Canada’s Imperial Oil said on Monday it expects to reduce employee roles by about 20% by the end of 2027 as a result of its restructuring plan.
The company also expects to record a one-time restructuring charge of about $330 million before tax in the third quarter of 2025 and said it will achieve a reduction in annual expenses of $150 million by 2028.
Imperial kept its 2025 forecasts unchanged and said the company is well-positioned to meet or beat its medium-term production and unit cost targets for the Kearl and Cold Lake oil sands sites.
(Reporting by Katha Kalia in Bengaluru; Editing by Devika Syamnath)