IMO’s 4Q15 financials missed expectations due to lower than expected oil price realizations and higher Downstream costs. While the ramp-up at Nabiye has been slower than expected, we are more concerned by the increased steam-oil ratio and lower output from the rest of Cold Lake. We have increased our Downstream cost forecasts by ~$100 mm/year. Refining margins in Edmonton have been quite weak lately. Ontario margins are currently quite strong, but if they weaken we may have to reduce our 2016 ca ....
