Imperial Oil Plans 20% Workforce Reduction, $150M Annual Savings by 2028

Imperial Oil announced a plan to reduce its workforce by approximately 20% by the end of 2027, which could result in around 1,000 job losses given its 5,100 employees as of late 2024. The company aims to achieve annual cost savings of C$150 million starting in 2028 through this restructuring, which includes consolidating activities to operating sites to improve collaboration and operational efficiency. A one-time pre-tax restructuring charge of about C$330 million is expected in the third quarter of 2025. Despite these changes, Imperial Oil remains confident in meeting its 2025 targets for its key oil sands projects and continuing to advance its strategy amid potential supply challenges in the crude market. The company has expressed commitment to supporting employees during the transition and maintaining operational focus throughout the restructuring process.