OREANDA-NEWS. During the quarter, Imperial Oil maintained focus on the operational performance of its base businesses while continuing to advance major upstream growth projects. All three proprietary paraffinic froth treatment trains are operational at our world-class Kearl oil sands mining project and diluted bitumen is being successfully processed at Imperial and ExxonMobil refineries. Production continues to ramp-up as we further synchronize facilities and address ongoing improvements in equipment reliability in advance of our first season of winter operation. We expect to achieve production levels of 110,000 barrels per day (78,000 Imperial’s share) by the end of the year.

Earnings in the third quarter were USD 647 million compared to USD 1,040 million for the same period in 2012.

Gross production averaged 288,000 oil-equivalent barrels per day (88 percent liquids), up 3,000 barrels versus the same period in 2012. Planned maintenance at Syncrude reduced volumes in the quarter by an estimated 21,000 barrels per day. Refinery throughput averaged 451,000 barrels per day, essentially flat with the third quarter in 2012.

Third quarter capital and exploration expenditures totalled USD 1,840 million. Investments were focused on upstream growth projects, most notably Kearl’s expansion and Cold Lake’s Nabiye, which were 58 and 59 percent complete, respectively, at the end of the quarter and our USD 206 million acquisition of the Clyden oil sands lease.
 
Key actions were taken in the third quarter to enhance asset profitability. As previously planned, refining operations were discontinued at Dartmouth and steps were taken to progress its conversion to a fuels terminal. In addition, we initiated the marketing of three mature, conventional oil and gas producing properties in western Canada.

Our overriding objective remains to deliver superior, long-term shareholder value. Our priorities will continue to focus on maximizing the value of our assets through value chain integration, synergies, disciplined investment and cost management. Above all, our commitment to safety, operational integrity and responsible growth will be unwavering.