Canada’s Imperial Oil to Cut 20% of Jobs in $150 Million Restructuring

Imperial will cut 20% of its workforce as part of a restructuring aimed at saving $150 million annually by 2028. The company expects a $330 million charge in Q3 2025 but says production targets at Kearl and Cold Lake remain unchanged.

(P&GJ) — Imperial said it will restructure operations and reduce its workforce by about 20% by the end of 2027 as part of a cost-cutting plan expected to save $150 million annually.

The company will consolidate additional corporate and technical activities into global business and technology centers, a move executives said will improve efficiency and better leverage technology from its major shareholder, ExxonMobil.

“Leveraging the rapidly advancing technology environment and the growth of global capability centers, this restructuring plan advances our long-standing strategy of maximizing the value of our existing assets,” said John Whelan, Imperial’s chairman, president and CEO. “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.”

Imperial said the restructuring will result in a one-time before-tax charge of about $330 million in the third quarter of 2025. Despite the cuts, the company reaffirmed its 2025 production guidance and said it remains on track to meet or beat medium-term production and cost targets at Kearl and Cold Lake.

Whelan added that while the restructuring will have a “considerable impact” on employees and their families, Imperial is committed to supporting staff through the transition.

The company said the plan is designed to improve productivity across its long-life assets by reducing downtime, lowering operating costs and strengthening project planning and execution.