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I've been in your shoes at Bechtel, and that 'strategic needs' line is usually the precursor to a quiet reorg or a project sunset. When management stops being transparent, it’s a signal that they don't have good news to share yet. It's smart to polish your resume now while you aren't desperate. The EPC market is cyclical, and the skills you’ve picked up here are valuable elsewhere, but don't wait for a formal announcement to decide your next move. Look for firms with better communication flows.
You're definitely not imagining things. That specific brand of corporate double-speak is exhausting, especially when you're grinding on massive infrastructure projects. If leadership isn't leveling with you, assume the worst and prepare accordingly. It’s better to be over-prepared and find out everything is fine than to be caught blindsided during a Friday afternoon conference call. Trust your gut—if the environment feels unstable, it’s because it probably is. Keep networking and see what’s out there; there’s no harm in just looking.