Dec. 1, 2020
Imperial Oil just became the most high-profile Canadian oil producer to give up on some of its fossil fuel assets in Alberta.
“Imperial has re-assessed the long-term development plans of its unconventional portfolio in Alberta, Canada and no longer plans to develop a significant portion of this portfolio,” the company said in a statement after markets closed on Monday.
The company said would take an impairment charge of about $900 million to $1.2 billion in the latest quarter.