Imperial Oil Ltd. has been able to lower the amount of capital reinvestment needed to sustain the business to about C$1.2 billion ($900 million) a year from C$2 billion a year ago, helped by shrinking supplier costs. Imperial expects overall annual spending on expansion and maintenance to average about C$2.5 billion in the coming years as it reduces costs and slows expansion, Chief Executive Officer Rich Kruger said Wednesday in a webcast of the company’s annual investor day. The company is basing its operations on the current price for oil, which is helping to create a “challenging” environment for Canadian producers, Kruger said. “If prices rise, so be it,” he said, adding that the company is planning for the “long term.” Canadian oil-sands producers have cut budgets along with the sinking price for crude this year. Imperial operates bitumen mining at its Kearl site, in addition to its Cold […]