BOE Report

Imperial to produce renewable diesel at Strathcona refinery

CALGARY, Alberta - Imperial (TSE:IMO, NYSE American:IMO) is moving forward with plans to construct a world-class renewable diesel complex at its Strathcona refinery near Edmonton, Alberta. This new complex is expected to produce more than 1 billion litres per year of renewable diesel from locally sourced and grown feedstocks. The project is expected to realize about 3 million tonnes per year in emissions reductions in the Canadian transportation sector. “Imperial is excited to announce our [Read more]

Despite being world’s 4th largest oil producer, majority of crude oil demand in Canada is met via the United States

CALGARY, Alberta - Canadian oil production is more than two and half times domestic demand, yet the majority of crude oil demand in the country arrives via the United States, according to a new analysis by IHS Markit (NYSE: INFO), a world leader in critical information, analytics, and solutions. The latest report by the IHS Markit Oil Sands Dialogue finds that approximately 55% of crude oil and condensate demand in Canada in 2019 was served either by imports from the United States (600,000 [Read more]

ConocoPhillips delivers strong second-quarter 2021 financial and operational results following recent 10-year market update

Reported earnings of $2.1 billion; adjusted earnings of $1.7 billion. Generated cash provided by operating activities of $4.3 billion; cash from operations of $4.0 billion. Produced 1,547 MBOED excluding Libya. HOUSTON - ConocoPhillips (NYSE: COP) today reported second-quarter 2021 earnings of $2.1 billion, or $1.55 per share, compared with second-quarter 2020 earnings of $0.3 billion, or $0.24 per share. Excluding special items, second-quarter 2021 adjusted earnings were $1.7 billion, or [Read more]

Imperial declares third quarter 2021 dividend

CALGARY, Alberta--(BUSINESS WIRE)--Imperial Oil Limited (TSE: IMO, NYSE American: IMO) today declared a quarterly dividend of 27 cents per share on the outstanding common shares of the company, payable on October 1, 2021, to shareholders of record at the close of business on September 3, 2021.   This third quarter 2021 dividend compares with the second quarter 2021 dividend of 27 cents per share. Imperial has a long and successful history of growth and financial stability in Canada [Read more]

Imperial announces second quarter 2021 financial and operating results

CALGARY, Alberta - Imperial Oil Limited (TSX, NYSEAM: IMO): Second quarter earnings of $366 million with cash flow from operating activities of $852 million Successfully completed significant planned turnaround activities at Kearl, Syncrude and Strathcona Highest second quarter production in over 25 years driven by record production at Kearl Accelerating plans to extend intervals between planned turnarounds at Kearl, eliminating need for second annual turnaround beginning in 2021 [Read more]

Chevron announces second quarter 2021 results

Earnings of $3.1 billion; adjusted earnings of $3.3 billion Cash flow from operations of $7.0 billion; free cash flow of $5.2 billion Resuming share repurchases, targeted at $2-3 billion per year SAN RAMON, Calif. - Chevron Corporation (NYSE: CVX) today reported earnings of $3.1 billion ($1.60 per share - diluted) for second quarter 2021, compared with a loss of $8.3 billion ($(4.44) per share - diluted) in second quarter 2020. Included in the current quarter were remediation charges [Read more]

ConocoPhillips announces quarterly dividend

HOUSTON - ConocoPhillips (NYSE: COP) announced today a quarterly dividend of 43 cents per share, payable Sept. 1, 2021, to stockholders of record at the close of business on July 26, 2021. Headquartered in Houston, Texas, ConocoPhillips had operations and activities in 15 countries, $84 billion of total assets, and approximately 10,300 employees at March 31, 2021. Production excluding Libya averaged 1,488 MBOED for the three months ended March 31, 2021, and proved reserves were 4.5 BBOE as of [Read more]

Imperial to hold 2021 second quarter earnings call

CALGARY, Alberta - (TSE:IMO, NYSE American: IMO) Brad Corson, chairman, president and chief executive officer, and Dave Hughes, vice-president investor relations, Imperial Oil Limited, will host a 2021 Second Quarter Earnings Call on Friday, July 30, following the company’s second quarter earnings release that morning. The event begins at 9 a.m. MT and will be accessible by webcast. During the call, Mr. Corson will offer brief remarks prior to taking questions from Imperial’s covering [Read more]

OGCI Chairman Bob Dudley on what post-pandemic recovery of energy demand means for reducing global emissions; investing in new technologies and why a value on carbon is needed

WASHINGTON - In the first episode of the CERAWeek Conversations series for 2021, Bob Dudley, chairman of the Oil and Gas Climate Initiative (OGCI), discusses how the post-pandemic recovery of energy demand “shows the size, scale and complexity” of the challenge to reduce global emissions and why “no one company, no one real industry [can do it alone].” In a conversation with Daniel Yergin, vice chairman, IHS Markit, Dudley discusses the organization’s initiatives for reducing [Read more]

Canadian oil sands production exceeds pre-pandemic levels, but lingering COVID impacts and other factors trim long-term growth

IHS Markit 10-year forecast expects oil sands production in 2030 to be 3.6 million barrels per day, well above current level, but lower than prior projections CALGARY, Alberta - Canadian oil sands production has fully recovered from last year’s “COVID-19 Shock”—the largest contraction of upstream production in Canadian history—and has exceeded pre-pandemic levels. However, lingering COVID impacts, pipeline constraints and uncertainties related to an accelerating energy transition have reduced [Read more]