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Imperial Oil Ltd
Symbol IMO
Shares Issued 759,342,425
Close 2019-09-18 C$ 36.83
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Globe/CP say Imperial Oil CEO Kruger retiring this year

2019-09-18 07:01 ET - In the News

The Globe and Mail reports in its Wednesday edition that one of the oil patch's most outspoken critics of Canadian federal and provincial energy policy is retiring at the end of this year. A Canadian Press dispatch to The Globe reports that Imperial Oil said on Tuesday that chief executive officer Rich Kruger will step down after leading the company, which is about 70 per cent owned by Exxon Mobil, since 2013. Analysts said they expect little change in direction under Brad Corson, a 36-year Exxon employee who will take over as president immediately and become chairman and CEO on Jan. 1. In his role, Mr. Kruger complained publicly often about red tape, focusing in recent years on how long it took to win Alberta regulatory approval for the two-phase, 150,000-barrel-per-day Aspen thermal oil sands project, first proposed in 2013. Imperial announced it would go ahead with Aspen late last year, within months of finally winning approval for the $2.6-billion project. However, it was put on hold in March due to what Mr. Kruger called market uncertainty caused in part by the former provincial NDP government's oil production curtailment program to reduce a glut of oil trapped by output outgrowing pipeline capacity.

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