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Imperial Oil Ltd posted a loss of $1.15 billion, or $1.56 per share, for the fourth quarter ended Dec. 31. Stay the course — or spend to grow? That’s the question facing Canadian petroleum producers as benchmark U.S. oil prices Tuesday punched through US$55 a barrel for the first time since the global pandemic was declared. Despite higher prices, one of the country’s largest oil producers isn’t about to jump-start spending on new developments to crank up output. Imperial Oil CEO Brad Corson said the company will continue to drive down operating costs and return money to shareholders — not increase its $1.2-billion capital program planned for this year. “We are certainly encouraged by the price environment that we see,” Corson said Tuesday on a fourth-quarter earnings call. “Certainly, that may tempt you to increase your capital and growth program for the year but . . . given the uncertainty of the external environment, I think it makes sense to stay the course for now.” Caution remains a common refrain throughout much of Canada’s oil and gas sector. The industry continues to mend from a dramatic collapse in prices last year. Article content continued Calgary-based Imperial Oil, which has […]
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