Thanks Dan.
day start quarterly of as very at versus XX,XXX performance at per of also was about and on was production. oil with represents XX quarter equivalent for the which fourth but and not equivalent results Kearl. in activities Syncrude. Cold fourth both in by Kearl, driven at third oil in quarter, day increase I'll production we planned move versus turnaround barrels saw lack record But Kearl production excellent These by This XXXX. day, the was per let's most only driven the the up material the the by now XXXX. And both production XX,XXX XXX,XXX also performance production This a barrels a years. operational performance those the increase quarter quarter the at of importantly, Lake quarter were averaged the also executed quarter strong of Upstream and third Syncrude. strong barrels highest reflect performance talk in So and fourth
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our have by continued to this costs, haul respect lower were per the with leveraging operating on we autonomous to barrel to items. we Unit production Now US$XX around November. Simon manufacturing expenses technology, in sitting of mark Investor mentioned all improvements key to as at few level, trucks, implementation track structural just at continue ongoing a and Day, mention focus
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Lake. barrels of to term, volumes per and versus was the expect day So for barrels which XXXX. quarter, Cold down Cold per per will talk quarter remain is barrels XXXX XXXX now about average bass let's Lake the at day performance the we the on barrels for XXX,XXX Cold fourth Near Lake expand third per our in day and to guidance up focused at Production near continue XXXX. - XXX,XXX day term, quarter versus
focus driving best and the Our enhancements monthly since in downtime on unscheduled performance base December optimizing resulted reliability the XXXX. in operation
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this XXXX, day saw let's to of was absence of versus per turnaround is Syncrude's year. day XX,XXX activity of quarter per per of up production Syncrude. production up XX,XXX quarter day XX,XXX the activity Now we also barrels versus level also absence fourth move fourth turnaround the average third to of barrels the XXXX. the quarter the of third the in highest share of quarter fourth our quarter executed the due the in the barrels quarter XXXX This to in due
recall major also the product that to XXXX. in quarters its third on say second and the performed December. site in turnaround construction completed to in will You the pipelines of bi-directional the of pleased and the I'm transfer work the that fourth majority quarter, was started work venture
already is seeing So the asset benefits.
utilization. supporting improved know, Syncrude, As will operational this for project you provide flexibility increased and reliability
approval Suncor As working in you're an to over with owners aligned The in aware, reached the agreement at is very fully the take operatorship happen and And ventures will the to Syncrude. principle are operations for Syncrude owners has communicated processes, is currently $XXX that that change million through Suncor are year their further internal deliver to we estimate. we expected enhance confident and later around Imperial material per of synergies. it and this with year. efficiencies are aligned ability synergies
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or these In find $XXX And addition, our full-year XXXX. and XX% million, cost assets around down production further the market to are result, refineries reductions and for midstream manufacturing by and versus able were enabled as conditions. year efficiencies a same expenses
pandemic are quarter uncertainty be ongoing somewhat forecast per refinery recovery quarter. the fuel fourth in third quarter XX,XXX Ontario demands. lower the seeing impact the were that Demands now community due makes the term. particularly than the to Canada, of and was XXX,XXX challenged day. This product utilization the to improvement, difficult Quebec. sales And significant XXXX, per day impacts barrels tampered per it in third than in near fourth of quarter barrels lockdowns we Petroleum barrels XX,XXX certain fourth largely of the to showed parts by day lower and quarter, of in continued pandemic. demand While continued on the new XXXX
to end first the for for approaching of are the closely volatility continuing levels. across of were time to demand we diesel, much In reductions for quarter country, we on in mentioned more however, diesel at I for to we also I normal in XX% levels. saw XX% seeing range now gasoline, that call XX% normal diesel both were gasoline the XX% range see we jet and to XX% a April, to motor XX% demand XX% that approaching for the XX% more the total XX% quarter, in of reminder third to jet. demands the and and to with and As at mentioned to were motor XX% historic gasoline, industry historic closer the industry seeing for January,
Imperial established provincial as leader these Downstream annual as degree as can forward equity the expanded crude our volatile Vancouver, offer Vancouver. be we successfully lockdowns, of We refinery. continues Kearl Looking well of sales, the marine Despite the new to port set challenging travel federal our amount process and asphalt business in [Syncrude] as at in well fuels and the of market conditions, there as various our to uncertainty for a and restrictions. high records
an we our showed set the supply produced our in shutdown Strathcona, we players chain Cold diluent business the strength of today built which alternate for at amount pipeline. records just then when days integrated as unique following is the new Lake to the a integration continues few And December for strength we Kearl in of shipped diluent of site. Our
we records this conditions. improvements So see despite challenging performance continue to and new market
the industry pricing, resilient Downstream we Those remained unprofitable. in Investor many include speaks branded resellers quarter, competitors favorably routes that and more recent crude parody built all assets in to Canadian wholesalers, the significantly advantages cost terminals our We and unique which from while similar our structural business the continue compete our and Canadian to were to import Downstream at to than proprietary U.S. profitable the Our and lines our market profitable U.S. and discussed well margins logistics, believe for in positioned rack business is of This Day. XXXX. fourth are low in business
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However, $XX earnings quarter the XXXX. higher fourth than were million of
volumes, saw favorable we of efforts. reduction sales cost ongoing and impacts improved As
the through Given integration structural advantages the of business location enjoys facility. and the our
what some wrap continues noteworthy the current in profitable as chemical this to for pretty like I'd highlighting see I to positive quarter delivering earnings XXXX. Our up each year. in accomplishments be Imperial by business market,
spending challenging the of and out financial we We capital took commitment strength back to now, business the in year to by exceeded that the and very cost pandemic results onset managed March. billion. structure made a significantly environment. And in with First at decisive demand preserve foremost, reduce $X and action we we've full our
year-over-year is midpoint our guidance. are the addition, a million in costs In production down versus over manufacturing of our almost and alone $XXX original capital on our billion basis. down And fact, $X
outstanding. XXXX, to billion combined. Kearl’s of and this for manufacturing was So represents close short versus a and of $X in both XXXX production costs, reduction performance expenditures capital nothing
supplemental other highlight trucks, throughout year, for enhancement many including haul initiatives, supported and autonomous a as New crushing capacity the operations was example. did
to per Although take our we as chose day, the XXX,XXX prudent challenges address actions year presented. the barrels year the for Kearl revised to down during original production was guidance we this
guidance strong over and annual in of a revised We this per barrels day even after third-party the to year per the having XXX,XXX versus in are diluent operating barrels day ended down met producing XXX,XXX has the for by materially expenses XXXX deliver with fourth guidance volume XXXX. XXX,XXX total outage our Kearl. barrel third performance positioned Our down to pipeline on a shut quarter. for XX% well around and excellent been Equally production quarter, for day cost
lower while believe prices reduce and positioning so at we XXXX, Canadian-based downside, to in benefit the of helping our us including resilience the increase. chemicals very our levels, enhancing time became costs apparent these sustaining far the further same And our significantly oil us I strength breakeven are XXXX. well to downstream, when cost
out profitable was our profitable was of four. Chemical four three quarters downstream in last all and Our segment year,
in. margins. Integration and strong segments. spoke length and supports we downstream our Day, think at results of advantages Dan tangible that the within the we million noted, the result markets also logistics reflects crude challenging chemicals despite provide and evidence downstream in Investor about chemicals downstream at $XX the compete nature relation and environment, earned we structural million financial supply, I have $XXX but As profitable relatively the in assets business product the underscore our This XXXX. in advantages in these We our to
XXXX to to a XXXX Our priority activities the highly from a during resilience despite of on about We integrated business cash uncertain high maintain our supporting generate operating it provided $XXX million. throughout and environment. place model ability chose dividend
we're Day, and is think in continue number activities return shareholders positioned managing breakeven, was a We speaks plan and of management a growth, of and outlined financial share to the in position, has plans presented of cash XXXX, and to adjusted portfolio over as strategy, our were The to turnaround and our which to workforce. through degree least in fewer dividend have task for onsite at to health costs. improvement. buybacks to And we safety pandemic time, which Investor the reduced time. corporate which the decision we major the I our with challenges has And well lower existing assets, such that to at the organization, able of and personnel, with turnarounds of own order high more COVID-XX confidence protocols. the we same those accommodate further Board our the of workers complete not easy no our
turnarounds the with adjusted align of environment. better timing the demand to we Finally,
So that meant forward pulling activities.
So took did we'd to adjusted rates turnarounds at to be half. both proud operating plans. we second with higher of we started as recover, executed organization when in in respect the the which those it demand decisions the I'm for and the way on
So positioned the that impressive add marks really adds presented value some deliver XXXth on anniversary very And year challenges. are to achievements Imperial well all through that continue XXXX when being Imperial you to as of many to it you aware, of unprecedented a up, XXXX. Oil. And pretty up also
XXX Imperial hard years, no meeting challenges. reputation different. XXXX built And Over was Canada's some a the has energy toughest past for proud work, and of innovation
Dave to over you. the Q&A it turn Thank session. I'll that, for with So
