By David Wiechnik
Copyright westernstandard
Imperial Oil Ltd. announced on Monday that it plans to lay off 20% of its employees by the end of 2027.US-based ExxonMobil has a majority ownership stake in the Calgary-based producer of natural gas, crude oil, and diluted bitumen.According to a regulatory filing, Imperial Oil had roughly 5,100 employees as of the final quarter of 2024, with about 900 jobs — primarily affecting corporate and administrative roles in Calgary — expected to be cut.The company will close its Quarry Park headquarters and relocate its remaining operations to the Strathcona Refinery in Edmonton by late 2028, and expects to save $150 million annually despite recent record profits of $4.2 billion.In a news release, the company said the restructuring plans are “consistent with Imperial’s strategy to maximize value, using technology and leveraging the company’s relationship with ExxonMobil.”“We recognize the considerable impact this restructuring will have on our employees and their families,” said Imperial’s chairman, president, and CEO John Whelan.“We are deeply committed to supporting our employees through this transition.”.Imperial Oil names rare Canadian as new CEO to replace outgoing Corson
.Imperial owns and operates several facilities in northern Alberta, such as the Cold Lake oil sands operation and the Kearl oil sands mine north of Fort McMurray.The company expects the cost of the restructuring to total approximately $330 million before tax in the third quarter of 2025.Imperial also expects the changes to reduce annual expenses by about $150 million by 2028..Alberta Opposition NDP Leader Naheed Nenshi took to X in reaction to the news, saying, “The news that Imperial Oil is closing its Calgary office and cutting jobs is a significant blow to Calgary’s and Alberta’s economies.“Danielle Smith’s strategy of making angry threats has clearly failed. We need a Premier who keeps Alberta’s investment market competitive instead of chasing separatism.”.Conservative Leader Pierre Poilievre said, “Canadians were promised much, but while Mark Carney was busy jetting around the world, he left his oil and gas cap, his industrial carbon tax, and the rest of his anti-energy laws to kill jobs at home.”This move intensifies Calgary’s economic challenges, where unemployment reached 7.2% in August amid ongoing discussions over Ottawa’s emissions regulations and provincial energy policies..Due to a high level of spam content being posted in our comment section below, all comments undergo manual approval by a staff member during regular business hours (Monday – Friday). Your patience is appreciated.
