Investor day update saw positives (15 mbbl/d Grand Rapids SA-SAGD phase, new Syncrude MLX cost estimate is half of the old estimate, deferral of $2.6B Aspen SA-SAGD project spending, Kearl progress) offset by negatives (a lot of embedded Downstream growth spending with no detail on expected financial benefits, ~140 mbbl/d at Cold Lake for the next 2-3 years). $31.00 TP (16x 2020e P/FCF*) and REDUCE rating unchanged.
13 Nov 2019
Tempered capex outlook focuses on brownfield expansions, Downstream investments
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Tempered capex outlook focuses on brownfield expansions, Downstream investments
Imperial Oil Limited (IMO:TSE) | 0 0 (-1.4%) | Mkt Cap: 28,420m
- Published:
13 Nov 2019 -
Author:
Michael P. Dunn -
Pages:
10
Investor day update saw positives (15 mbbl/d Grand Rapids SA-SAGD phase, new Syncrude MLX cost estimate is half of the old estimate, deferral of $2.6B Aspen SA-SAGD project spending, Kearl progress) offset by negatives (a lot of embedded Downstream growth spending with no detail on expected financial benefits, ~140 mbbl/d at Cold Lake for the next 2-3 years). $31.00 TP (16x 2020e P/FCF*) and REDUCE rating unchanged.