Imperial Oil's Strathcona refinery near Edmonton. The company announced a major restructuring last month that will reduce its workforce by 20 per cent.

Canadian oil producer Imperial Oil IMO-T posted a sharp fall in third-quarter profit on Friday, hurt by non-cash impairment and restructuring charges and lower crude prices.

In September, Imperial said it would cut its work force by about 20 per cent by the end of 2027, part of a major restructuring that would eventually shutter most of its presence in the oil-and-gas city of Calgary.

The planned layoffs come as global crude prices have slumped this year due to increased output from the OPEC+ group of oil producers and trade policy uncertainty.

Benchmark West Texas Intermediate fell nearly 14 per cent in the July–September quarter f

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