Penn West, ConocoPhillips Cut Over 900 Oil And Gas Jobs, Mostly In Calgary

Darpan News Desk The Canadian Press, 01 Sep, 2015 11:19 AM

CALGARY — A fresh wave of layoffs is hitting the energy sector as two oil and gas companies cut a total of 900 jobs, mostly in Calgary.

Penn West Petroleum is cutting its workforce by 35 per cent for a loss of over 400 full-time employees and contractors.

And ConocoPhillips Canada plans to lay off 400 employees and 100 contractors, for a 15 per cent workforce reduction.

Penn West (TSX:PWT) says most of the job cuts it announced Tuesday are effective immediately, while ConocoPhillips told its employees on Monday that its workforce reduction will happen by mid-October.

The companies say they are responding to the recent decline in oil prices that looks to be prolonged.

North American crude has been trading below US$50 a barrel in recent weeks compared to over US$100 a barrel last summer.

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