Imperial Oil Explores Selling Assets to Invest in its Future

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Researched by Industrial Info Resources (Sugar Land, Texas)--Imperial Oil (NYSE:IMO) (Calgary, Alberta) is contemplating selling a portion of its assets in January 2014. The assets being considered are the Boundary Lake Natural Gas Booster Station (Fort St. John, British Columbia), built in 1964 with a capacity of 5 million standard cubic feet per day; the Rocky Mountain House gas plant (Edmonton, Alberta), built in 1979 and once owned by Texaco, with a 10 million standard cubic feet per day; and the Cynthia/West Pembina Production Complex (Drayton Valley, Alberta), consisting of an oil processing facility built in 1989 and a sour gas processing plant with a capacity of 60 million standard cubic feet per day, along with oil batteries and 22 wells. At this time, Imperial Oil is not aware who may purchase these assets or when it will take place, but the decision will be made in January 2014.

There is much speculation regarding the reasons for the sale, including the ability to provide funds to an existing oil sands project, called the Kearl project, located on the northeastern side of Fort McMurray, Alberta. This project will be developed in phases and produce more than 300,000 barrels per day of bitumen before royalties.

Husky Energy (TSX:HSE) (Calgary, Alberta) is considered a possible buyer, since the company has previously purchased assets from Imperial.

Imperial Oil is one of Canada's largest corporations and has been a leading member of the Esso Brand, which is part of Exxon Mobil Corporation (NYSE:XOM) (Irving, Texas). Exxon Mobil has a number of divisions and affiliates with names that include Exxon, Esso or Mobil, which operate or market products worldwide.

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