Calgary-based Imperial Oil says it will be eliminating 20 per cent of its workforce by the end of 2027.
That could mean hundreds of job losses.
The news came in a media release Monday afternoon, in which the company said it will realize “substantial efficiency and effectiveness benefits” as a result of the decision.
“As part of this change, Imperial will further consolidate activities to its operating sites, enhancing collaboration, operational focus and execution excellence,” the release says.
Imperial says it expects to spend approximately $330 million to cover the costs of the restructuring.
The company anticipates it will reduce annual expenses by $150 million by 2028 as a result of the changes.
It’s not yet clear what the news means for Imperial’s head office, which has been located in Calgary since 2004.
“We are deeply committed to supporting our employees through this transition,” said Imperial’s CEO John Whelan in the press release.
CBC News has reached out to the company for further details.
