NEW YORK, March 1 Exxon Mobil Corp still
sees potential in its western Canadian operations despite a
recent write-down in the value of nearly all its oil sands
reserves there, Chief Executive Officer Darren Woods said on
"The way we're managing that (Canadian oil sands) business
is looking at the opportunity to drive efficiency, by bringing
technology to bear, to bring costs that much lower and be
successful in a low-price environment," Woods said on the
sidelines of the company's analyst day in New York.
"And we've got a lot of opportunity to do that."
Exxon last month wrote down the entire 3.5 billion barrels
of bitumen reserves at the Kearl oil sands project in northern
Alberta operated by Imperial Oil, a Calgary-based
company in which Exxon has a majority stake.
Woods told investors that Kearl's cash operating costs have
dropped more than 50 percent in the past two years.
Oil sands cost more to develop than traditional or shale oil
(Reporting by Ernest Scheyder; Editing by David Gregorio)