Canadian oil producer Imperial Oil posted a sharp fall in third-quarter profit on Friday, hurt by non-cash impairment and restructuring charges and lower crude prices.
In September, Imperial said it would cut its workforce by about 20% by the end of 2027, part of a major restructuring that would eventually shutter most of its presence in the oil-and-gas city of Calgary.
The planned layoffs come as global crude prices have slumped this year due to increased output from the OPEC+ group of oil producers and trade policy uncertainty.
Benchmark West Texas Intermediate fell nearly 14% in the July–September quarter from last year.
The quarter included a C$306 million after-tax non-cash impairment of Imperial’s Calgary campus and a C$249 million after-tax restructuring charge.
The Calgary, Alberta-based company said its net income fell to C$539 million ($385 million), or C$1.07 per share, in the quarter ended September 30, from C$1.24 billion, or C$2.33 per share, a year earlier.
(Reporting by Khusbu Jena in Bengaluru; Editing by Leroy Leo)