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Dec 17, 2021

Imperial Oil expects $1.4B in capital spending next year

Imperial Oil

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CALGARY -- Imperial Oil Ltd. says it expects its capital spending to total $1.4 billion next year.

The company says the plan includes the ramp-up of an in-pit tailings project at the Kearl oilsands facility and completion and commissioning of a products pipeline in southern Ontario.

It is also making ongoing investments in Kearl's autonomous fleet and the application of solvent technologies.

Imperial forecasts production next year between 425,000 and 440,000 gross oil equivalent barrels per day.

Refinery throughput is forecast to be between 395,000 and 405,000 barrels per day with capacity utilization between 92 and 94 per cent.

Imperial also says a final investment decision for its Strathcona renewable diesel project is expected next year.