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 “global business and technology centres” through a restructuring that leverages its relationship with its Exxon owners, the company said in a statement Monday afternoon. The company said it expects to cut 20 per cent of jobs by the end of 2027 and to “further consolidate activities to its operating sites” — a move which it expects will result in a one-time restructuring charge of around $330 million in the third quarter of 2025. “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,” Imperial chairman and chief executive officer John Whelan said in a statement. “At the same time, these actions enhance our foundation for future growth and position us to continue delivering industry-leading returns and long-term value for our shareholders. “We recognize the considerable impact this restructuring will have on our employees and their families. We are deeply committed to supporting our employees through this transition.” Imperial did not immediately respond to a request for comment Monday. The move comes on the heels of other headcount reductions by oil and gas majors. Canadian peer Cenovus Energy Inc. publicly confirmed an undisclosed number of layoffs earlier this year. Global major ConocoPhillips, which also has operations in the oilsands, said last month that it planned to reduce its workforce by 20 to 25 per cent as part of a restructuring plan. Richard Masson, executive fellow at the University of Calgary’s school of public policy, said the staffing cuts at Imperial are significant. While mass layoffs in the oilpatch are often a reflection of broader challenges in the industry, Masson said this latest move is likely more about the drive to cut costs. “The oil market has been relatively strong,” Masson said. “Imperial has been very profitable. They’ve got good assets. They’re going to continue to produce lots of revenue for years to come. It’s really about, as technology is moving so quickly, how do you make sure you take advantage of it to reduce your costs, to stay competitive?” — With files from Reid Southwick mpotkins@postmedia.com Imperial Oil optimistic about major project talks with federal governmentImperial Oil CEO believes company will be 'resilient' to potential tariffs from U.S.