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A flare stack lights the sky from the Imperial Oil refinery in Edmonton on Dec. 28, 2018.JASON FRANSON/The Canadian Press

Imperial Oil , one of the Canada’s biggest crude producers and refiners, said on Thursday it would raise capital spending and production next year as a volatile recovery of energy demand continues.

Chief Executive Brad Corson said at the company’s virtual investor day presentation that a recovery in global energy demand looked to be “highly uncertain” and dependent on the spread of COVID-19. Pandemic travel restrictions have crushed fuel demand, depressing oil prices and forcing producers to cut costs and jobs.

Imperial Imperial Oil plans to spend $1.2-billion (US$917.01 million) in 2021, up 33% from 2020. Upstream production looks to rise 5% to 415,000 barrels of oil equivalent per day.

The company, majority owned by U.S. oil major Exxon Mobil Corp, said it would also aim to reduce greenhouse gas emissions intensity, a measure of pollution per barrel, by 10% by the end of 2023 from 2016 levels.

Imperial said it has already cut emissions intensity by more than 20% since 2013 and will achieve further reductions by improving productivity at its Kearl site and adopting new technologies.

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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 24/10/24 10:59am EDT.

SymbolName% changeLast
IMO-A
Imperial Oil Ltd
-0.49%74.71
IMO-T
Imperial Oil
-0.57%103.37

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