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<\/p>\nThe end is fast approaching for a Northwest Territories oilfield Imperial Oil Ltd. first tapped more than a century ago.<\/p>\n
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The Calgary-based company, majority owned by U.S. heavyweight ExxonMobil Corp., announced Friday that it aims to wind down production at Norman Wells <\/a>by the end of the third quarter of this year.<\/p>\n That\u2019s sooner than the end-of-decade closure it had earlier targeted, CEO John Whelan told analysts on a conference call to discuss Imperial\u2019s latest financial results.<\/p>\n The change of plans resulted in a $320-million after-tax charge against Imperial\u2019s fourth-quarter earnings, which were down sharply from a year ago due to that and other factors, including lower commodity prices and weather-related production hiccups in the oilsands.<\/p>\n \u201cI would like to take a moment to thank our Imperial team members and our partners that have contributed to and are still supporting our efforts at Norman Wells,\u201d Whelan said.<\/p>\n Story continues below advertisement<\/p>\n \u201cAs we continue to supply essential energy products to the North, and as we move forward with the decommissioning at Norman Wells, our focus will remain on strong relationships and working closely with local communities.\u201d<\/p>\n Norman Wells, almost 700 kilometres northwest of Yellowknife on the Mackenzie River<\/a>, has a population of about 800.<\/p>\n The town says on its website that it was the first community in the Northwest Territories to be established solely as a result of non-renewable resource development, with most others tracing their roots to the fur trade.<\/p>\n Imperial bought claims in the area in 1918 and drilled its first discovery well a year later, the town\u2019s website says.<\/a><\/p>\n \t\t\t\t\tImperial Oil has been producing oil in Norman Wells for more than a century, using artificial islands to help draw much of the oil from beneath the waters of the MacKenzie River.\t\t\t\t <\/p>\n \t\t\t\t\tCourtesy: Breaking Ice Productions\t\t\t\t<\/p>\n N.W.T. Premier R.J. Simpson said Imperial\u2019s announcement is \u201cdifficult news\u201d for people in the town and the Sahtu region, where it\u2019s located.<\/p>\n Story continues below advertisement<\/p>\n \u201cNorman Wells is a community with deep roots and a proud history. For generations, people in Norman Wells and the Sahtu have helped build this territory, and their contributions matter,\u201d he said in a written statement.<\/p>\n \t\t\t\t\t \t\t\t\t\tGet daily National news<\/p>\n Get the day’s top news, political, economic, and current affairs headlines, delivered to your inbox once a day.<\/p>\n \u201cWhile this decision is not entirely unexpected given the age of the facilities and long-term trends, it is still disappointing. It also comes at a time when stability matters. In the immediate period ahead, our focus as a government is on support, certainty and a responsible path forward.\u201d<\/p>\n \t\t\t\t\tNorman Wells is located almost 700 kilometres northwest of Yellowknife on the west bank of the Mackenzie River, in the shadow of the MacKenzie Mountains and has a population of about 800.\t\t\t\t <\/p>\n \t\t\t\t\tCourtesy: Breaking Ice Productions\t\t\t\t<\/p>\n Meanwhile, Imperial raised its quarterly dividend by 20 per cent to 87 cents per share from 72.<\/p>\n It said fourth-quarter earnings tumbled to $492 million from $1.23 billion during the same period a year earlier.<\/p>\n That amounted to $1 per diluted share compared to $2.37. On an adjusted basis, Imperial earned $1.97 per diluted share, a drop from $2.37.<\/p>\n Story continues below advertisement<\/p>\n Revenue and other income totalled $11.28 billion, down from $12.61 billion in the fourth quarter of 2024.<\/p>\n In addition to the financial hit from the Norman Wells closure, Imperial also took a one-time charge related to materials and supply inventory management changes that<\/p>\n \n\t\tRelated News\n\t<\/p>\n![\"Get](\"https:\/\/www.newsbeep.com\/ca\/wp-content\/uploads\/2026\/01\/1767930311_275_national.jpg\")
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