Field Development | Capital Markets | Impairment | Corporate Strategy
Imperial Ditches Long-Term Unconventional Plans; Takes $1.1B Impairment Hit
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Following annual review, Imperial has re-assessed the long-term development plans of its unconventional portfolio in Alberta, Canada and no longer plans to develop a significant portion of this portfolio.
The decision not to develop these assets will result in a non-cash, after-tax charge of approximately $0.9 billion to $1.2 billion in the company’s fourth quarter 2020 results.
Not included in this impairment are the high-value, liquids-rich portion of the company’s unconventional asset portfolio, which the company still plans to develop.
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