Energy

Imperial today announced its intention to market its interests in XTO Energy Canada jointly with ExxonMobil Canada. Imperial and ExxonMobil Canada each own 50 percent of XTO Energy Canada, which includes assets in the Montney and Duvernay areas of central Alberta. This decision is part of Imperial’s ongoing evaluation of its unconventional portfolio, and is consistent with its strategy to focus upstream resources ...

Imperial (TSE: IMO, NYSE American: IMO) today announced its intention to market its interests in XTO Energy Canada jointly with ExxonMobil Canada. Imperial and ExxonMobil Canada each own 50 percent of XTO Energy Canada, which includes assets in the Montney and Duvernay areas of central Alberta.

This decision is part of Imperial's ongoing evaluation of its unconventional portfolio, and is consistent with its strategy to focus upstream resources on key oil sands assets. A definitive decision to sell the assets has not been made. Operations will continue as normal throughout the marketing process and should the process not result in a sale.

Imperial and ExxonMobil Canada have retained RBC Capital Markets as their exclusive financial advisor in connection with this process.

The assets include 568,000 net acres in the Montney shale, 85,000 net acres in the Duvernay shale and additional acreage in other areas of Alberta. Net production from these assets is about 140 million cubic feet of natural gas per day and about 9,000 barrels of crude, condensate and natural gas liquids per day.

After more than a century, Imperial continues to be an industry leader in applying technology and innovation to responsibly develop Canada's energy resources. As Canada's largest petroleum refiner, a major producer of crude oil, a key petrochemical producer and a leading fuels marketer from coast to coast, our company remains committed to high standards across all areas of our business.

Cautionary statement: Statements of future events or conditions in this release, including projections, targets, expectations, estimates, and business plans are forward-looking statements. Forward-looking statements in this release include, but are not limited to, references to the company's intention to market its interests in XTO Energy Canada; the strategy to focus upstream resources on key oil sands assets; and operations continuing as normal throughout the marketing process and should the process not result in a sale.

Forward-looking statements are based on the company's current expectations, estimates, projections and assumptions at the time the statements are made. Actual future financial and operating results, including expectations and assumptions concerning demand growth and energy source, supply and demand mix; general market conditions; commodity prices; the company's ability to effectively execute on its project plans and develop unconventional assets; capital and environmental expenditures; the adoption and impact of new facilities or technologies on unconventional development; applicable laws and government policies and actions, including climate change and restrictions in response to COVID-19; and progression of COVID-19 and its impacts on Imperial's ability to operate its assets could differ materially depending on a number of factors. These factors include global, regional or local changes in supply and demand for oil, natural gas, and petroleum products and resulting price, differential and margin impacts; general economic conditions, including the severity, length and ultimate impact of COVID-19 on people and economies; availability and allocation of capital; political or regulatory events, including changes in law or government policy, applicable royalty rates, tax laws, and actions in response to COVID-19; the receipt, in a timely manner, of regulatory and third-party approvals; reservoir performance; environmental regulation, including climate change and greenhouse gas regulation and changes to such regulation; environmental risks inherent in oil and gas exploration and production activities; unexpected technological developments; operational hazards and risks; unanticipated technical or operational difficulties; and other factors discussed in Item 1A risk factors and Item 7 management's discussion and analysis of financial condition and results of operations of Imperial's most recent annual report on Form 10-K and subsequent interim reports on Form 10-Q.

Forward-looking statements are not guarantees of future performance and involve a number of risks and uncertainties, some that are similar to other oil and gas companies and some that are unique to Imperial Oil Limited. Imperial's actual results may differ materially from those expressed or implied by its forward-looking statements and readers are cautioned not to place undue reliance on them. Imperial undertakes no obligation to update any forward-looking statements contained herein, except as required by applicable law.

Source: Imperial

For further information:

Investor relations
(587) 476-4743

Media relations
(587) 476-7010

News Provided by Business Wire via QuoteMedia

IMO:CA,IMO
Southern Energy Corp. Announces Director Share Purchase

Southern Energy Corp. Announces Director Share Purchase

Southern Energy Corp. ("Southern" or the "Company") (TSXV:SOU)(AIM:SOUC) announces the following purchases of Company common shares. The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail on the applicable transaction

1. Details of the person discharging managerial responsibilities / person closely associated
a) Name Steven Smith
2. Reason for the notification
a) Position/status Director
b) Initial notification /Amendment Initial notification
3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name Southern Energy Corp.
b) LEI 213800R25GL7J3EBJ698
4. Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a) Description of the financial instrument, type of instrument Common shares in Southern Energy Corp.
Identification code CA8428133059
b) Nature of the transaction Purchase of common shares on the open market
c) Price(s) and volume(s) 200,000 common shares at a price of CAD0.4088
d) Aggregated information N/A
e) Date of the transaction 18 January 2022
f) Place of the transaction Toronto Stock Exchange

For further information, please contact:

Keep reading... Show less
Southern Energy CEO Ian Atkinson

Southern Energy CEO Ian Atkinson: Redeveloping and Recapitalizing Reservoirs for the Clean Energy Market

Southern Energy (TSXV:SOU) is pivoting away from burning coal to generate power, and Southern Energy CEO Ian Atkinson says the company's strategy focuses on the conventional nature of some undercapitalized assets.

Keep reading... Show less

Ovintiv to Host its 2021 Fourth Quarter and Year-end Results Conference Call and Webcast on February 25, 2022

 Ovintiv Inc. (NYSE: OVV) (TSX: OVV) today announced plans to hold its 2021 fourth quarter and year-end results conference call at 9:00 a.m. MT on Friday, February 25, 2022 . The Company plans to release its financial and operating results after market close, Thursday, February 24, 2022 . In addition to the release, supplemental slides and financial statements will be available on the Company's website, located at www.ovintiv.com .

Keep reading... Show less

Imperial sets 2030 oil sands emission intensity reduction goal; expects to meet 2023 objective

  • Oil sands greenhouse gas emissions intensity expected to decrease by 30 percent
  • Reaffirms goal to achieve net zero emissions in oil sands operations by 2050 through collaboration with governments and other industry partners
  • Emissions reduction plan includes game-changing in situ technologies, efficiency improvements, and carbon capture and storage

Imperial Oil Limited (TSE: IMO, NYSE American: IMO) said today it plans further reductions in greenhouse gas emissions intensity over the next decade to help support Canada's net zero goals.

By the end of 2030, Imperial anticipates reduced Scope 1 and 2 greenhouse gas emissions intensity of its operated oil sands facilities by 30 percent, compared with 2016 levels. The company plans to achieve this through implementation of lower greenhouse gas next generation technologies at its Cold Lake operation, efficiency improvements at its facilities, and the use of carbon capture and storage.

Keep reading... Show less

Suncor Energy Provides Q4 2021 Safety and Production Update

Suncor (TSX: SU) (NYSE: SU) today is providing an update on recent incidents and fourth quarter 2021 production.

We are deeply saddened by the fatality at our Base plant mining operations on January 6, 2022. We extend our thoughts and condolences to the family, friends and colleagues of the deceased worker.

Keep reading... Show less
barrels of oil

VIDEO — Eric Nuttall: Oil in Multi-year Bull Market, Supply Crisis Coming

Eric Nuttall: Oil in Multi-year Bull Market, Supply Crisis Coming youtu.be

Supply and demand fundamentals show oil is in a multi-year bull market with a supply crisis in the works.

That's according to Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners. He manages the firm's Ninepoint Energy Fund, which he said was the best-performing energy fund of 2021.

"The risk/reward for me in the sector is incredible," he told the Investing News Network in an interview. "My biggest challenge is everything looks good — large caps look good, small caps look good. Oil looks good, natural gas looks good. Services look good, offshore drilling looks good — everything looks good."

Keep reading... Show less

Latest Press Releases

Related News

×