The
Imperial also smashed production records at its Kearl oilsands mine, where total quarterly production averaged an all-time high of 308,000 barrels per day and full-year production hit an all-time record of 270,000 barrels per day.
On a conference call with analysts, Imperial president and CEO
"We just delivered our highest annual volumes at Kearl with (270,000). Now we've got to get to 280. And then we'll get to 300. It's kind of one step at a time," Corson said. "We are progressing steps to get us to 300,000 barrels a day."
Imperial has been working for some time to improve productivity and lower costs at Kearl, which is located north of
A major piece of that work was Imperial's multi-year effort to convert its entire fleet of heavy haul mining trucks at Kearl to fully autonomous operation. The company announced the completion of the initiative last fall.
Corson said Friday that the autonomous trucks are safer and more efficient than a human-operated fleet.
"There is no doubt that having that autonomous haul fleet has contributed materially to our ability to achieve these record volumes as well as a significant improvement in operating costs," he said.
"And we're still, I think, realizing the full potential of that because it's only been in the last quarter or so that we've completed that full conversion."
Imperial's record production in the fourth quarter spurred the company to raise its quarterly dividend by 20 per cent even as lower oil prices meant Imperial's fourth-quarter profit declined to
The company said Friday shareholders will now receive a quarterly dividend payment of
Imperial reported revenue and other income for the fourth quarter totalled
The company, like many Canadian oil companies, is feeling good about the expected completion this spring of the
Corson said while the volumes Imperial has contracted to ship on
"So the biggest benefit (of
Earlier this week, the company building the
But an increase in production by Canadian oil producers in anticipation of the project has already begun.
This report by The Canadian Press was first published
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