Imperial Oil Posts Q2 Revenue Drop, Unveils Major Restructuring
Imperial Oil has announced a significant drop in revenue for the second quarter of 2025, with total revenue and other income falling to $11.23 billion, down from $13.38 billion the previous year. The company also revealed plans for a major restructuring, including job cuts and a one-time charge.
The restructuring, set to occur in the third quarter of 2025, is expected to result in a one-time charge of about $330 million before tax. Imperial Oil aims to reduce annual expenses by $150 million by 2028. However, the company has not specified how many employees will be affected by the restructuring. It has, though, announced plans to cut about 20% of its workforce by the end of 2027, which translates to approximately 1,000 jobs.
Despite these changes, Imperial Oil's corporate guidance for the year remains unchanged. The company is confident in its ability to meet or exceed its medium-term production and unit cost targets for its Kearl and Cold Lake operations in Alberta.
Imperial Oil's restructuring efforts are expected to have a significant impact on its workforce and operations. While the company anticipates a one-time charge and reduced expenses, it remains optimistic about its production targets. The full extent of the restructuring's effects on employees, investors, and local communities remains to be seen.
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