Profile: Imperial Oil Ltd (IMO.TO)
22 Jul 2016
Imperial Oil Limited, incorporated on May 1, 1978, is an integrated oil company. The Company is engaged in the exploration for, and production and sale of, crude oil and natural gas. The Company's operations are conducted in three segments: Upstream, Downstream and Chemical. Upstream operations include the exploration for, and production of, crude oil, natural gas, synthetic oil and bitumen. Downstream operations consist of the transportation and refining of crude oil, blending of refined products and the distribution and marketing of those products. Chemical operations consist of the manufacturing and marketing of various petrochemicals.
The Company is involved in the exploration for and development of crude oil and natural gas in Canada. The Company drilled approximately 40 development wells at Cold Lake, of which over 30 development wells relate to the Cold Lake Nabiye expansion project and approximately five net other wells. The Company holds an interest in the Kearl oil sands project, a joint venture with ExxonMobil Canada Properties. The Kearl project recovers shallow deposits of oil sands using open-pit mining methods. The Company is involved in evaluating other undeveloped, mineable oil sands acreage in the Athabasca region.
The Company's Cold Lake is an in-situ heavy oil bitumen operation. The product, a blend of bitumen and diluent, is shipped to certain of the Company's refineries, Exxon Mobil Corporation refineries and to other third parties. Its average net production at Cold Lake is approximately 139,000 barrels per day and gross production is approximately 158,000 barrels per day. Bitumen from the Kearl project is extracted from oil sands produced from open-pit mining operations and is processed through extraction and froth treatment trains. The Company holds an interest in Syncrude, a joint venture established to recover shallow deposits of oil sands using open-pit mining methods to extract crude bitumen, and upgrade it to produce a synthetic crude oil. The produced synthetic crude oil is shipped to certain of the Company's refineries, Exxon Mobil Corporation refineries and to other third parties.
The Company's bitumen leases include approximately 193,000 net acres of oil sands leases near Cold Lake and an area of approximately 34,000 net acres at Kearl. The Company also has approximately 80,000 net acres of undeveloped, mineable oil sands acreage in the Athabasca region. In addition, the Company has interests in other bitumen oil sands leases in the Athabasca areas totaling approximately 193,000 net acres, which include approximately 62,000 net acres of oil sands leases in the Clyden area. The Company holds interests in approximately 1,214,000 net acres of developed and undeveloped land in western Canada related to crude oil and natural gas. The Company's land holdings in Canada lands primarily include exploration license (EL) acreage in the Beaufort Sea of approximately 252,000 net acres and in the Summit Creek area of central Mackenzie Valley totaling approximately 222,000 net acres and significant discovery license (SDL) acreage in the Mackenzie Delta and Beaufort Sea areas of approximately 183,000 net acres.
The Company supplements its own production of crude oil, condensate and petroleum products with purchases. Purchases are made under both spot and term contracts from domestic and foreign sources, including Exxon Mobil Corporation. The Company transports its crude oil production and third-party crude oil required to supply refineries by contracted pipelines, common carrier pipelines and rail. Its Edmonton rail terminal has capacity to ship till approximately 210,000 barrels per day of crude oil. The Company owns and operates approximately three refineries, which process Canadian crude oil. The Strathcona refinery operates lubricating oil production facilities. The Company maintains a distribution system to handle bulk and packaged petroleum products moving from refineries to market by pipeline, tanker, rail and road transport. The Company owns and operates natural gas liquids and products pipelines in Alberta, Manitoba and Ontario and has interests in the capital stock of approximately one crude oil and approximately two products pipeline companies.
The Company markets petroleum products throughout Canada under brand names, such as Esso and Mobil. The Company sells to the motoring public through Esso retail service stations. The Company is involved in managing its Esso retail service station network by providing customer services, such as car washes and convenience stores. The Company also sells petroleum products to industrial and transportation customers, independent marketers, resellers, as well as other refiners. It also serves agriculture, residential heating and commercial markets through branded resellers.
The Company's Chemical operations manufacture and market ethylene, benzene, aromatic and aliphatic solvents, plasticizer intermediates and polyethylene resin. The Company's petrochemical and polyethylene manufacturing operations are located in Sarnia, Ontario, adjacent to the Company's petroleum refinery.
Imperial Oil Ltd
505 Quarry Park Blvd SE
CALGARY AB T2C 5N1
Company Web Links
- MOVES-Veteran airline analyst joins Imperial Capital
- BRIEF-Imperial's Kearl operations return to normal, monitoring remains in place
- UPDATE 4-Canadian firefighters make progress against fire in oil sands region
- BRIEF-Imperial Oil provides Kearl operations update
- UPDATE 2-Oil price weakness drives Canada's Imperial Oil to bigger-than-expected loss