Imperial Oil Ltd (IMO) - NYSEMKT
  • Tue, Jul. 12, 9:45 AM
    • Alberta introduced two new oil and gas royalty programs yesterday that the provincial government says will encourage producers to explore new areas, boost production and keep people working.
    • The Emerging Resources Program will apply to wells being drilled in the early stages of development, and allows producers to pay a flat 5% royalty rate, while the Enhanced Hydrocarbon Recovery Program is aimed at boosting production from aging wells.
    • Alberta’s NDP government within only a year has gone from threatening to increase oil and gas royalties to having to provide royalty incentives to stimulate drilling activity, Financial Post's Claudia Cattaneo writes.
    • Among oil and gas companies currently active in Alberta: SU, ECA, CVE, CNQ, ENB, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jul. 12, 9:45 AM | 29 Comments
  • Thu, Jun. 30, 1:13 PM
    • Canadian oil and gas companies say they are not worried about the new North America-wide energy and climate change strategy announced yesterday by Canadian PM Trudeau, U.S. Pres. Obama and Mexican Pres. Nieto, which includes reducing methane gas emissions from the oil and gas industry by 40%-45%.
    • The Canadian Association of Petroleum Producers says “having our competitors held to a similar standard is going to be good for all of us," since Canadian producers already are under pressure to cut methane emissions and pay carbon levies.
    • TransCanada (NYSE:TRP) says it welcomed the agreement and cited its growing natural gas pipeline business in Mexico and its acquisition of Columbia Pipelines in the U.S. as evidence of the need for an interconnected energy system.
    • The pact would force the three countries to add renewables, nuclear projects or carbon capture and storage projects on coal-fired power plants that would raise the total to 50% from the current 37%.
    • Among other relevant tickers: SU, ECA, ENB, CVE, CNQ, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Thu, Jun. 30, 1:13 PM | 33 Comments
  • Tue, Jun. 28, 11:58 AM
    • A Canadian government study yields a surprising result about what happens to oil sands crude in a freshwater spill: it floats, at least for a while, sinking more slowly than conventional oil, unless exposed to high temperatures and weathering.
    • The results may help dispel some concern that a spill of diluted bitumen would be more difficult to clean up, and help companies make the case for pipeline projects such as Kinder Morgan’s (KMI +0.9%) Trans Mountain expansion and Enbridge’s (ENB -0.1%) Northern Gateway pipeline.
    • The study follows a 2015 report by the U.S. National Academy of Science that showed diluted bitumen tended to sink quickly after being spilled in fresh water.
    • Among other relevant tickers: SU, ECA, CVE, CNQ, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jun. 28, 11:58 AM | 62 Comments
  • Wed, Jun. 22, 10:36 AM
    • Alberta's tougher rules in determining if companies are financially strong enough to buy oil and gas assets could chill M&A activity in the province, energy industry players warn.
    • The Alberta Energy Regulator announced Monday that companies seeking to buy oil and gas properties will need to show their deemed assets exceed their deemed liabilities by 2x or more after the purchase, after deemed assets previously needed only to be equal to deemed liabilities.
    • More than 200 companies that met the prior standard were ruled out as buyers by the stricter financial solvency test, a move that Industry reps say will limit the number of companies allowed to buy oil and gas assets.
    • Among oil and gas companies currently active in Alberta: SU, ECA, CVE, CNQ, ENB, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Wed, Jun. 22, 10:36 AM | 32 Comments
  • Mon, Jun. 6, 2:27 PM
    • Imperial Oil (IMO +1.2%) says it has restarted its Kearl oil sands mining operation after stalling production for nearly three weeks during Alberta's huge wildfire that threatened to damage major projects across the region.
    • Bank of Canada governor Poloz says it is hard to predict when the Canadian economy will rebound from the fire but figures perhaps a little more than half of the estimated loss of 1.25 percentage points off Canada's Q2 economic growth would be due to lost oil output.
    • ETFs: EWC, CNDA, EWCS, FCAN, QCAN
    | Mon, Jun. 6, 2:27 PM
  • Thu, Jun. 2, 6:05 PM
    • The National Energy Board says it will allow Imperial Oil (NYSEMKT:IMO) until the end of 2022 to start building the Mackenzie Gas Project, a pipeline that would ship natural gas from the Northwest Territories to Alberta.
    • The NEB first approved the project in late 2010 and the federal government sanctioned it the next year, but one of the conditions was that construction had to begin by the end of 2015; last year, IMO asked for a seven-year extension because low gas prices had forced the companies behind the project to delay development.
    • The proposed $16B pipeline would run 1,200 km from gas fields near the coast of the Beaufort Sea to the northern Alberta boundary, where it would link up with existing gas pipelines.
    | Thu, Jun. 2, 6:05 PM
  • Wed, Jun. 1, 6:47 PM
    • Traders expect deliveries from the Syncrude project in Alberta for June to be cut by ~85%, Reuters reports.
    • Unipec, the trading arm of Chinese refiner Sinopec (NYSE:SNP), advised customers this week it would cut its sales of Syncrude for June due to the force majeure on Syncrude's production, according to the report.
    • Syncrude has not specified when operations would restart after closing a month ago during Alberta's wildfires, but says the facility is finalizing its safe return to operations.
    • Suncor Energy (NYSE:SU) owns 53.74% of Syncrude, with Imperial Oil (NYSEMKT:IMO), SNP and Nexen (NYSE:CEO) the leading minority partners.
    | Wed, Jun. 1, 6:47 PM
  • Tue, May 31, 11:07 AM
    • Suncor Energy (SU +0.7%) is expected to suffer the biggest impact from Alberta's wildfires, as the shutdown and evacuation of its operations between Fort McMurray and Fort MacKay - which were producing 300K bbl/day of oil before the fires - will cut $928M, or 20%, from the company’s operating cash flows this year, according to RBC Capital.
    • RBC foresees a “commensurate” impact on SU’s balance sheet, as the company is expected to draw on its $3.1B of cash and cash equivalents or $6.7B of available credit during the outage and re-start.
    • The firm estimates that by the time production resumes, SU’s facilities will have been shut down for 35 days and Syncrude’s facilities will have been shut down for 40 days.
    • Husky Energy (OTCPK:HUSKF -1.1%) and Imperial Oil (IMO -0.6%) are not yet providing updates on when output would resume at their respective 60K bbl/day Sunrise and 220K bbl/day Kearl projects.
    • Now read Suncor bringing Alberta oil sands back on line
    | Tue, May 31, 11:07 AM | 4 Comments
  • Thu, May 26, 5:28 PM
    • The amount of pollution created by vapor from Canada’s oil sands ranks on par with most major cities in North America, according to a new study by the country’s environmental regulator.
    • While the connection between the oil sands’ carbon emissions and climate change is well documented, the study is the first to track the vapor produced in the process and the extent of the resulting pollution.
    • Vapor from the bitumen of the oil sands is released into the air when it is dug up in open pit mines and later as the oil is separated out, and once in the atmosphere and exposed to sunlight, the vapors mix with other chemicals to become particles known as secondary organic aerosols; according to the study, the oil sands were rivaled by only the largest metro areas such as Los Angeles in creating the particles; vehicle exhaust and electrical generation are the main sources of the particles in cities.
    • Relevant tickers: SU, CVE, IMO, XOM, RDS.A, RDS.B, CNQ, ENB, TRP, PDS, CEO, OTCPK:HUSKF, OTCPK:MEGEF, OTCPK:ATHOF
    | Thu, May 26, 5:28 PM | 47 Comments
  • Wed, May 25, 11:16 AM
    • Alberta's government introduced legislation yesterday to implement an economy-wide carbon tax starting next year, part of a broader environmental policy package expected to phase out coal-fired plants in the province and cap emissions from oil sands production.
    • The new tax targets all fossil fuel consumption, including gasoline sales and natural gas for home heating; the government says it will levy a tax of C$20/metric ton from next January, which will be increased to C$30 from Jan. 1, 2018.
    • Two major oil sands producers, Cenovus Energy (CVE +2.8%) and Suncor Energy (SU +1.9%), have welcomed the move to position the oil-rich province as a leader in environmental stewardship.
    • Other relevant tickers: IMO, XOM, RDS.A, RDS.B, CNQ, ENB, TRP, PDS, CEO, OTCPK:HUSKF, OTCPK:MEGEF, OTCPK:ATHOF
    | Wed, May 25, 11:16 AM | 40 Comments
  • Fri, May 20, 8:26 AM
    • The front line of the out-of-control wildfires plaguing northern Alberta has moved away from critical infrastructure to a remote area on the border of neighboring Saskatchewan.
    • Imperial Oil (NYSEMKT:IMO) confirmed last night that it has restarted limited operations at its Kearl oil sands site, and the physical plant is unaffected by the fires.
    • The fires reportedly burned near Suncor Energy's (NYSE:SU) base plant and the Syncrude facility on Wednesday, but fire breaks held and the threat has diminished.
    • Still, Syncrude reportedly told customers to expect no further crude shipments for May,  extending a force majeure on crude production from earlier this month.
    • The fires have affected as much as 1.4M bbl/day of production, Jefferies analyst Jason Gammel estimates.
    | Fri, May 20, 8:26 AM | 1 Comment
  • Tue, May 10, 7:25 PM
    • Canadian oil sands companies near Fort McMurray are beginning to restart their operations, as the out of control wildfire continues to rage but has now moved far enough away from the oil sands' sites to allow the companies to return.
    • Royal Dutch Shell (RDS.A, RDS.B) is the first company to resume its operation in the area, restarting production at its Albian mine, and Enbridge (NYSE:ENB) has begun inspecting its facilities and prepares to restart operations shuttered during the blaze.
    • Suncor (NYSE:SU) says it has restarted power generation at its Syncrude oil sands mine in Aurora, and CEO Steve Williams says he expects oil sands companies would resume production “in the coming days and maybe a week or so, but you’re not talking longer periods.”
    • Alberta Premier Notley says there was no damage to oil sands facilities north of Fort McMurray, although the fire caused minor damage to Nexen’s (NYSE:CEO) oil sands facility south of the city and to ENB’s above-ground facilities along its pipelines in the area.
    • The decline to production reportedly reached at least 839K bbl/day, or close to one-third of Canada’s overall daily production, before Shell's restart.
    • While ~2,400 homes and buildings were destroyed by fire, officials say ~90% of buildings in Fort McMurray, including schools and a hospital, remain intact; two people died in accidents related to evacuating the fires.
    • Other relevant tickers: XOM, IMO, COP, OTCPK:HUSKF, OTCPK:ATHOF, CNQ, CVE, OTCPK:MEGEF, OTCPK:IPPLF, OTC:KEYUF, TRP, PSX, STO
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Tue, May 10, 7:25 PM | 39 Comments
  • Mon, May 9, 3:19 PM
    | Mon, May 9, 3:19 PM | 12 Comments
  • Sat, May 7, 12:32 AM
    • The devastating wildfires in and around Alberta's Fort McMurray may double in size to 2K sq. km over the weekend and burn for weeks, officials say.
    • Bank of Montreal has cut its Q2 Canadian GDP growth estimate to zero from 1.5%, citing “severe disruptions to oil production” due to the fires, and said the estimate was just a placeholder dependent on more information on the scope of the disaster.
    • Royal Bank of Canada estimates that as much as 1M bbls/day of production has been shut, or ~40% of oil sands output, as companies including Suncor (NYSE:SU), Shell (RDS.A, RDS.B), Exxon (NYSE:XOM) subsidiary Imperial Oil (NYSEMKT:IMO), ConocoPhillips (NYSE:COP), Husky Energy (OTCPK:HUSKF) and Athabasca Oil (OTCPK:ATHOF) cut production.
    • The fire is said to be “at the gates” of Nexen’s (NYSE:CEO) Long Lake project, but a few companies including Canadian Natural Resources (NYSE:CNQ), Cenovus (NYSE:CVE) and MEG Energy (OTCPK:MEGEF) say their production has been unaffected so far.
    • Among pipeline companies, no assets have incurred significant damage, but Enbridge (NYSE:ENB) shut all pipelines in and out of Cheecham Terminal, Inter Pipeline (OTCPK:IPPLF) shut parts of its system in the province, and Keyera's (OTC:KEYUF) South Cheecham rail and truck terminal is shut down; TransCanada (NYSE:TRP) says it does not expect the fires to affect deliveries of natural gas.
    • SU, Phillips 66 (NYSE:PSX) and Statoil (NYSE:STO) have declared force majeure on supplies from the region.
    | Sat, May 7, 12:32 AM | 102 Comments
  • Thu, May 5, 6:38 PM
    • Alberta's raging wildfire has caused Canadian crude oil output to drop by at least 475K bbl/day, or nearly 20% of Canada's 2.5M barrels in total oil sands production - much of it typically sent to U.S. refineries.
    • While no oil operations have sustained damage from the fires, many operators have cut output amid evacuations of non-essential staff, pipeline outages and the risk from encroaching fire.
    • The amount of daily oil production threatened by the Canadian fires would be enough to nearly wipe out the world's oversupply, says Tim Pickering of Auspice Capital Advisors, calling the blaze "the most important issue in oil today."
    • The Bank of Nova Scotia says the destruction of property and loss of production could mean "very little" GDP growth during Q2 for the overall Canadian economy and that the damage to infrastructure will slow the recovery in the country's oil patch.
    • In the latest of a series of plant closures, ConocoPhillips (NYSE:COP) today shut down its Surmont oil sands site that produces 50K bbl/day and evacuated all staff, and Suncor (NYSE:SU) cut output at its 350K bbl/day Syncrude mining operation and its 203K bbl/day Firebag well site without specifying how much.
    • Other relevant tickers include: RDS.A, RDS.B, IMO, XOM, CNQ, ENB, PBA, CEO, OTCPK:HUSKF, OTCPK:IPPLF.
    • ETFs: USO, OIL, UWTI, UCO, DWTI, SCO, BNO, DBO, DTO, USL, DNO, OLO, SZO, OLEM
    | Thu, May 5, 6:38 PM | 59 Comments
  • Wed, May 4, 11:18 PM
    • The huge wildfire (I, II) that already has forced more than 80K people to flee their homes in and around Fort McMurray and disrupted oil sands operations in Alberta reportedly is set to expand.
    • Wildfire officials say the blaze probably will grow to 100 sq. km (40 sq. miles) from ~80 now, and that although lower temperatures may aid firefighters tomorrow, the fire is expected to last at least until the weekend.
    • WTI crude oil prices have jumped past $45/bbl overnight as the fire disrupts oil sands production.
    • Alberta oil sands producers are not yet in the fire's path but have cut or halted operations because of evacuations: Royal Dutch Shell’s (RDS.A, RDS.B) Canadian unit shut its Albian Sands mining operations which produce ~255K bbl/day, Suncor (NYSE:SU) cut production at all of its oil sands sites, Inter Pipeline (OTCPK:IPPLF) partially closed its 540K bbl/day Polaris pipeline system and its 346K bbl/day Corridor system, Husky Energy (OTCPK:HUSKF) cut output at its Sunrise oil sands plant by two-thirds to 10K bbl/day, Exxon’s (NYSE:XOM) Imperial Oil (NYSEMKT:IMO) Canadian unit says production has not yet been affected, and operations by Enbridge (NYSE:ENB), Pembina Pipeline (NYSE:PBA) and Canadian Natural Resources (NYSE:CNQ) apparently have not been affected.
    • The inferno is shaping up to be worse than the Slave Lake fire of 2011, one of the most costly natural disasters in Canada’s history, and is a severe blow to an area already devastated by job losses stemming from low energy prices.
    | Wed, May 4, 11:18 PM | 38 Comments
Company Description
Imperial Oil Ltd. is an integrated oil company, which engages in the exploration, production and sale of, crude oil and natural gas in Canada. It also petroleum refiner, producer and marketer of petroleum products. The company operates its business through following segments: Upstream,... More
Industry: Oil & Gas Refining & Marketing
Country: Canada