The company expects the restructuring to generate $150 million in annual savings

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.

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Imperial, which is majority owned by Exxon Mobil Corp., said it intends to centralize corporate and technical activities in “global business and technology centres” throug

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