I left IOL few years ago. I am very happy to see the share price rise so nicely. So, I reached out to 4 of my old buddies in IOL to find out how it is going.
What I found it really scary. The culture had gone downhill when I left, but seems like it is falling off the cliff now.
My question is what is management thinking. Are they going to run the company aground??
Anyone hear who is on the know, kindly shed some light, please.
Imperial is a shadow of it's former self. There are no decisions being made at the Calgary office any more; it's really just following marching orders from down South. Any activities that can be done elsewhere are being moved. The Quarry Park office will just be a small field office with a few roles they need to keep around, but the career opportunities are vanishing quickly. Frustrating to see.
Benefits are being cut and jobs are being moved to India. If you are over 50 and male you are fu---d.
No one would be surprised having worked for them, Mike Nolan. The redundancies and bloat in this company is unreal. They just take it out on the employees instead.
What Imperial needs is a Department of Corporate Efficiency. You will be amazed at the degree of profligecy and wasteful expenditure with high salaries and benefits, including stock based compensation for executing proforma activity. The level of knowledge and skills required to run the entire Imperial Controllers, Tax and Treasury organization is available in GBC's at a fraction of the cost. They should start by eliminating the Audit and Controls group, which is the most useless function in today's AI driven world and simply not worth the cost.
Quarry Park is full of useless overheads. I am not surprise if they are looking to trim down.
Everything is game!!
Rumors of deep cuts are widespread....including shutting down Quarry Park......the few people left are going to go downtown.
OP….Be happy that you left and don’t look back to see the sinking ship.
Exxon has been selling off assets left and right this past couple years. Kearl is merely another asset to Exxon. They don't care about anything but their own interests. If they need to cut or sell they will.
XOM is the biggest share holder, they continue to increase the dividend, buyback shares with accelerated and SIBs, and reduce OPEX. Imperial is just a cashflow machine that helps them offset other ventures. Logsitical infrastructure gets almost no looks with ridiculous hurdles and with global projects rationalizing out some "good for Imperial but not competitive enough with Gulf coast projects" the capex spend is even more selective than historical.
Just a cog for the bigger corporate.
I’m not sure what the “Big Plan” is, but I can confirm that morale has fallen to an all time low with this company. They are trying to drive cost down and it’s taking a real toll across the company. Cold Lake is on their “journey” to $12 oil and Kearl to $16 oil. They are cutting everywhere they can and not replacing workers who retire or quit. On top of that they will be cutting back annuitant benefits if you retire after November 2026.
They're either preparing to sell or to gut the main employees to replace with cheaper non imperial labour. It's run by Exxon now, that's why it's terrible.