Imperial Oil CEO Brad Corson expresses hope for a diplomatic resolution to the trade dispute with the U.S. despite the looming threat of 25% tariffs on Canadian imports. He remains confident in the company's resilience due to its integrated production and refining operations.
Imperial Oil CEO Brad Corson expressed optimism that diplomacy would prevail in the looming trade battle with the United States, despite the threat of 25% tariffs on Canadian imports. While acknowledging the potential negative impacts of tariffs on the economy and consumers, Corson emphasized the company's resilience, attributing it to the integration between its production and refineries. Imperial Oil, a Calgary-based company, is heavily reliant on the U.S.
market, as Canada accounts for 60% of U.S. crude imports.Corson highlighted the interconnected nature of the energy supplies between Canada and the U.S., emphasizing that Canadian oil sands, including Imperial's operations, contribute approximately 24% of U.S. refinery output. This dependence underscores the potential for significant disruptions should tariffs be implemented. The Canadian Association of Petroleum Producers (CAPP) echoed these concerns, warning that a trade war would not only affect Canadian exports but also disrupt imports of crude oil, natural gas, and refined products to certain parts of Canada.Ontario and Quebec, heavily reliant on U.S. natural gas imports, are particularly vulnerable, according to CAPP. Alberta also depends on imported refined products, primarily condensate used to enhance the transportation of heavy bitumen. Despite these uncertainties, Corson stated that Imperial Oil is focused on controlling its operations and minimizing costs. He expressed confidence in the company's profitability and ability to generate cash flow, even under the potential impact of tariffs on heavy crudes. Corson noted that the company's diversified refining operations, which also process light crudes, would help mitigate the effects of any price fluctuations. Imperial Oil's fourth-quarter profits declined due to lower crude prices, despite increased production and higher refinery capacity utilization.
TRADE WAR TARIFFS CANADA UNITED STATES ENERGY IMPERIAL OIL OIL SANDS REFINERIES
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Alberta Energy Regulator lays nine charges against Imperial Oil for 2023 spillAn estimated 5.3 million litres of toxic wastewater spilled from a pond at its Kearl oilsands mine north of Fort McMurray
Read more »
Imperial Oil Faces Charges for Contaminated Wastewater Leaks at Alberta MineImperial Oil is facing nine charges for allowing millions of litres of contaminated wastewater to leak from its Kearl oilsands mine in northern Alberta and failing to mitigate the environmental damage. The charges relate to two significant leaks at the site, one in May 2022 and another in January 2023, which were not reported to the public for months. The Alberta Energy Regulator alleges that Imperial Oil failed to immediately report the releases, take adequate steps to contain and mitigate the damage, and caused harm to public land and the environment.
Read more »
Imperial Oil Faces Nine Charges After Wastewater Spill at Alberta Oilsands MineThe Alberta Energy Regulator has charged Imperial Oil with nine offences related to a 2023 spill of contaminated wastewater from its Kearl oilsands mine. The charges include failing to report the spill promptly, releasing a substance with potential environmental impact, and neglecting to clean up the spill adequately.
Read more »
Imperial Oil raises quarterly dividend as fourth-quarter profits down from last yearImperial Oil Ltd. raised its quarterly dividend as it reported a fourth-quarter profit of $1.23 billion, down from $1.37 billion in the same quarter last year.
Read more »
Short sales on the TSX: What bearish investors are betting againstImperial Oil and a pair of telecommunications companies draw big interest
Read more »
Irving Oil President Steps Down, Company Rejects Sale, Appoints New CEOIan Whitcomb, president of Irving Oil, steps down after eight years. The company, after an 18-month review, decides to remain a private entity and appoints Jeff Matthews as the new CEO.
Read more »