Oct 31 (Reuters) - Canadian oil producer Imperial Oil (IMO.TO) , opens new tab 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 workforce by about 20% 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.

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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% in the July–September quarter from last year.

The quarter included a C$306 million after-tax non-cash impairment of Imperial's Calgary campus and a C$249 million after-tax restructuring charge.

The Calgary, Alberta-based company said its net income fell to C$539 million ($385 million), or C$1.07 per share, in the quarter ended September 30, from C$1.24 billion, or C$2.33 per share, a year earlier.

($1 = 1.4024 Canadian dollars)

https://www.reuters.com/business/canadas-imperial-oil-posts-profit-slump-impairment-charge-2025-10-31/