Canada's Energy Minister Investigates Imperial Oil's 20% Job Cuts by 2027
Canada's energy minister, Tim Hodgson, is looking into Imperial Oil's plans to cut 20% of its workforce by 2027. This move comes as part of a restructuring effort to reduce costs by centralising and consolidating activities, with most jobs in Calgary set to relocate by 2028. Hodgson is disappointed by the news and is exploring ways to support the affected workers.
Imperial Oil's chairman, John Whelan, has acknowledged the significant impact these layoffs will have on families. The decision is part of a broader industry trend driven by increased OPEC+ production and global trade uncertainties, which have led to lower oil prices worldwide. The company expects to save about $150 million annually through this restructuring.
Hodgson's goal is to ensure energy companies like Imperial Oil remain prosperous as Canada strives to become an 'energy superpower'. The government has announced support measures for the affected workers, though specific public programs have not yet been detailed.
Imperial Oil's workforce reduction, set to be completed by 2027, will have a substantial impact on families. The company is committed to assisting affected families through the transition. Canada's energy minister is working to understand the decision and support the laid-off workers, while also aiming to maintain the prosperity of the country's energy industry.
