Imperial plans restructuring with $150 million annual savings by 2028

Imperial Oil (NYSE American: IMO) announced a restructuring plan that will centralize corporate and technical activities in global business and technology centers. The company expects to achieve $150 million in annual expense savings by 2028.

The restructuring will reduce employee roles by approximately 20% by the end of 2027. Imperial expects to record a one-time restructuring charge of approximately $330 million before-tax in the third quarter of 2025.

The plan leverages Imperial's relationship with major shareholder ExxonMobil to access global expertise and technology capabilities. The company will consolidate activities to its operating sites to enhance collaboration and operational focus.

"Leveraging the rapidly advancing technology environment and the growth of global capability centres, this restructuring plan advances our long-standing strategy of maximizing the value of our existing assets," said John Whelan, Imperial's Chairman, President and CEO.

Imperial maintained its corporate guidance for 2025 and stated it remains positioned to meet or beat medium-term production and unit cost targets for its Kearl and Cold Lake operations. The company said larger benefits are expected over the longer-term through productivity improvements across operations.

The restructuring uses what the company described as a rigorous transition process. Imperial stated it will support employees through the transition while maintaining its focus on safety and operational excellence.

You May Also Be Interested In

• Wolfe Research Upgrades Abbott Labs (ABT) to Outperform
• Battery X Metals names William Fan as president
• Cantor Fitzgerald Downgrades Monopar Therapeutics (MNPR) to Neutral