Improving reliability at Kearl
Imperial Oil says it has a plan to improve reliability at the Kearl Oil Sands Mine, which continues to perform below expectations.
For the first six months of this year, Kearl produced 177,000 bbl/day (gross), significantly below its nameplate capacity of 220,000 bbl/day. Imperial says the problem lies primarily in the mining and ore preparation areas, which will be the focus of reliability upgrades this year and through the end of next year. The company says these improvements are aimed at increasing production and lowering operating costs.
CEO Rich Kruger calls Kearl "a high-quality, long-life asset of significant importance to the company." Imperial unexpectedly reported a $77 million loss for the second quarter of this year.
IMPERIAL OIL SECOND QUARTER 2017 FINANCIAL AND OPERATING RESULTS JUL 28, 2017
IMPERIAL OIL 2017 ANNUAL GENERAL MEETING APR 28, 2017