IMO - Imperial Oil to cut contractor workforce at Kearl oil sands project

Imperial Oil ( NYSE: IMO ) said Monday it will lower the number of contractors working at its Kearl oil sands site in Alberta as part a plan to cut operating costs at the project.

The company said it will defer some non-critical work or move it off site, but with no impact on oil production at the 240K bbl/day bitumen mining project.

Imperial ( IMO ) would not say how many workers would be affected by the moves, but said the company will seek to maintain an average of 2K people on site at Kearl and it is currently above that level.

Rival oil sands producer Suncor Energy said in November it would cut 20% of its contractors in mining and upgrading operations.

Imperial ( IMO ) has 5,300 employees, not including contractors, and earlier this month reported record full-year earnings for 2022 .

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