Imperial Oil to Cut 20% of Jobs by 2027 in Restructuring Plan
Imperial Oil has revealed plans to reduce its workforce by around 20%, resulting in approximately 1,000 job losses by the end of 2027. This move is part of a restructuring effort to cut annual expenses by $150 million by 2028. The company anticipates recording a one-time restructuring charge of about $330 million before tax in the third quarter of 2025.
The job cuts are a response to the global crude oil price decline, influenced by increased OPEC+ production and trade policy uncertainties. Imperial Oil's chairman, president, and CEO, John Whelan, has expressed commitment to supporting employees through this transition. Despite these changes, the company's corporate guidance for the year remains unchanged. Imperial Oil is confident in meeting or exceeding its medium-term production and unit cost targets for its Kearl and Cold Lake operations in Alberta.
Imperial Oil's restructuring plan aims to centralize and consolidate activities at specific locations, reducing annual expenses by $150 million by 2028. The company anticipates a one-time restructuring charge of about $330 million before tax in the third quarter of 2025, with approximately 1,000 job losses by the end of 2027. Despite these changes, Imperial Oil remains committed to supporting employees and maintaining its corporate guidance for the year.
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