Imperial Oil Limited is a Canadian subsidiary of the US-based company ExxonMobil. Imperial Oil is Canada's second-biggest integrated oil company [2] (by market capitalization). Imperial Oil Ltd (IMO.TSX) is best known for its holdings in the Alberta oil sands. [2] The company is engaged in the exploration, production and sale of crude oil and natural gas. Imperial owns 25% of Syncrude Canada Ltd., which is among the world's largest producers of synthetic crude. The company operates service stations in Canada under the trade name Esso and other brand names. Its owned-and-operated convenience stores use the On the Run / Marché Express and Tiger Express brands.
Imperial Oil Limited (IMO TSX) shares trade on the Toronto Stock Exchange and the New York Stock Exchange. The company was incorporated in London, Ontario in 1880 (Filey 1998:62).[3] Currently headquartered in Calgary, Alberta, Imperial Oil was based in Toronto, Ontario until August 2005. Imperial Oil maintains major corporate offices in Calgary, Toronto and Montreal.
In 1989 Imperial Oil acquired and rebranded Texaco's Canadian retailing operations.
Imperial is one of Canada's top natural gas producers, the country's major refiner and marketer of petroleum products and an important manufacturer of petrochemicals. Most of Imperial's production is from its vast natural resource holdings in Alberta and the Northwest Territories.
History [edit]
Imperial Oil discovered the Leduc Woodbend Devonian oil reef in 1947, marking the beginning of the Contemporary Period in Canadian oil and gas development. Drilling began on the landmark discovery well Leduc No. 1 on November 20, 1946. "On September 7, 1875, John Macoun, a natural scientist doing field work for the Geological Survey of Canada, first grasped and recorded the potential of the Athabasca tar sands and wrote the report that led to the first oil sands commercialization experiments at the Royal Military College of Canada in Kingston, Ontario in 1883 (2004:4)." [4]
Corporate governance [edit]
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.[5] His predecessor, Bruce March, left to become senior vice president of global operations for ExxonMobil Chemical Co.[2]
Besides Richard Kruger, other members of the board of directors of Imperial Oil are Krystyna Hoeg, Bruce March, Jack Mintz, Robert Olsen, Roger Phillips, Paul Smith, Sheelagh Whittaker and Victor Young. [6]
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