Someone told me that Imperial Oil is selling its Upstream assets in 2028. Has anyone heard anything like this??
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There is a big push to wrap things by end of 2027 so the timing lines up. It would make sense for portion of Kearl to be divested. The excuse will be that they didn’t achieve the lower cost focus and found to be divestment criteria eligible…. So to the fools at site trying to achieve this race to the bottom, please use your time wisely and stop for now.
@hg from what I have heard that the 27 year end is a hard target from imperials EM overlords for the transition and staffing to be settled / completed. Which is interesting at best as there are some pretty serious gaps with that timeliness and the new building readiness
I wouldn't expect anything is final for 2028+, but it seems pretty clear that by chopping out any local management, it's making it easier to divest assets when an opportunity comes up. The company is continually assessing the merit of ongoing cashflow vs. the immediate bump from an asset sale. Wouldn't be surprised if they do sell something to fund some more of the cash-hungry upstream projects elsewhere like Guyana. Canada is clearly not a focus market for EM any more.
No new building needed because most of the company will be sold by then.
@hf I heard it’s been delayed with management unsure of how many people were actually needed? She mentioned some people might even end up downtown Edmonton?
Possible. Some business initiatives, including those involving people already planning a move to Edmonton, have been told that they must wrap up by the end of 2027 at all cost, which could suggest something else is coming after that.
The timing appears consistent with ongoing delays to the new building project, which have progressed to the point that some observers are questioning whether a new facility in Edmonton will proceed at all.
This is an old rumour. Heard it from various sources multiple times.
It will happen when it will happen. Nothing you can do about it.
Take care of your own career.