Close X
Friday, November 29, 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

    Crown Takes First Step Toward High Risk Designation For Allan Schoenborn, Dad Who Killed 3 Kids

    Crown Takes First Step Toward High Risk Designation For Allan Schoenborn, Dad Who Killed 3 Kids
    Lawyers for British Columbia's Criminal Justice Branch are in court this afternoon applying to have child killer Allan Schoenborn declared a "high-risk accused."

    Crown Takes First Step Toward High Risk Designation For Allan Schoenborn, Dad Who Killed 3 Kids

    Australian-Indian woman Sonia Singh Awarded For Recycling Discarded Dolls

    Australian-Indian woman Sonia Singh Awarded For Recycling Discarded Dolls
    Sonia Singh, from Tasmania's capital Hobart, has won the Etsy Design Award for her project "Tree Change Dolls" by beating 52 other finalists selected by a panel 

    Australian-Indian woman Sonia Singh Awarded For Recycling Discarded Dolls

    B.C. Man To Be Sentenced After Second Conviction For Young Woman's 1993 Murder

    B.C. Man To Be Sentenced After Second Conviction For Young Woman's 1993 Murder
    Neil Snelson was found guilty in June of manslaughter for the killing of 19-year-old Jennifer Cusworth, who was beaten to death after leaving a Kelowna house party where the pair met.

    B.C. Man To Be Sentenced After Second Conviction For Young Woman's 1993 Murder

    Union Says Ontario Nurses Can't Be Forced To Wear Masks In Flu Season

    Union Says Ontario Nurses Can't Be Forced To Wear Masks In Flu Season
    The Ontario Nurses Association says hospitals will no longer be allowed to shame health-care workers into getting a flu shot following an arbitrator's ruling striking down a "vaccinate or mask" policy.

    Union Says Ontario Nurses Can't Be Forced To Wear Masks In Flu Season

    NDP Would End Canada's Mission In Iraq, Syria; Harper Hints At Help For Refugees

    NDP Would End Canada's Mission In Iraq, Syria; Harper Hints At Help For Refugees
    Tom Mulcair says Canadian military personnel will immediately come home from Iraq and Syria this fall — months earlier than planned — if the NDP wins the Oct. 19 federal election.

    NDP Would End Canada's Mission In Iraq, Syria; Harper Hints At Help For Refugees

    Parti Quebecois Leader Pierre Karl Peladeau Says Quebecor Shares Put In Trust

    Parti Quebecois Leader Pierre Karl Peladeau says he is placing his controlling shares of Quebecor Inc. into a trust administered by a well-known financier.

    Parti Quebecois Leader Pierre Karl Peladeau Says Quebecor Shares Put In Trust