Imperial Oil plans $1.7 billion in capital spending in 2023

Imperial Oil Ltd. plans $1.7 billion in capital spending for subsequent yr.

The corporate says the plan features a ramp for its Strathcona renewable diesel challenge, software of solvent applied sciences at Chilly Lake and ongoing funding in an in-well tailings challenge at its Kearl oil sands facility.

Brad Corson, Imperial’s chairman, president and CEO, says the plans replicate the corporate’s pursuit of enticing alternatives to cut back emissions, improve manufacturing and improve profitability.

Imperial says upstream manufacturing for 2023 is forecast between 410,000 and 430,000 gross oil equal barrels per day, reflecting the sale of the corporate’s pursuits in XTO Vitality Canada.

The corporate says the outlook is supported by deliberate robust working efficiency in its core oil sands property and continued progress at Kearl which is on observe to extend manufacturing to 280,000 whole gross barrels per day by 2024.

Throughput in Imperial’s downstream enterprise is anticipated to be between 395,000 and 405,000 barrels per day with capability utilization between 92 and 94 p.c.