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imperial oil job cuts

The impact on fish and wildlife is unclear, Roth said. We ask you to keep your comments relevant and respectful. The record output at Kearl thanks to the introduction of supplemental ore crushers drove overall Imperial production to about 419,000 barrels of oil equivalent per day in the first three months of 2020, up from 388,000 boe/d in the same period last year. Unauthorized distribution, transmission or republication strictly prohibited. Imperial cuts $1.1B in costs without layoffs, reports lower profit. Close. September 2, 20206:51 AM Reuters0 Comments. It had a net profit of $293 million in the same quarter last year. Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc. Want to discuss? 2. Imperial Oil reported a loss of $188 million in its first quarter as oil prices plunged in March due to the COVID-19 pandemic. 3 hours ago. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. Posted by. Inter Pipeline , which owns Polaris, detected a leak on its system Saturday and identified the source by Monday, shutting down a segment of Polaris. If you don't see it please check your junk folder. Please read our Commenting Policy first. Production in the three months ended Sept. 30 was up 26 per cent over 307,000 boe/d in the same period of 2014 as output from the Kearl oilsands mining operation it shares with Exxon rose to 181,000 barrels per day (128,000 bpd Imperial’s share) from 78,000 bpd. The outage is likely to remove 240,000 to 270,000 bpd from the market for at least a few weeks, disrupting U.S. refiners, Credit Suisse said in a note. We encountered an issue signing you up. Imperial Oil Ltd. is slowing or deferring maintenance work throughout its operations as it tries to ensure employee safety in the wake of a COVID-19 outbreak that has infected 83 workers at its Kearl oilsands mine in northern Alberta. Imperial Oil's Kearl oilsands project and its expansion phases helped the company grow third quarter production. Imperial Oil Ltd on Wednesday said it had shut all production at its 220,000 barrel-per-day (bpd) Kearl oil sands site in Canada due to an outage of part of the Polaris diluent pipeline following a leak.

Kearl is owned by Imperial at 71 per cent and its parent company, ExxonMobil, with 29 per cent. save. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. She said Imperial, which is about 70 per cent owned by American giant Exxon Mobil Corp., currently has about 5,500 staff. Imperial’s average realized bitumen price averaged $18.08 per barrel in the first quarter of 2020, compared to $48.85 per barrel in the first quarter of 2019. Comments may take up to an hour for moderation before appearing on the site. “We’re also at a time in the company’s history where a projected period of increased employment — part of our growth plans — has instead become a redoubled effort to improve productivity and efficiency within our existing workforce.”. Imperial shares closed 63 cents lower at $43.51 on Friday. Imperial’s revenue and other income totalled $6.69 billion in the quarter, down from $7.98 billion in the first quarter of 2019. Visit our Community Guidelines for more information and details on how to adjust your email settings. Low oil prices likely to remain for 12-18 months due to oversupply: Alberta premier, Patty Hajdu responds to Twitter photo, says she only removes mask to eat, drink, Canadian officials warned staff bound for Cuba to stay silent on ‘Havana syndrome’, Alberta energy companies losing billions in downturn, Quebec gym, yoga and dance business owners vow to reopen despite COVID-19 measures, Bombardier to get less cash in amended deal with Spirit, Suspects in alleged Markham illegal casino mansion linked to B.C. The Calgary-based company said Friday it will start a planned one-month maintenance shutdown of one of its two production trains at Kearl in a few days and extend it by an extra month to late June or early July to allow more distancing between workers. A flare stack lights the sky from the Imperial Oil refinery in Edmonton on December 28, 2018. Imperial Oil cutting spending plans for 2020 by $1 billion amid COVID-19 pandemic. Apart from the Imperial site, the outage on the 865,000-bpd Polaris line could affect operations at Husky Energy’s Sunrise oil sands facility, Eight Capital said in a note. A welcome email is on its way. Imperial Oil-Mobil Canada deal cuts costs and jobs. Do the …

Imperial reported a net loss of $188 million in the first quarter due to lower commodity prices and non-cash charges of $301 million, with $281 million of that due to a reduction in the value of its inventory as crude oil prices plunged in March and $20 million from a goodwill impairment. “Imperial has avoided layoffs to date by aggressively pursuing internal productivity improvements to drive down costs,” media adviser Killeen Kelly told the Herald in an email reply, adding the efficiency drive started before oil prices began sliding in the summer of 2014. Please try again. Get a roundup of the most important and intriguing national stories delivered to your inbox every weekday. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Imperial is majority owned by U.S. major Exxon Mobil Corp .. What happened to the "Massive Imperial Oil job cuts in Calgary" post in r/Calgary? ... but will also mean 270 job losses.

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