US EditionImperial Oil to cut workforce by 20% by end of 2027
The Calgary-based company aims to save $150 million annually by cutting 1,000 jobs and consolidating operations amid declining income and revenues.
- Calgary-Based Imperial Oil plans to cut 20 percent of its workforce by the end of 2027, potentially resulting in hundreds of job losses.
- The restructuring is expected to cost approximately $330 million and reduce annual expenses by $150 million by 2028.
- CEO John Whelan stated, "We recognize the considerable impact this restructuring will have on our employees and their families," emphasizing support for affected workers.
- Imperial's restructuring is part of a broader trend, following ConocoPhillips' announcement to reduce its workforce by 25 percent due to rising costs.
35 Articles
35 Articles
Alberta Premier Danielle Smith said that the "very disappointing" plan for the oil industry, which aims to lay off approximately 20% of its workforce by 2027, reinforces the need to build more pipelines.
Medicine Hat News
Canadian energy minister disappointed by Imperial Oil's planned layoffs
EDMONTON — Canada’s energy minister says he’s disappointed with Imperial Oil’s plan to lay off 20 per cent of its workforce by 2027. Tim Hodgson says he’s working to understand what went into the company’s decision and that the government will explore ways to support the workers losing their jobs. Calgary-based Imperial says the cuts
Imperial Oil to Axe 20% of Workforce on Glut Predictions
Imperial Oil, an Exxon oil sands subsidiary, is planning to reduce its workforce by 20% in anticipation of lower oil prices brought on by an expected supply overhang next year. According to a company statement, Imperial Oil will “consolidate activities to its operating sites” over the next two years, enhance “collaboration, operational focus and execution excellence. As a result of these changes, the company expects to record a one-time restruct…
Coverage Details
Bias Distribution
- 61% of the sources lean Left
Factuality
To view factuality data please Upgrade to Premium
