Imperial Oil, an Exxon oil sands subsidiary, is planning to reduce its workforce by 20% in anticipation of lower oil prices brought on by an expected supply overhang next year. According to a company statement, Imperial Oil will “consolidate activities to its operating sites” over the next two years, enhance “collaboration, operational focus and execution excellence. As a result of these changes, the company expects to record a one-time restructuring charge of approximately $330 million before-tax in the third quarter of 2025.”…
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