Story by Katherine Hamilton
Imperial Oil plans to reduce its workforce by 20% by the end of 2027.
The job cuts, along with broader restructuring efforts, are expected to save $150 million a year by 2028, the Canadian oil company said Monday.
Imperial had 5,100 regular employees at the end of 2024, according to its annual report.
The other restructuring efforts include working more closely with its major shareholder, ExxonMobil, to drive productivity improvements, including higher production, reduced downtime, lower unit operating costs and better project planning. Imperial also said it plans to further consolidate activities to its operating sites.
The Calgary, Alberta, company expects a one-time restructuring charge of $330 million before taxes in the third quarter. Its 2025 guidance is unchanged.
https://www.msn.com/en-us/money/markets/imperial-oil-to-cut-20-of-workforce-in-next-two-years