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Imperial Oil Reads StockBullz
There are unconfirmed rumours that Imperial Oil executive read StockBullz. Just two days after the site denounced Big Oils' spending cuts, Imperial Oil has in fact decided to boost exploration spending.
“We do take a long term approach and we are very disciplined in terms of our investment process and our operational process,” said Imperial spokesman Gordon Wong. “It’s in times like these when you start to see those kinds of results.”
UBS Securities Canada Inc. analyst Andrew Potter said Imperial and Exxon Mobil, with their massive cash positions, are well positioned to take a bet on the oil sands.
“If you can afford to keep going, you are probably far better off in terms of labour productivity and availability when nobody else is around,” he said.
Mr. Potter said Imperial is one of the few in the oil industry planning to spend more money this year than last and Kearl will probably be one of the few oil sands projects to be sanctioned in 2009. (Read more here.)