Overview

• Imperial expects to record a roughly $330 million before-tax restructuring charge in the third quarter of 2025.
• The plan targets about $150 million in recurring annual expense reductions by 2028.
• Management says operating functions will be consolidated to company sites to strengthen collaboration, focus and execution.
• Corporate guidance remains intact, with confidence in meeting or exceeding medium‑term production and unit‑cost goals at Kearl and Cold Lake.
• Reporting estimates the reduction could affect about 1,000 roles based on 2024 headcount, and implications for the Calgary head office are still unclear as employee supports are prepared.