Imperial makes progress at Kearl
In this week's third quarter update, Imperial Oil says it's making progress on improving reliability at its flagship Kearl Oil Sands Mine.
Kearl produced 182,000 bbl/day in Q3, reflecting a scheduled maintenance turnaround late in the quarter that took about 23,000 bbl/day offline. Those figures are 14% better than the same time last year thanks to reliability improvements made to the mining and ore preparation side of the plant. The company says work to improve reliability across the entire facility will continue into the fourth quarter.
Averaged over the first nine months of the year, Kearl produced 179,000 bbl/day of bitumen, up 6% from 2016. The mining facility has an advertised nameplate capacity of 220,000 bbl/day.
Bitumen realizations averaged $39.02 per barrel for the third quarter (+29% y/y) and $37.82 for the first nine months of the year (+59% y/y). Operating costs for the mining operation were not disclosed.
CEO Rich Kruger calls the Q3 results "strong" and significantly improved over Q2, noting that his company "continues to focus on base business operating fundamentals and progressing strategic priorities with the objective of maximizing value from our integrated asset base."
Imperial also announced plans to buy back $250 million of its own shares in the fourth quarter.