.png)
Imperial warned in December that it expected to take a non-cash charge of between $900 million and $1.2 billion, saying it had reassessed the long-term development plans of its unconventional natural gas portfolio in Alberta and no longer plans to develop a "significant portion" of those assets. (John Ulan/The Canadian Press) Sagging fuel demand due to lockdowns to deal with a second wave of the COVID-19 pandemic is again cutting into volumes and returns at refineries at Imperial Oil Ltd. after a recovery last fall, CEO Brad Corson said Tuesday. "While the third quarter of 2020 showed significant demand improvement, that recovery was somewhat tempered in the fourth quarter," Corson said during a webcast to discuss the Calgary-based company’s fourth-quarter results. "Demand continues to be challenged by the ongoing pandemic and we are now seeing the impact of new community lockdowns in certain parts of Canada, particularly Ontario and Quebec." He said demand for gasoline in January was at about 70 to 75 per cent of normal after recovering to near normal levels in the third quarter last year, while jet fuel demand was at about 35 to 40 per cent and diesel demand remained at close to normal […]
CamTrader offers a preview only. View original article. www.cbc.ca
