Exxon’s $2 Billion Canadian Move Shows Confidence When Others Flee
- ‘Good time to build’ is when others aren’t: Imperial CEO
- Company makes investment decision amid Canadian price rout
This article is for subscribers only.
Almost two years after Exxon Mobil Corp. removed billions of barrels of oil-sands crude from its reserves, its Imperial Oil Ltd. unit is investing again, saying low Canadian crude prices that scared off the other majors make it a perfect time to build.
Imperial Chief Executive Officer Rich Kruger puts the rationale for the C$2.6 billion ($2 billion) Aspen project in northern Alberta down to building when others aren’t to save money.