The search for lithium, a key ingredient used to build batteries for electric vehicles, is underway by Imperial Oil Ltd. and E3 Lithium, which are piloting an Alberta development in a well first drilled by the Calgary producer in 1947. Imperial, majority owned by ExxonMobil, said Thursday the C$6.35 million ($5 million) investment in Calgary-based…
Articles from Imperial
Imperial, Whitecap Investors Reaping Rewards of Strong Natural Gas, Oil Prices
Buoyed by strong commodity prices, Canadian independents Imperial Oil Ltd. and Whitecap Resources Inc. reported robust earnings for the first quarter and are prioritizing returning capital to shareholders. Calgary-based Imperial, 70% owned by ExxonMobil, said its 1Q2022 financials marked the best quarterly results in more than 30 years. Imperial, which reports in Canadian dollars (C$1/US…
ExxonMobil Ready to Cast Off Natural Gas-Rich Assets in Montney, Duvernay
A 1,020-square-mile spread of Canadian drilling rights in the Montney and Duvernay formations of Western Canada went on the market by ExxonMobil affiliates Wednesday in the latest property sales launched by integrated major. Seventy-percent owned Imperial Oil Ltd. and ExxonMobil Canada Ltd. are taking offers for their stakes in the parent company’s unconventional unit XTO…
Imperial Gets Earnings Boost From Retail, Refining Rates
The Esso brand of more than 2,000 service stations across Canada and a trio of jumbo refineries in Ontario and Alberta helped put a tiger in Imperial Oil Ltd.’s financial tank during the first six months of this year. The ExxonMobil subsidiary’s downstream side reported first-half 2021 revenue of C$11.1 billion ($8.9 billion) from refined…
Imperial Oil Restarts Oilsands Output from Kearl After Pipeline Leak
Production has resumed at Imperial Oil Ltd.’s 220,000 b/d Kearl oilsands mine after Inter Pipeline Ltd. addressed a leak that had disrupted flows of gasoline-like condensate needed to dilute bitumen for shipment to markets. Inter Pipeline announced that service had been restored by building a 400-meter (1,300-foot) bypass around a leak that halted flows and…
Imperial Temporarily Halts Alberta Oilsands Production After Pipeline Leak
Canada’s Imperial Oil Ltd. is temporarily shutting down its 220,000 b/d Kearl oilsands site while Inter Pipeline Ltd. repairs a leak that interrupted flows of gasoline-like condensate used as thinner for bitumen shipments from the mine. The release, detected over the weekend, affects the northeastern Alberta leg of a 238,000 b/d Inter Pipeline conduit called…
Canadian Oil and Gas Industry Reverses Investment Course on Coronavirus Worries
Only two months after predicting the first investment growth since 2014, the Canadian oil and gas industry has reversed course by retreating into austerity to survive the coronavirus pandemic and dizzying commodity price drops.
Imperial Launches Largest Canadian Oilsands Project in Five Years
Canada’s top industrial natural gas user, Alberta thermal oilsands production, embarked on fresh growth Thursday with an investment decision to build the biggest project in five years.
TransCanada Pipeline Project Targets Montney Gas
Five years from now, Montney Shale gas could have a pathway to the British Columbia (BC) west coast and potentially lucrative Asian gas markets via a C$5 billion pipeline project announced by TransCanada Corp. on Wednesday.
Fed Terminates Enron-Related Actions Against CIBC, Citigroup
The Federal Reserve Wednesday terminated an enforcement action against Canadian Imperial Bank of Commerce (CIBC) over structured transactions the bank made with Enron Corp. before the energy giant’s collapse. Last week the Fed terminated a similar action against Citigroup Inc.