helped Canada's oilsands companies including Imperial Oil and Suncor become some of North America's lowest-cost oil producers, driving down overheads even as the worst inflation in a generation pushed U.S. shale costs up. As the global oil industry enters a downturn due to economic uncertainty related to U.S. tariffs policy and OPEC+ pumping more barrels, Canada's oilsands industry finds itself in a position of strength. In the years following the oil price crash of 2014-15, international oil majors including BP, Chevron and Total sold their interests in Canadian oilsands. At the time, they classified the Canadian operations as among their more expensive, and therefore less profitable, projects worldwide. They directed their capital to cheaper oil production, and favoured U.S. shale for its quicker drilling time and returns. Since then, new technology and cost-cutting efforts have driven meaningful improvement in the industry's competitiveness, which make the oilsands among the cheapest producers, according to a dozen industry insiders and a Reuters analysis of the latest U.S. and Canadian company earnings. While U.S. shale companies are responding to this year's oil price downturn by dropping rigs, slashing capital spending and laying off workers, the oilsands' position of strength means Canadian companies have made virtually no changes to their previously announced production or spending plans. WATCH | Alberta braces for tariffs' impact on oil and gas industry: Alberta braces for tariffs' impact on oil and gas industry 4 months ago Some Canadian politicians are now calling for a new crude pipeline from Alberta to the Pacific coast, as part of a broader effort to strengthen the country's economy in the face of U.S. tariff threats. The lower crude prices this year have little impact on the Canadian oil sector, Cenovus CEO Jon McKenzie said in an interview earlier this year. "This is an industry that has become much more resilient through time," he said. In one example, two four-legged robots — each nicknamed Spot because of their dog-like appearance — prowl Imperial's vast 45-year-old Cold Lake operation in Alberta, conducting routine equipment inspections and maintenance such as heat exchanger optimizations, and oil/water tank interface monitoring. The Spots free up human workers for other work and save Imperial $30 million a year, the company said. Exxon-owned Imperial and its competitor Suncor have also switched to autonomous mining vehicles, eliminating the need to hire drivers to transport oilsands ore. The switch has improved oil output productivity at Imperial's Kearl oilsands mine by 20 per cent since 2023, the company said. Suncor operates a 900-tonne truck at its Fort Hills operation north of Fort McMurray, Alta., which the company said is the world's largest hydraulic mining shovel. Suncor CEO Rich Kruger said the shovel's larger bucket and more powerful digging force deliver faster ore loading and less spillage. Oilsands producers have also made improvements in equipment reliability and performance. At Kearl, for example, Imperial has reduced expenses related to turnarounds — an industry term for the costly periods of required maintenance that often involve temporarily shutting down production — by $100 million annually since 2021. The company cut the time between turnarounds from 12 to 24 months in 2024, and aims to extend that interval to 48 months in future. WATCH | Oilsands emissions vastly higher than industry reports, scientists say: Oilsands emissions vastly higher than industry reports, scientists say 1 year ago More than a dozen Alberta oilsands facilities are emitting potentially harmful air pollutants at 20 to 64 times the rate reported to the government, according to new research published in the journal Science. Suncor credits efforts including standardizing maintenance practices across mines and improving management of site water to get more production out of existing assets for contributing to the company's $7 US per barrel reduction in its West Texas Intermediate (WTI) break-even price in 2024 to $42.90. This long-term focus on cost-cutting means Canada's five biggest oilsands companies can break even — and still maintain their dividends — at WTI prices between $43.10 and $40.85, according to a Bank of Montreal analysis for Reuters. That means oilsands producers have lowered their overall costs by approximately $10 a barrel in about seven years. Oilsands had an average break-even price of $51.80/bbl between 2017 and 2019, according to BMO. In contrast, a recent Dallas Federal Reserve survey of over 100 oil and gas companies in Texas, New Mexico and Louisiana found that shale oil producers need a WTI oil price of $65 per barrel on average to profitably drill. Back in 2017-2019, U.S. shale producers had a break-even price of between $50 and $52 per barrel. High startup costs, but long lifespans Part of the reason that the oilsands industry has become so cost-competitive is the nature of the extraction process. Producing the thick, sticky oil that is found in the sands of Alberta is in some locations more akin to mining than oil drilling. Where the oil is very close to the surface, companies operate massive mines, scraping up huge volumes of sand and clay and then filtering out the oil. When the oil is deeper, companies inject steam underground to loosen the deposits and then use a drilling process. An oilsands mine has big initial startup costs but once it is operational, it can run for decades with very low production decline rates. Canadian Natural Resources, for example, at the end of 2024 had proved and probable reserves amounting to 20.1 billion barrels of oil equivalent in its portfolio, giving its oilsands mining and upgrading assets a remaining reserve lifespan of 43 years. The company's Horizon oilsands mine has been producing since 2009. Shale oil wells, by contrast, have low startup costs. Oil output from the wells, however, begins to decline within months. Prices have begun to climb because after years of heavy drilling in the top shale fields, the most productive areas have been exhausted. Drillers are moving onto secondary areas, so they have to drill more wells to achieve the same output and that has driven up costs. Canadian oilsands companies have also paid down debt in the past five years, allowing them to reallocate profits away from shoring up their balance sheets and toward rewarding shareholders with dividends and buybacks. According to the Bank of Montreal, oilsands producers Canadian Natural Resources, Suncor, Cenovus, Imperial Oil and MEG Energy currently have combined net debt, excluding lease liabilities, of $33.9 billion after paying down a combined total of almost $22 billion in debt between 2021 and 2024. As returns grow, Canadian oilsands producers are an increasingly attractive investment for those looking to make money from the energy industry, said Kevin Burkett, portfolio manager with Vancouver-based Burkett Asset Management. "[Canada's oilsands] are not geopolitically risky, and they have some very appealing characteristics around productivity and costs," said Burkett, who has shares of Canadian Natural Resources and Cenovus in his portfolio.
Global News
5 days ago
- Business
- Global News
How Canada's oil sands transformed into one of North America's lowest-cost energy producers
Giant shovels, driverless trucks and a dog-like robot have all helped Canada's oil sands companies including Imperial Oil and Suncor become some of North America's lowest-cost oil producers, driving down overheads even as the worst inflation in a generation pushed U.S. shale costs up. As the global oil industry enters a downturn due to economic uncertainty related to U.S. tariffs policy and OPEC+ pumping more barrels, Canada's oil sands industry finds itself in a position of strength. In the years following the oil price crash of 2014-15, international oil majors including BP, Chevron and Total sold their interests in Canadian oil sands. At the time, they classified the Canadian operations as among their more expensive, and therefore less profitable, projects worldwide. They directed their capital to cheaper oil production and favored U.S. shale for its quicker drilling time and returns. Since then, new technology and cost-cutting efforts have driven meaningful improvement in the industry's competitiveness that make oil sands among the cheapest producers, according to a dozen industry insiders and a Reuters analysis of the latest U.S. and Canadian company earnings. Story continues below advertisement While U.S. shale companies are responding to this year's oil price downturn by dropping rigs, slashing capital spending and laying off workers, the oil sands' position of strength means Canadian companies have made virtually no changes to their previously announced production or spending plans. Some Canadian politicians are now calling for a new crude pipeline from Alberta to the Pacific coast, as part of a broader effort to strengthen the country's economy in the face of U.S. tariff threats. 1:33 As global oil prices plunge, Alberta's energy sector prepares The lower crude prices this year have little impact on the Canadian oil sector, Cenovus CEO Jon McKenzie said in an interview earlier this year. 'This is an industry that has become much more resilient through time,' he said. In one example, two four-legged robots— each nicknamed Spot because of their dog-like appearance — prowl Imperial's vast 45-year-old Cold Lake operation in Alberta, conducting routine equipment inspections and maintenance such as heat exchanger optimizations, and oil/water tank interface monitoring. Story continues below advertisement The Spots free up human workers for other work and save Imperial $30 million (Cdn) per year, the company said. Get weekly money news Get expert insights, Q&A on markets, housing, inflation, and personal finance information delivered to you every Saturday. Sign up for weekly money newsletter Sign Up By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy Exxon-owned Imperial and its competitor Suncor have also switched to autonomous mining vehicles, eliminating the need to hire drivers to transport oil sands ore. The switch has improved oil output productivity at Imperial's Kearl oil sands mine by 20 per cent since 2023, the company said. Suncor operates a 900-tonne truck at its Fort Hills operation north of Fort McMurray, Alberta, which the company says is the world's largest hydraulic mining shovel. Suncor CEO Rich Kruger said the shovel's larger bucket and more powerful digging force deliver faster ore loading and less spillage. Oil sands producers have also made improvements in equipment reliability and performance. At Kearl, for example, Imperial has reduced expenses related to turnarounds — an industry term for the costly periods of required maintenance that often involve temporarily shutting down production — by $100 million (Cdn) annually since 2021. The company cut the time between turnarounds from 12 to 24 months in 2024 and aims to extend that interval to 48 months in future. Suncor credits efforts including standardizing maintenance practices across mines and improving management of site water to get more production out of existing assets for contributing to the company's $7 (U.S.) per barrel reduction in its West Texas Intermediate (WTI) break-even price in 2024 to $42.90. Story continues below advertisement This long-term focus on cost-cutting means Canada's five biggest oil sands companies can break even — and still maintain their dividends — at WTI prices between $43.10 and $40.85, according to a Bank of Montreal analysis for Reuters. That means oil sands producers have lowered their overall costs by approximately $10 a barrel in about seven years. Oil sands had an average break-even price of $51.80 per barrel between 2017 and 2019, according to BMO. In contrast, a recent Dallas Federal Reserve survey of over 100 oil and gas companies in Texas, New Mexico and Louisiana found that shale oil producers need a WTI oil price of $65 per barrel on average to profitably drill. Back in 2017-2019, U.S. shale producers had a break-even price of between $50 and $52 per barrel. 1:56 Dramatic crash in global oil prices–Here's why Canada is watching closely Part of the reason that the oil sands industry has become so cost competitive is the nature of the extraction process. Story continues below advertisement Producing the thick, sticky oil that is found in the sands of Alberta is in some locations more akin to mining than oil drilling. Where the oil is very close to the surface, companies operate massive mines, scraping up huge volumes of sand and clay and then filtering out the oil. When the oil is deeper, companies inject steam underground to loosen the deposits and then use a drilling process. An oil sands mine has big initial start-up costs but once it is operational, it can run for decades with very low production decline rates. Canadian Natural Resources for example, at the end of 2024 had proved and probable reserves amounting to 20.1 billion barrels of oil equivalent in its portfolio, giving its oil sands mining and upgrading assets a remaining reserve lifespan of 43 years. The company's Horizon oil sands mine has been producing since 2009. Shale oil wells, by contrast, have low start up costs. Oil output from the wells, however, begins to decline within months. Prices have begun to climb because after years of heavy drilling in the top shale fields, the most productive areas have been exhausted. Drillers are moving onto secondary areas, so they have to drill more wells to achieve the same output and that has driven up costs. Canadian oil sands companies have also paid down debt in the past five years, allowing them to reallocate profits away from shoring up their balance sheets and towards rewarding shareholders with dividends and buybacks. Story continues below advertisement 1:54 Can Canada really build another oil pipeline? According to the Bank of Montreal, oil sands producers Canadian Natural Resources, Suncor, Cenovus, Imperial Oil and MEG Energy currently have combined net debt, excluding lease liabilities, of $33.9 billion (Cdn) after paying down a combined total of almost $22 billion in debt between 2021 and 2024. As returns grow, Canadian oil sands producers are an increasingly attractive investment for those looking to make money from the energy industry, said Kevin Burkett, portfolio manager with Vancouver-based Burkett Asset Management. '(Canada's oil sands) are not geopolitically risky, and they have some very appealing characteristics around productivity and costs,' said Burkett, who has shares of Canadian Natural Resources and Cenovus in his portfolio.
CBC
08-07-2025
- Politics
- CBC
Information sharing with Alberta has improved since Kearl tailings spills, says N.W.T. minister
The N.W.T.'s environment minister says communication with the Alberta government has improved since a pair of oil spills several years ago. "The information sharing from that point forward has been really good," Minister Jay Macdonald told reporters Friday afternoon. The news conference at the Explorer Hotel had been organized at the end of an annual meeting of environment ministers from around the country – a group called the Canadian Council of Ministers of the Environment – that had, this year, been held in Yellowknife. Rebecca Shulz, Alberta's minister of environment and protected areas, was among those at the summit. "Our transboundary water agreements … are working quite well and allowing us to have that communication," said Macdonald. "We don't necessarily agree on all points but we're certainly having regular conversations and working together to finding solutions that work for all of us." Last year, the N.W.T. government had suggested changes to that bilateral water agreement so that the territory would be more aware of spills that could flow downstream into its waterways. But at the time, the territory was still waiting for a full response from Alberta. Macdonald did not mention on Friday whether those changes had been made. Communication was a sticking point between the N.W.T. and Alberta, particularly after two releases of toxic oilsands tailings water from the Kearl mine in northern Alberta in 2022. It took nine months for Imperial Oil and the Alberta Energy Regulator to tell First Nations and other governments about it. Shane Thompson, the N.W.T.'s environment minister at the time, had been shocked to learn about the spills from news reports and said it was unacceptable and a breach of the territory's water management agreement with the Alberta government. Schulz on Friday agreed that communication after those spills was unacceptable and said that Alberta's relationship with the N.W.T. is one the province takes seriously. "We know that there [are] a lot of eyes and a lot of focus on oilsands mine water specifically, it's something our government has made a priority, and I have committed to Minister Macdonald that we would have an open line of communication about what we're doing there," Schulz said.
Yahoo
05-07-2025
- Politics
- Yahoo
Information sharing with Alberta has improved since Kearl tailings spills, says N.W.T. minister
The N.W.T.'s environment minister says communication with the Alberta government has improved since a pair of oil spills several years ago. "The information sharing from that point forward has been really good," Minister Jay Macdonald told reporters Friday afternoon. The news conference at the Explorer Hotel had been organized at the end of an annual meeting of environment ministers from around the country – a group called the Canadian Council of Ministers of the Environment – that had, this year, been held in Yellowknife. Rebecca Shulz, Alberta's minister of environment and protected areas, was among those at the summit. "Our transboundary water agreements … are working quite well and allowing us to have that communication," said Macdonald. "We don't necessarily agree on all points but we're certainly having regular conversations and working together to finding solutions that work for all of us." Last year, the N.W.T. government had suggested changes to that bilateral water agreement so that the territory would be more aware of spills that could flow downstream into its waterways. But at the time, the territory was still waiting for a full response from Alberta. Macdonald did not mention on Friday whether those changes had been made. Communication was a sticking point between the N.W.T. and Alberta, particularly after two releases of toxic oilsands tailings water from the Kearl mine in northern Alberta in 2022. It took nine months for Imperial Oil and the Alberta Energy Regulator to tell First Nations and other governments about it. Shane Thompson, the N.W.T.'s environment minister at the time, had been shocked to learn about the spills from news reports and said it was unacceptable and a breach of the territory's water management agreement with the Alberta government. Schulz on Friday agreed that communication after those spills was unacceptable and said that Alberta's relationship with the N.W.T. is one the province takes seriously. "We know that there [are] a lot of eyes and a lot of focus on oilsands mine water specifically, it's something our government has made a priority, and I have committed to Minister Macdonald that we would have an open line of communication about what we're doing there," Schulz said. Macdonald said the ministers also talked about climate change and reconciliation and had endorsed stronger air quality standards for fine particulate matter. According to a news release, the ministers also spent time meeting with Indigenous leaders to to talk about remediation and the management of contaminated sites.
