The ExxonMobil-owned Canadian company said it is on track to produce 110,000 barrels per day over the next several months and it revealed a 7% spike in net profits during the fourth quarter of 2012 to nearly US$1.1 billion,

Chief executive Bruce March said commissioning of the Kearl initial development began late last year and output from the project’s first froth treatment train will start in the second quarter.

“Despite