CALGARY — The CEO of Imperial Oil Ltd. says the company will be cautious in ramping up spending despite a recovery in fuel demand following the collapse earlier this year amid the COVID-19 pandemic lockdowns.Brad Corson said the company can't talk about whether it will reverse this year's spending cuts next year, but it's unlikely spending will return to pre-COVID levels in 2021 because the market outlook remains so uncertain.
"The caution is consistent with outlooks from the CEOs of Calgary-based rivals Suncor Energy Inc. and Husky Energy Corp. — companies that also own both oil production and refineries — on their recent second-quarter conference calls.Corson said Imperial is well on the way to meeting its goal announced in March to cut $500 million from its 2020 capital spending plan of between $1.6 billion and $1.7 billion and find another $500 million in operating savings this year.On Friday, Imperial reported a net loss of $526 million on revenue of $3.7 billion in the three months ended June 30, down from a net profit of $1.2 billion on revenue of $9.26 billion in the year-earlier period.Analysts had expected a $188 million net loss and revenue of $4.24 billion, according to markets data firm Refinitiv.Imperial, which is 69.6 per cent owned by American giant Exxon Mobil Corp., blamed the performance on lower oil prices and refinery profit margins due to the COVID-19-related economic slump.Refinery utilization rates were about 66 per cent for the quarter thanks to demand weakness and maintenance interruptions, it said.Corson said demand for Imperial's gasoline and diesel have recovered to about 90 per cent of normal levels but jet fuel demand is still only at about one-third.The company reported production of 347,000 barrels of oil equivalent per day in the second quarter, down from 400,000 boe/d a year earlier, as maintenance shutdowns at its Kearl oilsands mine were extended to better control spread of the coronavirus after an outbreak there.Kearl's average production of 190,000 barrels of oil per day was higher than expected due to the recent addition of supplemental ore crushers at the mine, Corson said.The mine's production peaked at 300,000 bpd during a two-week period between maintenance shutdowns at its two oilsands processing plants and it will be well-positioned to maximize production when the second plant is back online again in late August, he said.The company estimates Kearl production will average about 220,000 bpd this year, down from earlier forecasts of 240,000 bpd.Imperial Oil shares, which have fallen 37 per cent since Dec. 31, lost 96 cents or 4.4 per cent at $21.05 at afternoon trading in Toronto.This report by The Canadian Press was first published July 31, 2020.Companies in this story: (TSX:IMO, TSX:SU, TSX:HSE)NASA astronauts riding SpaceX capsule poised for weekend return, weather permittingPrepare for wave of evictions as rent comes due, Ontario NDP warnsNHL back in action: Times, TV as 24-team Stanley Cup playoff tournament beginsKerry Washington’s Mother ‘Begged’ Her to Be a Lawyer, Star Reveals Ahead of New ACLU DocHere's How to Make the Best of Your Outdoor Summer Workout When You Live in a CityFirst Look At 2021 Ford Bronco In Shadow Black Is Seriously SinisterHow Canada’s first long-term virus projections hold up todayCoronavirus updates: US reports over 67,000 new cases as total tops 4.5 millionCOVID-19 putting pressure on small-town rents: ‘I can’t afford to live in the city I grew up in’Opinion: Celtics have talent to beat Bucks, Antetokounmpo in possible playoff matchup, but will they put it all together?Kerry Washington And ‘Scandal’ Cast Reunite For ‘Stars In The House’Snail Visits Dog Groomer And Ends Up Getting Pampered TooThe Weeknd to Perform an 'Immersive' After Hours Concert on TikTok Next WeekBest Cold Brew Coffee Makers of 2020 Reviewed: Hario, Bruer, and MoreAll inquiry recommendations after fatal RCMP shooting implemented: MinistryApple's Taiwan suppliers, Samsung apply for India's smartphone schemeTucker drives in 4 runs to lead Astros over Angels 9-6Maisie Williams Stars In Madeon’s Video For ‘Miracle’, Directed By Lena HeadeyKitten With Unique Face Wants Someone To Love Him Just As He IsShould You Wear Goggles to Protect Against Coronavirus?
Imperial Oil cautious on ramping up operations as it reports Q2 earnings miss. Imperial Oil’s upstream research efforts support natural resources operations, with a major emphasis on environmental protection and oil sands development. I would also note that our earnings increased month-over-month as the quarter progressed. Imperial had previously resumed limited shipments of crude oil … Trump says he'll act to ban TikTok in US as soon as Saturday The research center, located at the University of Calgary, is one of the leading oil sands research facilities in the world.
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