Imperial Oil plans 20% workforce cut over next two years in restructuring

[Red Prairie Pumpjack in Alberta Oil Field]
ImagineGolf/E+ via Getty Images

Imperial Oil (NYSE:IMO [https://seekingalpha.com/symbol/IMO]) said post-market Monday that it plans to centralize additional corporate and technical activities in its global business, reducing employee roles by ~20% [https://seekingalpha.com/pr/20248078-imperial-announces-restructuring-to-further-advance-its-well-established-strategy-of] by the end of 2027, which it expects will result in a C$150 million reduction in annual expenses by 2028.

Imperial (NYSE:IMO [https://seekingalpha.com/symbol/IMO]), which is ~68% owned by Exxon Mobil (XOM [https://seekingalpha.com/symbol/XOM]), had 5,100 regular employees at the end of 2024, according to its annual report.

As a result of the changes, the company said it expects to record a one-time ~C$330 million pre-tax restructuring charge in Q3.

Imperial (IMO [https://seekingalpha.com/symbol/IMO]) kept its FY 2025 forecasts unchanged and said it is well positioned to meet or beat its medium-term production and unit cost targets for the Kearl and Cold Lake oil sands sites.

MORE ON IMPERIAL OIL

* Imperial Oil: We Like It, But Think It's A Little Over Its Skis [https://seekingalpha.com/article/4822262-imperial-oil-we-like-it-but-think-its-a-little-over-its-skis]
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* Imperial Oil Q2 2025 Earnings Call Transcript [https://seekingalpha.com/article/4807926-imperial-oil-limited-imo-q2-2025-earnings-call-transcript]