Imperial Oil

Imperial Oil Limited
Public
Traded as
Industry Petroleum[2]
Founded 1880 (1880)
Headquarters Calgary, Alberta, Canada
Key people
 Richard Kruger, Chairman, President & CEO[3][4]
Products Petrochemical[2] products
Revenue Increase$26.888 billion CAD (2015)[2]
Increase$1.122 billion CAD (2015)[2]
Total assets Increase$43.170 billion CAD (2015)[2]
Total equity Increase$23.425 billion CAD (2015)[2]
Owner ExxonMobil (69.6%) (2012)[2][5]
Number of employees
 5,263 (2012)[2]
Website www.imperialoil.ca

Imperial Oil Limited (French: L'Impériale) is a Canadian petroleum company.[2] It is Canada's second-biggest integrated oil company.[3] Exxon Mobil Corp. has a 69.6 percent ownership stake in the company. It is a significant producer of crude oil, diluted bitumen and natural gas, Canada’s major petroleum refiner, a key petrochemical producer and a national marketer with coast-to-coast supply and retail networks.[2] Its retail operations include Esso-brand service stations and On the Run/Marché Express and Tiger Express-brand convenience stores.[2][6] It is also known for its holdings in the Alberta Oil Sands.[3] Imperial owns 25 percent of Syncrude, which is one of the world’s largest oil sands operations.[2] Imperial is also in a joint venture oil sands mining operation with ExxonMobil Corp., called Kearl Oil Sands.[7]

Currently headquartered in Calgary, Alberta, Imperial Oil was based in Toronto, Ontario, until 2005.[8]

Most of Imperial's production is from its vast natural resource holdings in the Alberta Oil sands[9] and the Norman Wells oil field in the Northwest Territories.[10]

History

Fifth Avenue Place Headquarters of Imperial Oil

The company was incorporated in London, Ontario, in 1880 (Filey 1998:62).[11] The company's association with ExxonMobil dates back to 1898 when the then-Standard Oil of New Jersey acquired a controlling stake in Imperial Oil.[12]

Imperial Oil discovered the Leduc Woodbend Devonian oil reef in 1947, marking the beginning of the contemporary period in Canadian oil and gas development.[13] Drilling began on the landmark discovery well Leduc No. 1 on November 20, 1946.[13]

In 1989, Imperial Oil acquired Texaco's Canadian operations.[14]

Involvement with Hockey Night in Canada

From the 1934-35 season through the 1975-76 season, Imperial Oil was a sponsor of the Canadian Broadcasting Corp. program Hockey Night in Canada for both radio and television broadcasts.[15][16]

Corporate governance

In February 2013, Richard Kruger, President of ExxonMobil Production Co. and a Vice President of Exxon Mobil Corp., was appointed to be Chief Executive of Imperial Oil.[3] His predecessor, Bruce March, left to become senior vice president of global operations for ExxonMobil Chemical Co.[3]

Besides Richard Kruger, other members of the board of directors of Imperial Oil are Krystyna Hoeg, Jack Mintz, David Sutherland, Darren Woods, Sheelagh Whittaker and Victor Young.[4]

Retail

Imperial Oil has 1700 service stations with majority owned third parties and sold 497 stations in 2016.[17] In the late early 1990s Imperial Oil acquired retail operations from Texaco's Canadian unit Texaco Canada Incorporated.

With ExxonMobil having majority ownership, Imperial Oil uses its parent company's brands, including the Esso and Mobil names for service stations, On the Run for convenience stores, and the Speedpass electronic payment system.

Until 2018, Imperial Oil was a member of the rewards program Aeroplan. On March 13, 2018, Loblaw Companies announced that it had reached a deal for the Esso-branded stations to join the PC Optimum rewards program, beginning on June 1, 2018.[18] Loblaw Companies had previously sold its network of 213 gas stations (all of which are attached to its various grocery store locations) to Brookfield Business Partners in 2017; Brookfield entered into an agreement with Imperial Oil to utilize the Mobil brand for these stations. As part of the sale agreement, these stations also continue to participate in PC Optimum.[19]

See also

An Esso-branded service station, with On the Run convenience store, in Ottawa.

References

  1. ↑ "S&P/TSX 60 Index". Standard & Poor's. June 28, 2013. Archived from the original (.xls) on 2013-12-12. Retrieved July 14, 2013.
  2. 1 2 3 4 5 6 7 8 9 10 11 12 "2012 Summary Annual Report" (PDF). Imperial Oil Ltd. 2012. Archived from the original (PDF) on May 31, 2013. Retrieved July 7, 2013.
  3. 1 2 3 4 5 Bhaswati Mukhopadhyay (February 21, 2013). Sriraj Kalluvila, ed. "Imperial Oil names Exxon veteran Kruger as CEO". Reuters. Retrieved July 7, 2013.
  4. 1 2 "Board of Directors". Imperial Oil Ltd. Retrieved July 13, 2013.
  5. ↑ http://www.4-traders.com/IMPERIAL-OIL-LIMITED-1410448/company/. Retrieved 2016-10-25. Missing or empty |title= (help)
  6. ↑ "On The Run". Imperial Oil Ltd. Retrieved July 13, 2013.
  7. ↑ "Imperial Oil - Kearl overview". www.imperialoil.ca. Retrieved 2016-05-19.
  8. ↑ Stephen Ewart (October 2, 2012). "Ewart: Imperial Oil Faces Urban-Suburban Challenge". Calgary Herald. Archived from the original on July 14, 2013. Retrieved July 13, 2013.
  9. ↑ "Operations overview". www.imperialoil.ca. Retrieved 2016-05-19.
  10. ↑ "Conventional oil". www.imperialoil.ca. Retrieved 2016-05-19.
  11. ↑ Mike Filey (April 1, 1998). Discover and Explore Toronto's Waterfront. Dundurn, Ontario. p. 144.
  12. ↑ "Exxon Corporation". Encyclopædia Britannica. Retrieved March 20, 2017.
  13. 1 2 Frank Dabbs (Director Petroleum History Society) (March 2004). "Before Leduc and Some Musings on the Meaning of History" (PDF). Petroleum History Society Archives. Calgary, Alberta. XV (3). Retrieved July 13, 2013.
  14. ↑ "Texaco Canada Inc". The Canadian Encyclopedia. Retrieved July 13, 2013.
  15. ↑ J. Lyman Potts (January 2002). "Saturday Night Hockey / Hockey Night in Canada". Canadian Communications Foundation. Archived from the original on March 4, 2016. Retrieved July 13, 2013.
  16. ↑ Paul Patskou (August 2007). "Hockey Night in Canada - The Television Years". Canadian Communications Foundation. Archived from the original on October 19, 2013. Retrieved July 13, 2013.
  17. ↑ https://www.theglobeandmail.com/report-on-business/industry-news/energy-and-resources/imperial-oil-to-sell-497-esso-gas-stations-for-28-billion/article29084354/
  18. ↑ "Esso moves to affiliate itself with PC Optimum, no longer Aeroplan, in loyalty point switch". CBC News. Retrieved 2018-03-14.
  19. ↑ "Mobil brand of gas stations to launch in Canada after deal for 213 Loblaws-owned locations". CBC News. Retrieved 2017-10-28.
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