TransCanada announces new layoffs as crude slump persists
Author: Reuters | Nov 18 2015 at 06:17 PM | Category: Energy
CALGARY, Alberta - Pipeline company TransCanada Corp has announced new job cuts, as slumping oil prices continue to take their toll on its customers, a spokesman said on Wednesday. TransCanada and other energy companies based in the oil-rich Western Canadian province of Alberta have been hammered with thousands of layoffs in recent months due to the slumping global prices. TransCanada, the second largest Canadian pipeline operator which was recently denied a permit by U.S. President Barack Obama for its proposed Keystone XL pipeline, had already announced a series of cuts in recent months affecting more than 200 employees and contractors, including members of senior management. TransCanada spokesman Mark Cooper declined to give numbers about new cuts underway this week, explaining that the company wanted to wait until all affected employees were informed by their managers. Cooper said TransCanada was restructuring to remain competitive and planned to pursue its projects “more efficiently and strategically.” Calgary based utility company Enmax also announced it was cutting about 3 percent of its workforce - 60 employees - on Wednesday, on top of previous restructuring that had reduced its senior management by 16 percent. Canada’s largest pipeline operator, Enbridge Inc, announced it was cutting about 500 jobs, equivalent to 5 percent of its workforce, earlier this week.