InterOil Corp. (IOC)

[Timothy Smith]

Imperial Oil (IMO -2.6%) has been able to lower the amount of capital reinvestment needed to sustain the business to ~C$1.2/year from C$2B a year ago, helped by shrinking supplier costs, CEO Rich Kruger says at the company’s annual investor day.

Kruger sees IMO's overall annual spending on expansion and maintenance to average ~C$2.5B ($1.9B) in the coming years as it cuts costs and slows expansion.

Canadian oil sands producers have cut budgets this year; IMO operates bitumen mining at its Kearl site, where it is aiming to reduce cash operating costs of less than C$30/bbl, in addition to its Cold Lake and Nabiye facilities as well as owning a stake in Syncrude.