Imperial Oil Ltd. Chairman and CEO John Whelan speaks at the Calgary Chamber of Commerce on May 23, 2025. Photo by Darren Makowichuk/Postmedia

Oilsands major Imperial Oil Ltd. said it plans cut 20 per cent of its workforce as part of a major corporate restructuring plan that it says will lead to $150 million in annual savings by 2028.

The Calgary-based company is one of Canada’s largest integrated oil producers. Operating major oilsands projects in northern Alberta — Kearl and Cold Lake — as well as significant refining operations in Alberta and Ontario, and refined petroleum product sales under its Esso-branded network of gas stations and convenience stores.

Imperial, which is majority owned by Exxon Mobil Corp., said it intends to centralize corporate and technical activities in “gl

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