@225 totally!! Exxon will be fine. It’s planning that way. But the last number of years of Kearl have been a boon for Exxon.
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@1yz Oh yeah, "Exxon would be so lost without Kearl", ROFL what is this nonsense...
@1pm again shows how you don’t k who the value of Kearl to Exxon. Probably aren’t aware of the entire portfolio and the challenges Exxon faces without Kearl. But ok…excel-warriors as you say….nothing tangible at all.
@1pg This is what happens when Excel-warriors run your company.
It's not just about current cash flow. Every dollar spent on Kearl is a dollar XOM isn't spending overseas and making multiple times more, without the environmental liability risk. Canada just isn't an attractive jurisdiction to spend in, and it's getting worse.
Not to mention, ask anyone who works at Kearl: they might as well be processing battery acid. The better the books look now, the faster they can offload it to the next su---r, while there's still an asset left standing to sell.
@OP anyone that thinks Kearl will be sold should talk to their local leader about Kearl’s financial performance. Then you’ll realize how much of a cash cow Kearl and is funding so much of Exxon’s growth. It’s a shame that most of the workforce doesn’t get / see the message of the financial performance of the assets.
Kearl su-ks a-s.
You might see Kearl go, but probably not the other IOL upstream assets. It doesn't really make sense to sell any of the IOL refining assets at this point. The research facilities are already being shuttered/gifted away and Moncton is done.
What is more likely is complete divestment of IOL by XOM, as after the 'Transformation' it will be all neatly packaged up.
Likely just focusing on upstream. The downstream assets (at least in the Eastern half of the country) seem to get no love. It is also evident that Exxon is slowly increasing the benchmark for Imperial specific refineries and downstream assets against the whole Exxon circuit. As recently shown by QP closure and Exxon shifting more control south of the border while still keeping on the right side of the lawful Canadian ownership. What also makes it harder to justify processing crude in Canada is when Enbridge is doing upgrades to help the flow of oil down to the Midwest/Gulf, rather than to Eastern Canada. The Gulf is where Exxon wants to be, that much is clear. They just need pipelines to catch up, and that is the irony of Canadians calling for more pipelines. It won't help Canadian workers in the long run.
I'm just a mid-level cog, but I was always told at onboarding that Imperial (Exxon) loves upstream because the operating costs and logistics are so much lower than downstream.
Kearl is done, decided a long time ago. Exxon wants nothing to do with it anymore, too dissimilar from core competencies and too many environmental liabilities. Will be sold for nickels on the dollar if need be.