National

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.

Prev Next

MORE National ARTICLES

Gardens Sprout In London Community Mailbox Sites As Locals Oppose Canada Post

Miniature gardens are sprouting at certain locations in London, Ont., where Canada Post plans to install controversial community mailboxes.

Gardens Sprout In London Community Mailbox Sites As Locals Oppose Canada Post

'A Sour Result' As Canadian Economy Shrank In May, Fifth Consecutive Monthly Decline

OTTAWA — The Canadian economy contracted in May, the fifth consecutive monthly decrease, increasing the possibility the country slipped into a recession in the first half of the year.

'A Sour Result' As Canadian Economy Shrank In May, Fifth Consecutive Monthly Decline

B.C. Among Few Provinces Without Transgender Protections In Human Rights Code

VANCOUVER — When rainbow flags and noisy revellers fill Vancouver's Davie Street for the city's annual Pride Parade on Sunday, there's one political leader who will be conspicuously absent: Premier Christy Clark.

B.C. Among Few Provinces Without Transgender Protections In Human Rights Code

Crack Military Markswoman Sgt. Tatyana Danylyshyn Takes Top Honours At International Shooting Event

VANCOUVER — A Canadian Army reservist from Vancouver Island didn't miss as she put first place in the cross hairs at an international shooting competition in England.

Crack Military Markswoman Sgt. Tatyana Danylyshyn Takes Top Honours At International Shooting Event

WHO-Led Study Shows Canadian-Made Ebola Vaccine Protects Against Dreaded Disease

A new study reported Friday that a vaccine designed by scientists working at Canada's National Microbiology Laboratory in Winnipeg induces a quick and highly protective response against the virus.

WHO-Led Study Shows Canadian-Made Ebola Vaccine Protects Against Dreaded Disease

Canada's Frustrating Dairy Hardball Could Slow Trans-Pacific Partnership Talks: New Zealand Envoy

Other parties around the bargaining table are growing exasperated with Canada for stonewalling their demands to pry open its dairy market as part of a major global free-trade deal.