Imperial Oil to Cut 20% of Workforce as Crude Prices Drop
An Imperial Oil Ltd. refinery near the Enbridge Line 5 pipeline in Sarnia, Ontario, Canada.
Photographer: Cole Burston/BloombergImperial Oil Ltd. plans to trim its workforce by about 20% by the end of 2027 as the global crude market faces a potential supply glut.
Imperial will “consolidate activities to its operating sites” and enhance its operational focus, the producer said in statement on Monday. As a result, the company expects to record a one-time restructuring charge of approximately C$330 million ($237 million) before-tax in the third quarter of 2025.