All Dan. right. Thanks
for quarter day of per XX,XXX by versus drop fourth quarter XX,XXX per XXXX, X,XXX oil now quarter quarter accounted day, the talk barrels equivalent totaled for per lower which operating let's the barrels fourth barrels quarter. the results so, per which third Upstream up the day barrels is of quarter of The equivalent production averaged versus fourth And the more XXXX, the of oil XXXX. is than for XXX,XXX about of but versus volumes the day. XTO XXXX in absence the
So, adjusting increase for of quarter of third third XX,XXX XXXX. an the well sale in the the barrels following as actually its strong versus continued turnaround. quarter as and for quarter excellent quarter increased completion operating of at Lake, oil per XTO, Kearl day equivalent reflects fourth versus Cold Syncrude And the by the production performance planned
noted I equivalent call we on our was oil was part the per in in full-year, upstream was barrels barrel. the widening quarter, over the under per differential production level throughout day. widening And XXX,XXX in key the barrel prices $XX quarter around WCS Strength of a resulting fourth WTI per coming XXXX. quarter to of of the third some second in For versus saw that by story commodity with the the barrel continue approximately WTI this WCS a further per $X a $X spread quarter. pressure
that we've a however, note, would which and the to the our value Downstream. in the far to year spreads, and continue progresses. that narrowing as per would counter $XX I diesel crude so also wide strong first between crack narrowing a modest and around spread I seen expect quarter differentials further barrel of upstream the see we integration the note of highlights to provides
directly prices And coupled strong product diesel on with cash commanded value this our process, robust a in crudes the our adds benefits spreads when up lower of Syncrude And to fourth again, of premium crack we especially higher mentioned. Downstream very integration we heavy the Downstream realize. generation the further, And synthetic strong I once the that Additionally, business. quarter. underscores all for from
quarter per So, per move is production about XXXX, quarter and best per the was quarter versus a up of barrels XXXX. quarter talk quarter in third of best averaged up the production contributed fourth assets and history. XX,XXX quarter, the XXX,XXX on fourth from previous Kearl’s was the and the the day day production fourth let's gross, barrels This now Kearl. with Kearl's XX,XXX to bit day was second in-line half of barrels in fourth which which
January developed we XXXX was in successfully of is mentioned faced weather event weather earlier, given the the manage challenges after a able impact year, quarter to the And team practices last significant notable through the to were Kearl, due implemented first cold December. of at some issues. of that This as and weather, reflects enhanced and operating in winter the positive I
demonstration barrels The Kearl's of at Kearl challenges XXX,XXX strong production and recovering a further asset strong its day finish per XXX,XXX And with full-year of fully second And to quarter half from as the [X] day the half to year, production, gross. brings first XX, demonstrates [ph]. the high the starts second and the all-time daily broke again on an yet gross. December record barrels delivering yes, around for per of that
We year start. barrels we month-to-date for as with are is move XXXX this time around per over, seeing Kearl far production at January of day. winter is that from great a XXX,XXX recognize production strong I the this at into but
of winter operating a by quarter increase third under driven our energy to just and versus the slight support strategy. under per of partially higher to We maintenance US$X saw turning per all-in, Finally, operating costs. requirements barrel and US$XX incremental just barrel
reduction target optimization represents at full-year working initiatives costs focus its US$XX was or per full-year a highest exceptional guidance high-end what our XXXX. at operating since And reliability Kearl. ongoing are resulted structural the unit for production at Given on and Cold was day, revised Lake, we continue a cost of levels sustainable we per Lake production XXX,XXX with production of year XXXX barrel to which an on, below barrels and averaging in Cold number
continuing Production day. quarter is averaged fourth consecutive day, per in barrels barrels of the invest just the we're day the quarter barrels And quarter XXXX. fourth at XXX,XXX above from was the per which XXX,XXX Cold down to for per X,XXX production third also with slightly Lake. and quarter fifth below or This
the up year. we are the start guidance we and mentioned release, of with stages Rapids redevelopment, our later Grand as We in field Phase X early accelerated XXXX expecting Leming have this to now
quarter Syncrude the XX,XXX day barrels for following assets lower quarter up X,XXX of XXXX third fourth per barrels to due unplanned the share third in completion and of from Imperial's the barrels the day per quarter of XXXX, was averaged XX,XXX of up from which the turnaround. downtime the production quarter per [indiscernible] day,
about day barrels pipeline Throughout Syncrude Imperial X,XXX averaged barrels share. of interconnect the record XXXX, between of production achieve annual Suncor to XX,XXX enabling per and Syncrude export day sales, per
plan. on continue focus the In operator, priority a integration The systems, remains the is XXXX, plan. processes, will of of on Suncor, to people a transition high implementation and and significant largely
further benefits synergy of continue will grow integration in realization the XXXX. that to with expect We
about day quarter, move versus an so, And let's per planned Downstream. refined was day, XXX,XXX performance which the barrels fourth quarter strong the XXXX, activity. now reflecting on X,XXX up average talk and and minimal barrels operating a In up we the fourth quarter per and turnaround of versus of barrels continued day the third XX,XXX
company exceptional row above was XXX% or in the also marking and XXX%, history. quarter utilization highest a at Refinery utilization second utilization in at the with
credit and to outstanding who Another great a on and our reliability results. quarter focused these teams to refinery remain deliver optimization
utilization which XX% our our basis, to full-year represents a individually day, highest guidance throughput above On to a was per also and the barrels annual in bringing history records XX%, refineries well of of XX%. company total XXX,XXX achieved full-year which
about And operations, with our talked is not something fully be capture now. opportunities allowing slates seeing our product diesel as before to have the appreciated we adjust flexibility may still we in to us we market Downstream such what right are that
to capture the at able to maximum us existing allowing the margins assets, strong fact, In year. was from network deliver production record throughout our refining diesel distillate our value
a As we and refineries. at year have for maintenance noted relatively our planned before, turnarounds XXXX was light
will typical communicated be guidance the planned As back in maintenance in our more December, announcement year XXXX XXXX we in downstream. for a
annually, manufacturing more per sourced facility at that note diesel am help we and develop greenhouse year. final to X This tons metric respect reduce to last proud decision than about from with late made produce we million refining could our billion renewable Strathcona by refinery. have gas be diesel investment liters will unit business, our renewable feedstocks largest the locally week, X of and pleased what And primarily that emissions Canada's I very finally, will announced to
underway, XXXX. production in renewable already is early to and Work we diesel expect start
rail that project, capital added This is scope cost higher this strong we've continue to million. The drivers. expect updated estimate accretive investment for as particularly high-value current access for markets. cost reflects three a We to return main logistics $XXX
shared like we release, logistics construction with refined press products. guidance allow project added our estimates to will for scope, December us as access markets rail we higher First, for things activities the we've second, which preliminary directional value development requirements. And around
such also most some as with expect, seeing of accretive the because these energy similar competitiveness for focus on overall and reinvesting rail very are that still in. and the added eye so seen of future increase with further a is creates you primarily we're for highly of higher might nature economic doing transition as cost refinement logistics in example value. materials given shareholders. steel, scope, our even our This a value But business strong inflationary costs, we've the way is of another return importantly, our but an third, environment we in this the And project and to
the were sales for exceeding levels, around essentially around third product up at with barrels per quarter XX% XXXX day, per XXX%. XXXX motor petroleum the the fourth remained in Demand barrels fourth jet Now, versus quarter down XXX,XXX day gasoline diesel quarter barrels all products of XXXX. actually stable day levels XXX%, per at which versus at quarter X,XXX the and of X,XXX is has in and
by environment a the motor and gasoline for inventories, margins some though including of number remain to they extremely normal fuel. bands. downstream see historical global quarter, fourth of low and driven diesel These continue margins, shortfall within remain Diesel margin We dynamics see in weakening positive product a did are strong. factors, we
brings deliver fourth the again year continued This by highlighting chemical the million primarily [ph] despite in full-year for cycle driven earnings earnings being the from once business integrated value margins. XXXX, XX strong to from lower and down for a of with down with Sarnia fourth million this very XX us quarter in down Chemicals. million, healthy refinery. $XX of quarter, quarter our of million fully brings our that [advantage another $XXX chemical] This results And having which was to business and third business chemicals, of the
to by it I'd always, our improving to up our note, particularly overall commitment footprint. wrap reducing like items to environmental a other pertains ongoing As couple of highlighting sustainability and as
on continue journey across the support Zero, carbon Scope all lower Net will we assets, achieve to progress now solutions operated X of its XXXX emissions by make has as goal advancing zero a sands. that Imperial X to First, net just and for Scope our towards not company-wide established oil
with for to fiscal We previously government net and for initiative, Alliance Pathways sands and and partners, this through industry goal This sands. zero as the technology part of and regulatory deployment operated oil successful frameworks. development well operated reduction builds expect intensity achieve the emission goal on as XXXX supportive company's announcement oil collaboration our other announced as
the of full government very help with climate provincial our evaluating country agreement to oil. wells an responsibly storage a [poor] on geology Canada the progress plan using to to I'd detailed work region. milestone and Alliance global understanding major begin produced the becomes in the of Alberta the by highlight our marks get the goals like a enabling is Pathways meet also efforts its of more progress a into zone supplier encouraging our characteristics preferred to Alliance entered ensure to that test and [ph] in This the space, hub
project activities for activity efforts are Alliance billion initial investment and on of of a studies, Pathways going as is and environmental the Alliance. October, and work. tremendous already engineering under In first with on There at around phase underway feasibility communicated such the phase assessments, this $XX early the the total expected amount
of reliable another billion to successful records and high a from the excellent We full-year We and to second quarter benefit operations very of shareholder over environment assets, execution operating continue quarter off closing, growing a substantial to setting allowing and our across in the billion. contributed This results. saw and issuer to finish our across of our business excellent strong In strong deliver board, the to in $X in returned us dividend $X.X excess to number an shareholders via year. financial returns the bid. our for our reliability
to We our lower continue on carbon to make footprint. progress our commitment
zero announced Rapids next-generation Grand the In we our by at on addition our decision And with with project goal. accelerate of move announced at intention diesel deployment to well Lake. to to technology in-situ renewable progress our refinery, as investment a as Pathways, continued forward net Strathcona Cold we the XXXX a corporate-wide
all-in-all, fantastic So, Imperial. a year for
returns investing our continually in of Our being a our our tremendous in on resulted those cash continued focus reliability to focus opportunistic for the growth opportunities Imperial high-value shareholders. in generated returned being improving on strategic and history priorities, value highest and level shareholder
year high As of level we to the a look XXXX, ahead I'm with viewing and excitement. optimism
I coming focus the with our company fully performance, and are year to in that ongoing the We history, the excellent our XXXX another operations and expect off on deliver year. reliable company's strongest drove safe
As like I'd again your support. interest thank you continued to always, and for once
And move session. the now, we'll Q&A to
back So, I'll pass to it Dave.
