Imperial Oil to cut 20% of workforce by end of 2027 in restructuring effort
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CALGARY – Imperial Oil is planning to slash about 20 per cent of its workforce by the end of 2027 as part of a restructuring plan.
That would affect about 1,000 jobs, based on an employee count of 5,100 as of Dec. 31 of 2024, according to data from LSEG Data & Analytics.
Calgary-based Imperial said on Monday that the changes, which include consolidating existing site activity, should achieve a reduction in annual expenses of $150 million by 2028.
“Leveraging the rapidly advancing technology environment and the growth of global capability centres, this restructuring plan advances our long-standing strategy of maximizing the value of our existing assets,” said John Whelan, Imperial’s chairman, president and chief executive officer, in a statement.
“At the same time, these actions enhance our foundation for future growth and position us to continue delivering industry-leading returns and long-term value for our shareholders.”
The company said it anticipates recording a one-time restructuring charge of about $330 million before tax in the third quarter of 2025 as a result of the changes.
It also said its corporate guidance for the year is unchanged and it’s well positioned to meet or exceed its medium-term production and unit cost targets for its Kearl and Cold Lake operations in Alberta.
Whelan said the company recognizes the “considerable impact” the restructuring will have on employees and their families.
“We are deeply committed to supporting our employees through this transition,” he said.
In August, Imperial reported $11.23 billion in total revenue and other income during the second quarter, down from $13.38 billion in the same quarter a year earlier.
This report by The Canadian Press was first published Sept. 29, 2025.
Companies in this story: (TSX:IMO)