Imperial Oil seeks to diversify refinery supply after Syncrude's outage



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An unplanned shutdown this summer at Syncrude's Canadian oil sands site prompted Imperial Oil Ltd to reduce the dependency on its largest refinery, Imperial Chief Executive said Friday.

Imperial holds a 25% stake in Syncrude, She was forced to close last month after the failure of a power transformer.

Syncrude's mining and petroleum development site, located in northern Alberta, accounts for 10,000% of Canadian oil production. Virtually all of Imperial's production feeds the Strathcona refinery to produce gasoline and other products, accounting for one-third of the refinery's oil supply, said Chief Executive Officer Rich Kruger

. An unplanned event, the supply people in Strathcona need to scramble, and unfortunately, they have had to scramble the last few years more than they would like, "Kruger said at a conference

According to Kruger, other types of light synthetic and light crude oil should determine whether any other supply agreements could be made for the refinery. Syncrude's events are more troubling for their impact on Strathcona.This affects the ability to operate this refinery at the highest level of reliability without disruption. "

Suncor said this week that part of the production Syncrude has been restored and full production could be commissioned in September.

Analysts' estimates were largely lacking on Friday, penalized by higher costs than planned maintenance of various projects

The company's shares, which are majority-owned by Exxon Mobil Corp, fell 1.3% in Toronto. 19659002] The company had planned the maintenance of several projects, including a 72-day turnaround at Strathcona

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But the overtaking costs hurt financial results maintenance profit of about $ 250 million, or 31 cents per share, was larger than expected.

The company reported a net profit of $ 196 million or 24 cents a share in the quarter r, compared with a loss a year earlier.

On an adjusted basis, he earned 24 cents a share, while badysts expected a profit of 57 cents, according to Thomson Reuters I / B / E / S.

production is over from 331,000 boeps the previous year to 336,000 barrels of oil equivalent per day, but missed some badysts' estimates.

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