Close X
Monday, November 11, 2024
ADVT 
National

TransCanada Warns Layoffs Coming As Oil Downturn Squeezes Customers

The Canadian Press, 24 Sep, 2015 12:58 PM
    CALGARY — Employees at TransCanada were informed this week that more job cuts are coming as part of a major overhaul that includes shedding a fifth of senior leadership positions from the pipeline and energy company.
     
    "Falling oil prices and the current environment are having a profound impact on our customers and we must do all we can to drive down costs and pursue our projects more efficiently and strategically," spokesman James Millar said in an emailed statement.
     
    "We are now introducing significant changes that will make us a more nimble organization that will ensure each one of our three business units — natural gas pipelines, liquids pipelines and energy — are able to make the decisions necessary to maintain competitiveness and maximize shareholder value."
     
    TransCanada's growth plan includes $46 billion in commercially secured projects that are set to be complete by the end of the decade.
     
    Millar said about 20 per cent of senior leadership positions are expected to be cut when layoffs and retirements are taken into account.
     
    After that, TransCanada will continue to analyze its organizational structure. It's not clear yet how many of TransCanada's 6,000 employees may ultimately lose their jobs.
     
    TransCanada eliminated 185 positions from its major projects division in June, the first phase of a process that's expected to wrap up in November.
     
    Earlier this week, U.S. presidential contender Hillary Clinton came out against TransCanada's (TSX:TRP) proposed Keystone XL pipeline, a cross-border oilsands conduit that has been stuck in U.S. regulatory limbo for seven years.
     
    Meanwhile, U.S. benchmark crude prices are hovering below US$45 a barrel — about half of what they were a year ago and below what many producers need to turn a profit.
     
    The Canadian Association of Petroleum Producers has estimated 35,000 jobs in the oil and gas industry have been shed so far this year.

    MORE National ARTICLES

    Vancouver High-Climber Joseph Mcguire's Fun Death-Defying Stunts Prompt Police Investigation

    Vancouver High-Climber Joseph Mcguire's Fun Death-Defying Stunts Prompt Police Investigation
    Joseph McGuire recently climbed the 24-storey Eau Claire Tower and a construction crane atop it, saying he did it because he considers it a sport and he likes the view.

    Vancouver High-Climber Joseph Mcguire's Fun Death-Defying Stunts Prompt Police Investigation

    Four More Held In Teenager's Gang-Rape Case In Jaipur

    Four More Held In Teenager's Gang-Rape Case In Jaipur
    Four more people have been arrested in connection with the alleged gang-rape of 17-year-old Delhi-based girl who was taken to Jaipur by her neighbour on the pretext of providing a job, police said.

    Four More Held In Teenager's Gang-Rape Case In Jaipur

    Medical Robot In Saskatchewan Is Connecting Doctors To Faraway Patients

    Medical Robot In Saskatchewan Is Connecting Doctors To Faraway Patients
    A new medical robot in Saskatchewan is connecting doctors with patients who would otherwise have to travel long distances for appointments.

    Medical Robot In Saskatchewan Is Connecting Doctors To Faraway Patients

    'It's Very Helpful:' Some Bail Conditions Eased For Omar Khadr At Edmonton Hearing

    Khadr's curfew is being relaxed to allow him to attend night classes and early-morning prayers. Court heard Khadr is studying to become an emergency medical technician.

    'It's Very Helpful:' Some Bail Conditions Eased For Omar Khadr At Edmonton Hearing

    B.C. Liquor Store Fundraiser Pumps $102,000 Into Wildfire Relief

    B.C. Liquor Store Fundraiser Pumps $102,000 Into Wildfire Relief
    Customers and employees of B.C. liquor stores have raised $102,000 to support victims of this summer's wildfires in the province.

    B.C. Liquor Store Fundraiser Pumps $102,000 Into Wildfire Relief

    Ontario Looks At Importing More Electricity From Quebec At Joint Cabinet Meeting

    Ontario Looks At Importing More Electricity From Quebec At Joint Cabinet Meeting
    QUEBEC — Ontario will look at the financial implications of buying more electricity from Quebec under an agreement to be signed Friday at a joint cabinet meeting in Quebec City.

    Ontario Looks At Importing More Electricity From Quebec At Joint Cabinet Meeting