Imperial Oil plans $1.7 billion in capital spending in 2023

A passenger ferry crosses Halifax harbour through sea smoke in front of Imperial Oil's Dartmouth refinery on Thursday, Jan. 3, 2008. Andrew Vaughan, THE CANADIAN PRESS

Imperial Oil Ltd. is planning $1.7 billion in capital spending for next year.

The company says the plan includes a ramp-up for its Strathcona renewable diesel project, application of solvent technologies at Cold Lake and ongoing investment on an in-pit tailings project at its Kearl oilsands facility.

Brad Corson, Imperial’s chairman, president and chief executive, says the plans reflect the company’s pursuit of attractive opportunities to reduce emissions, increase production and increase profitability.

Read more: Imperial ‘striking a balance’ between shareholder returns and capital spending: CEO

Imperial says upstream production for 2023 is forecast between 410,000 and 430,000 gross oil equivalent barrels per day, reflecting the sale of the company’s interests in XTO Energy Canada.

The company says the outlook is underpinned by planned strong operating performance in its core oilsands assets and continued growth at Kearl which is on track to increase production to 280,000 total gross barrels per day by 2024.

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Throughput in Imperial’s downstream business is forecast to be between 395,000 and 405,000 barrels per day with capacity utilization between 92 and 94 per cent.

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