The Calgary-based company announced last week its plans to go ahead with the project on the outskirts of Edmonton
CALGARY — Imperial Oil Ltd. expects "double-digit returns" from its $720-million investment to build what will be Canada's largest renewable diesel manufacturing facility at its Strathcona refinery, the oil giant said Tuesday.
But executives told analysts on the company's fourth-quarter earnings call Tuesday that the project will also be a money-maker in its own right. The comments come as Imperial celebrated a fourth-quarter profit that more than doubled compared with a year earlier, helped by a strong operating performance across all of its business.The company said it earned $1.73 billion or $2.86 per diluted share for the quarter, up from $813 million or $1.18 per diluted share a year earlier.
"We are closing the books on what was the best year in the company's history, a stark contrast to the challenges we faced just two years ago at the depths of COVID," Corson said. The company said it aims to achieve this through "collaboration with government and other industry partners, successful technology development and deployment and supportive fiscal and regulatory frameworks."
Corson said Pathways can't make a final investment decision on that project until the federal government commits to a level of financial support that would put Canadian carbon capture projects on equal footing with those in the U.S., where they benefit from government incentives in that country's Inflation Reduction Act.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Imperial Oil posts higher Q4 profit on elevated oil prices, tight suppliesImperial Oil Ltd. reported net income of $1.7 billion, up from $813 million a year earlier. Read more.
Read more »
Imperial Oil posts higher Q4 profit on elevated oil prices, tight suppliesImperial Oil Ltd. reported net income of $1.7 billion, up from $813 million a year earlier. Read more.
Read more »
Sports charity comes to Calgary to help offset the cost of running shoes - Calgary | Globalnews.caThe ReRun Shoe Project has kicked off in Calgary to help collect used and new shoes for youth who want to start running but might not be able to afford it.
Read more »
Calgary little leagues facing jump in playfield fees - Calgary | Globalnews.caAfter a decision by city council, playfield fees in Calgary for kids will jump by 60 per cent. Local sport organizers say the rate and the timing of the increase are off base.
Read more »
Calgary woman’s motorized wheelchair severely damaged on Flair airlines flight - Calgary | Globalnews.caA woman who recently moved to Calgary has been waiting nearly four months for her airline claim to be resolved. It didn't involve a lost bag, but rather a damaged mobility aid.
Read more »