Imperial Oil, Mobil Canada to operate separately
CALGARY (Nov. 6, 2000) — Imperial Oil Ltd. and Mobil Canada will remain separate companies but will jointly develop new oil and gas projects after the merger of their U.S.-based corporate parents.
The two Canadian operations said the measure would cut costs by about $40 million a year following the $85 billion US merger of Exxon Corp., which owns 70% of Imperial Oil, and Mobil Corp.
In addition, Mobil Canada, which has no retail gasoline sales network, will change its name to ExxonMobil Canada. The Esso trademark and other brands at Imperial Oil will be unchanged.
The new ExxonMobil will be the world’s biggest non-governmental oil producer.
The merger will lead to the loss of about 19,000 jobs by the end of 2002. Canadian operations are expected to lose 270 permanent and contract positions through attrition, redeployment, and layoffs.
The changes are effective Nov. 15.
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