- Oil and gas firm Imperial ( NYSE: IMO ) has provided corporate guidance outlook for 2023.
- Upstream production 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 outlook is underpinned by planned strong operating performance in the company’s core oil sands assets and continued production growth at Kearl.
- Downstream production is estimated between 395,000 and 405,000 barrels per day with capacity utilization between 92% and 94%, reflecting an increase in planned turnaround activity at the company’s Strathcona and Sarnia refineries in 2023.
- The firm sees total capital and exploration expenditures at C$1.7B, which includes a planned ramp-up for the Strathcona Renewable Diesel project, application of solvent technologies at Cold Lake and ongoing investment on the in-pit tailings project at the Kearl oil sands facility.
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Imperial issues corporate outlook for 2023