CALGARY - Imperial Oil Ltd. is cutting its crude-by-rail shipments from 168,000 barrels per day in December to “near zero” this month and its CEO is placing the blame squarely on the Alberta government’s oil production curtailment order. The Imperial Oil logo is shown at the company's annual meeting in Calgary, Friday, April 28, 2017. Imperial Oil Ltd. reported a fourth-quarter profit of $853 million compared with a loss of $137 million in the same quarter a year earlier. Imperial has opposed the curtailments from the start, but one of its supporters, Canadian Natural Resources Ltd., reportedly criticized the program earlier this week. Imperial said its upstream operations lost $310 million in the fourth quarter, compared with a loss of $481 million in the same period of 2017.

Source: thestar February 01, 2019 13:41 UTC