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REUTERS
January 29, 2009By Jeffrey Jones
CALGARY, Alberta (Reuters) - Imperial Oil Ltd <IMO.TO> boosted capital spending by 60 percent on Thursday, partly to advance a multibillion-dollar oil sands project, rarities in an industry hammered by shaky energy and financial markets.
Imperial, Canada`s biggest oil producer and refiner, reported a 26 percent drop in fourth-quarter profit, citing falling crude prices. But it also said it plans to spend C$2.2 billion ($1.8 billion) in 2009, up from C$1.4 billion in 2008.
The company is nearing a go-ahead decision on its C$8 billion Kearl oil sands venture in northern Alberta against a backdrop of project deferrals by numerous rivals whose fortunes have dwindled in recent months.
http://finance.sympatico.msn.ca/investing/...mentid=17283241
January 29, 2009By Jeffrey Jones
CALGARY, Alberta (Reuters) - Imperial Oil Ltd <IMO.TO> boosted capital spending by 60 percent on Thursday, partly to advance a multibillion-dollar oil sands project, rarities in an industry hammered by shaky energy and financial markets.
Imperial, Canada`s biggest oil producer and refiner, reported a 26 percent drop in fourth-quarter profit, citing falling crude prices. But it also said it plans to spend C$2.2 billion ($1.8 billion) in 2009, up from C$1.4 billion in 2008.
The company is nearing a go-ahead decision on its C$8 billion Kearl oil sands venture in northern Alberta against a backdrop of project deferrals by numerous rivals whose fortunes have dwindled in recent months.
http://finance.sympatico.msn.ca/investing/...mentid=17283241