Imperial (TSE: IMO, NYSE American: IMO) today provided an update on its corporate guidance outlook for 2022. The company’s corporate strategy remains focused on maximizing performance of existing assets, prioritizing shareholder returns and progressing key sustainability initiatives.
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Capital spending is forecast at $1.4 billion, reflecting continued capital discipline and efficient project execution. Spending for 2022 includes the ramp-up of the in-pit tailings project at the Kearl oil sands facility, completion and commissioning of the Sarnia products pipeline in southern Ontario as well as on-going investment in Kearl’s autonomous fleet and the application of solvent technologies at Cold Lake. A final investment decision for the Strathcona Renewable Diesel project is expected in 2022 and will be based on several factors including government support and approvals, market conditions and economic competitiveness.
In the Upstream, production is forecast to be between 425,000 and 440,000 gross oil equivalent barrels per day, underpinned by strong operating performance in the company’s core oil sands assets and continued production growth at Kearl. Kearl remains on track to deliver production of 280,000 total gross barrels per day ahead of its original 2025 timeline through capital-efficient debottlenecking, digital initiatives and process optimizations. At Cold Lake, the company remains focused on maximizing base performance through continued reliability enhancements and production optimization as well as the deployment of new solvent technologies to improve energy efficiency and reduce greenhouse gas intensity.
In the Downstream, throughput is forecast to be between 395,000 and 405,000 barrels per day with capacity utilization between 92% and 94%. Continued enhancement of the company’s portfolio of brands and product offerings, combined with access to cost-advantaged crude and logistics networks ensure the company is well positioned as demand continues its recovery through 2022.
“Imperial’s plans reflect our continued focus on maximizing the value of our existing assets through capital discipline and efficiency, maintaining reliable operations with continued structural cost reductions and the progression of key sustainability initiatives,” said Brad Corson, chairman, president and chief executive officer. “Our plans also set the stage for continued volume growth in our core oil sands business in 2023 and beyond as we execute high-value, low-cost debottlenecking and other select growth projects.”
A detailed mid-term outlook will be presented at Imperial’s investor day planned for March 10, 2022 in Toronto.
| Full-Year Guidance | |
| Canadian dollars, unless noted | |
| Total capital and exploration expenditures $M | 1,400 |
| Upstream production boe/d | 425,000 – 440,000 |
| Kearl (gross) bbl/d | 265,000 – 270,000 |
| Cold Lake bbl/d | 135,000 – 140,000 |
| Syncrude bbl/d | 75,000 – 80,000 |
| Refinery throughput kbd | 395,000 – 405,000 |
| Refinery utilization % | 92% – 94% |
| Production is Imperial share before royalties, except Kearl which is 100% gross basis |
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