Imperial Oil reports $181-million (Can.) loss in second quarter

Imperial Oil Ltd., Calgary, said the northern Alberta wildfires and planned maintenance contributed to a $181-million (Can.) loss in the second quarter. A year earlier, the company earned $120 million.

In this year’s first half, Imperial reported a net loss of $282 million compared with net income of $541 million in first-half 2015.

Production averaged 329,000 gross boe/d in the second quarter compared with 344,000 boe/d in the same period in 2015. The Alberta wildfires reduced production by 60,000 boe/d. In the first half, production averaged 376,000 boe/d compared with 339,000 boe/d a year earlier.

Facilities were not damaged by the wildfires, but oil sands operations at Kearl and Syncrude “were significantly impacted,” the company said. Kearl production was shut down periodically in May because of inbound and outbound pipeline constraints (OGJ Online, May 9, 2016). Syncrude had the first complete shutdown in its nearly 40-year history (OGJ Online, June 6, 2016).

Operations in the second quarter were further impacted by planned maintenance at Kearl and Syncrude and at the Strathcona refinery in Alberta and the Nanticoke refinery in Ontario.

Refinery throughput averaged 246,000 b/d in the second quarter compared with 373,000 b/d in the same quarter a year earlier. In the first half, refinery throughput averaged 323,000 b/d compared with 383,000 b/d a year earlier.

During the wildfires, Imperial provided accommodations for hundreds of displaced residents and “safely evacuated more than 3,300 people by air.” The company also provided 20,000 l. of gasoline to the Royal Canadian Mounted Police and distributed Esso fuel discount cards to evacuees.

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