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

Canada Will Stick With NATO Assurance Mission Until Next June: Harper

OTTAWA — Prime Minister Stephen Harper says Canada will extend its participation in NATO efforts to support security in central and eastern Europe until June 2016.

Canada Will Stick With NATO Assurance Mission Until Next June: Harper

Stars Of Reality Show 'Grand Benders' Face Charges

Police say 65-year-old Mickey Rapaport faces a charge of assault with a weapon while 28-year-old Justin Rapaport is charged with obstructing a peace officer.

Stars Of Reality Show 'Grand Benders' Face Charges

On Campaign's Eve, Tories Atop Fundraising List, But NDP Leaps To Second Place

OTTAWA — Elections Canada says the Conservative party raised $7.4 million from 45,532 donors in the second quarter of the year.

On Campaign's Eve, Tories Atop Fundraising List, But NDP Leaps To Second Place

Liberals Attack Tory Economic Record As Election Looms

Statistics Canada reported Friday that the economy shrank in May, marking five consecutive months of decline in the gross domestic product.

Liberals Attack Tory Economic Record As Election Looms

Duffy, Wallin, Brazeau Senate Suspensions To End With Dissolution Of Parliament

OTTAWA — Three senators will see their suspensions without pay come to an abrupt end once an election is called, but only one will be get immediate, full access to perks and expenses.

Duffy, Wallin, Brazeau Senate Suspensions To End With Dissolution Of Parliament

Enbridge Expects Line 9B Pipeline Testing To Wrap Up By Year-end

CALGARY — Enbridge Inc. says it expects integrity testing on its Line 9B pipeline between southern Ontario and Montreal to wrap up by year-end.