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The Imperial Oil Strathcona Refinery in Alberta. Photo by Ian Kucerak/Postmedia News files CALGARY – Imperial Oil Ltd. president and CEO Brad Corson told investors not to expect the company to announce major new projects in the coming years as the impact of a tough 2020 will continue to reverberate for some time. “No one is sad to see 2020 behind us. The year presented us with some extreme challenges and as a result, we unfortunately experienced an earnings loss for the year,” Corson said on an investor call Tuesday, in which the company announced a $1.1-billion loss for the fourth quarter, down from net earnings of $271 million a year earlier. The entirety of that loss came from a $1.1-billion non-cash charge stemming from the company’s decision not to develop a large swath of unconventional natural gas assets in Canada. That decision was first disclosed in Nov. 2020 when parent company Exxon Mobil Corp. announced a broader US$20-billion writedown across its portfolio. Exxon, which controls nearly 70 per cent of Imperial, also reported Tuesday a net annual loss of US$22.4 billion for 2020, on the writedown and losses in oil production and refining, compared with a full-year profit […]
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