Profile: Imperial Oil Ltd (IMO.TO)
Imperial Oil Limited, incorporated on May 1, 1978, is an integrated oil company. The Company is engaged in all the phases of the petroleum industry in Canada, including 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. The 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. The 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 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. As of December 31, 2016, the Company's Kearl's net bitumen production was approximately 118,000 barrels per day and gross production was approximately 120,000 barrels per day. 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. As of December 31, 2016, the Company's Syncrude's net production of synthetic crude oil was approximately 67,000 barrels per day and gross production was approximately 68,000 barrels per day.
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. As of December 31, 2016, net production at Cold Lake was approximately 138,000 barrels per day and gross production was approximately 161,000 barrels per day. The Company's production of liquids, bitumen and natural gas is derived from wells located in Canada.
The Company's bitumen leases include approximately 194,000 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, approximately 34,000 net acres of oil sands in the Aspen area and approximately 30,000 net acres of oil sands in the Corner area. The Company's Syncrude joint venture leases cover approximately 63,000 net acres accounts for the entire synthetic oil acreage. The Company holds interests in an additional 1,185,000 net acres of developed and undeveloped land in the western provinces 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 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 up to 210,000 barrels per day of crude oil. The Company owned and operated three refineries, which process Canadian crude oil, as of December 31, 2016. The Strathcona refinery operates lubricating oil production facilities.
The Company maintains a distribution system around the nation, 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 one crude oil and two products pipeline companies. The Company markets petroleum products throughout Canada under brand names Esso and Mobil. The Company supplies petroleum products to the motoring public through Esso-branded retail sites and independent marketers. It sells petroleum products to industrial and transportation customers, independent marketers, resellers, as well as other refiners. The Company serves agriculture, residential heating and commercial markets through branded resellers.
The Chemical operations manufacture and market benzene, aromatic and aliphatic solvents, plasticizer intermediates and polyethylene resin. Its 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