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Released December 17, 2024 | SUGAR LAND
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Researched by Industrial Info Resources (Sugar Land, Texas)--Imperial Oil Limited (Calgary, Alberta), which is a publicly traded subsidiary of ExxonMobil Corporation (NYSE:XOM) (Spring, Texas), plans to boost production in Canada's oil sands with between C$1.9 billion and C$2.1 billion (US$1.33 billion to US$1.48 billion) in capital and exploration expenditures (capex) throughout 2025. The company also expects to see higher refinery throughput amid a lighter turnaround schedule, along with the startup of a highly anticipated renewable diesel project. Industrial Info is tracking more than US$1.8 billion worth of active and planned projects from Imperial Oil, about 85% of which is in Alberta's oil sands region.
Click on the image at right for a graph detailing Imperial Oil's active and planned projects, by standard industrial classification.
The company recently announced its corporate guidance outlook for 2025, where it aims for stronger operating performance, higher volumes and lower unit cash costs at its Kearl and Cold Lake developments in Alberta's oil sands, including a series of investments to increase bitumen recovery and mine progression work at Kearl. Roughly one year ago, Imperial kicked off a US$750 million infrastructure project at Kearl, which is designed to transition the surface tailing pond to an in-pit tailings pond. Kearl is jointly owned by Imperial (70.96%) and ExxonMobil Canada (29.04%).
The new tailings pond has been in development since 2022, when a toxic tailings pond leak dumped 5.3 million liters of contaminated waste into an area inhabited by the Athabasca Chipewyan First Nation. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can learn more from a detailed project report and plant profile.
Imperial also is looking into high-value drilling opportunities at its Cold Lake development, which supplies numerous refineries across Canada and the U.S., including the Strathcona Refinery in Edmonton, Alberta. The company's upstream business expects production to grow to between 433,000 and 456,000 barrels of oil-equivalent per day (BOE/d) in 2025, up from the 420,000 to 442,000 BOE/d it is forecasting for 2024.
"Many projects we have been pursuing are multiple-year in nature. Where it makes sense for us to accelerate that work, we're doing that, so we can be most efficient with the capital dollars," said Brad Corson, the chief executive officer of Imperial Oil, in a conference call with analysts. "Ultimately, it's translating into stronger volume performance than what we initially guided toward for 2024, and stronger, better unit cash-cost performance."
The 187,000-barrel-per-day (BBL/d) Strathcona Refinery is home to one of Imperial Oil's most ambitious projects: the US$560 million renewable diesel and carbon-capture storage (CCS) addition, which is designed to convert vegetable oil feedstocks into 20,000 BBL/d of renewable diesel, using blue hydrogen produced at Air Products and Chemicals Incorporated's (NYSE:APD) (Lehigh Valley, Pennsylvania) US$970 million Net-Zero Energy Complex in Edmonton, which also is expected to finish construction next year. Subscribers can learn more from detailed reports on the renewable diesel and net-zero projects.
Imperial's downstream business expects throughput to grow to between 405,000 and 415,000 BBL/d in 2025, with capacity utilization between 94% and 96%. This would represent an increase from its 2024 guidance of 385,000 to 400,000 BBL/d and utilization of 89% to 92%. In last year's outlook for 2024, Imperial executives acknowledged that turnarounds would have a "modest" impact on this year's throughput; for the coming year, they expects stronger results from a less crowded maintenance schedule.
In Ontario, Imperial expects to begin work next year on a pair of improvement projects at key refineries: a US$18 million revamp of its refinery in Nanticoke, which will improve performance on the 120,000-BBL/d crude unit, and a US$15 million upgrade at its refinery in Sarnia, which will enhance the 33,000-BBL/d fluid catalytic cracker unit (FCCU). Subscribers can learn more from detailed reports on the Nanticoke and Sarnia projects.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed reports for active and proposed projects from Imperial Oil.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
Click on the image at right for a graph detailing Imperial Oil's active and planned projects, by standard industrial classification.The company recently announced its corporate guidance outlook for 2025, where it aims for stronger operating performance, higher volumes and lower unit cash costs at its Kearl and Cold Lake developments in Alberta's oil sands, including a series of investments to increase bitumen recovery and mine progression work at Kearl. Roughly one year ago, Imperial kicked off a US$750 million infrastructure project at Kearl, which is designed to transition the surface tailing pond to an in-pit tailings pond. Kearl is jointly owned by Imperial (70.96%) and ExxonMobil Canada (29.04%).
The new tailings pond has been in development since 2022, when a toxic tailings pond leak dumped 5.3 million liters of contaminated waste into an area inhabited by the Athabasca Chipewyan First Nation. Subscribers to Industrial Info's Global Market Intelligence (GMI) Metals & Minerals Project and Plant databases can learn more from a detailed project report and plant profile.
Imperial also is looking into high-value drilling opportunities at its Cold Lake development, which supplies numerous refineries across Canada and the U.S., including the Strathcona Refinery in Edmonton, Alberta. The company's upstream business expects production to grow to between 433,000 and 456,000 barrels of oil-equivalent per day (BOE/d) in 2025, up from the 420,000 to 442,000 BOE/d it is forecasting for 2024.
"Many projects we have been pursuing are multiple-year in nature. Where it makes sense for us to accelerate that work, we're doing that, so we can be most efficient with the capital dollars," said Brad Corson, the chief executive officer of Imperial Oil, in a conference call with analysts. "Ultimately, it's translating into stronger volume performance than what we initially guided toward for 2024, and stronger, better unit cash-cost performance."
The 187,000-barrel-per-day (BBL/d) Strathcona Refinery is home to one of Imperial Oil's most ambitious projects: the US$560 million renewable diesel and carbon-capture storage (CCS) addition, which is designed to convert vegetable oil feedstocks into 20,000 BBL/d of renewable diesel, using blue hydrogen produced at Air Products and Chemicals Incorporated's (NYSE:APD) (Lehigh Valley, Pennsylvania) US$970 million Net-Zero Energy Complex in Edmonton, which also is expected to finish construction next year. Subscribers can learn more from detailed reports on the renewable diesel and net-zero projects.
Imperial's downstream business expects throughput to grow to between 405,000 and 415,000 BBL/d in 2025, with capacity utilization between 94% and 96%. This would represent an increase from its 2024 guidance of 385,000 to 400,000 BBL/d and utilization of 89% to 92%. In last year's outlook for 2024, Imperial executives acknowledged that turnarounds would have a "modest" impact on this year's throughput; for the coming year, they expects stronger results from a less crowded maintenance schedule.
In Ontario, Imperial expects to begin work next year on a pair of improvement projects at key refineries: a US$18 million revamp of its refinery in Nanticoke, which will improve performance on the 120,000-BBL/d crude unit, and a US$15 million upgrade at its refinery in Sarnia, which will enhance the 33,000-BBL/d fluid catalytic cracker unit (FCCU). Subscribers can learn more from detailed reports on the Nanticoke and Sarnia projects.
Subscribers to Industrial Info's GMI Project and Plant databases can click here for a full list of detailed reports for projects mentioned in this article, and click here for a full list of related plant profiles.
Subscribers can click here for a full list of detailed reports for active and proposed projects from Imperial Oil.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) platform helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 trillion (USD).
