Canadian oil producer Imperial Oil IMO-T -2.24%decrease 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 from last year.
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The quarter included a $306-million after-tax non-cash impairment of Imperial’s Calgary campus and a $249-million after-tax restructuring charge.
The Calgary-based company said its net income fell to $539-million, or $1.07 per share, in the quarter ended Sept. 30, from $1.24-billion, or $2.33 per share, a year earlier.
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