Imperial Oil marks record Q1 production at Kearl ahead of Trans Mountain start [BNN Bloomberg (Canada)]
Exxon Mobil Corporation (XOM)
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Source: BNN Bloomberg
The company averaged production of 277,000 barrels per day at the project, up about seven per cent from the same quarter last year. "I'm very pleased to report that we sustained the strong operating momentum from the past several quarters," chief executive Brad Corson told analysts on a conference call discussing the company's latest results on Friday. Overall, Imperial's production rose by a more modest two per cent from last year to an average of 421,000 oil-equivalent barrels per day in its latest quarter as both Cold Lake and Syncrude saw production drop. Output was also off its highest-ever production of the equivalent of 452,000 barrels per day last quarter, due mostly to seasonal factors, Corson said. Imperial, majority-owned by U.S. giant Exxon Mobil, has been working for some time to improve productivity and lower costs at Kearl, which is located north of Fort McMurray, Alta. A major piece of that work was Imperial's multi-year effort to convert its entire fleet of h
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