Imperial has slowed the pace of development of its Aspen in situ oil sands project given market uncertainty stemming from Alberta government intervention and other industry competitiveness challenges.
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Imperial has made a final investment decision to develop its Aspen project, located about 45 kilometres northeast of Fort McMurray, Alberta. The project, which is expected to produce about 75,000 barrels of bitumen per day, will include the first major commercial application of next-generation oil sands recovery technology designed to lower greenhouse gas emissions intensity and water use, while improving development economics.
Imperial has successfully restarted production at its Norman Wells operations in the Northwest Territories following the return to service of Enbridge's Line 21 pipeline. Imperial had previously resumed limited shipments of crude oil from storage in September.
Imperial Oil announced that it has achieved a net income of $196 million in the second quarter of 2018, a significant improvement from the net loss of $77 million for the same period in 2017.
Strength in the downstream and chemical segments, driven by operational reliability and market conditions, helped improve the bottom line of Imperialsignificantly through the first quarter of 2018, the company has reported.
Imperial Oil has announced its 2017 financial results, showing a full-year net income of $490 million. The company, which experienced a strong 2016 due to retail site sales, saw its finances affected by two major projects being shelved in 2017.
The Mackenzie gas project joint-venture participants have announced their decision not to proceed with the project at this time and are dissolving the joint venture.
Imperial's second quarter results were significantly impacted by wildfires in the Fort McMurray, Alberta area and by major planned maintenance activities at two refineries and its oil sands mines.
Imperial has announced the safe return to normal operations at the Kearl oil sands site. The company will continue to closely monitor developments with the fires in the Regional Municipality of Wood Buffalo. The safety of our employees remains our top priority.