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

    B.C. Teen Nicholas Hannon's Death Leads To First-Degree Murder Charges Against Three Friends

    B.C. Teen Nicholas Hannon's Death Leads To First-Degree Murder Charges Against Three Friends
    First-degree murder charges have been laid against three young men, more than 18 months after the disappearance of their friend.

    B.C. Teen Nicholas Hannon's Death Leads To First-Degree Murder Charges Against Three Friends

    Victoria-Area Inmate Walks Out Of Jail Following Accidental Release from Custody

    Victoria-Area Inmate Walks Out Of Jail Following Accidental Release from Custody
    A warrant has been issued for a 30-year-old inmate from the Vancouver Island Regional Correctional Centre after he was accidentally released from custody.

    Victoria-Area Inmate Walks Out Of Jail Following Accidental Release from Custody

    Calgary Hunting Organization Decides To Move Zoo Fundraiser To New Venue

    Calgary Hunting Organization Decides To Move Zoo Fundraiser To New Venue
    CALGARY — An international hunting group has decided to move its fundraiser away from its scheduled venue at the Calgary Zoo.

    Calgary Hunting Organization Decides To Move Zoo Fundraiser To New Venue

    Coalition Talk Comes Up In Tight Race As Post-Labour Day Kicks Campaign Off

    Coalition Talk Comes Up In Tight Race As Post-Labour Day Kicks Campaign Off
    That raised the possibility of cross-party alliances, including the contentious coalition question, which also reared its head, as it did in last federal campaign.

    Coalition Talk Comes Up In Tight Race As Post-Labour Day Kicks Campaign Off

    Pakistani Man, 57, Sued For Molesting US Teenage Girl During Flight

    Pakistani Man, 57, Sued For Molesting US Teenage Girl During Flight
    Muhammad Asif Chaudhry, 57, was arrested after the July flight on charges including engaging in sexual contact with a victim between the ages of 12 and 16. 

    Pakistani Man, 57, Sued For Molesting US Teenage Girl During Flight

    Canada Lifts Ban Against Two India-Based Pharmas After Re-inspection Found 'Satisfactory Progress'

    Canada Lifts Ban Against Two India-Based Pharmas After Re-inspection Found 'Satisfactory Progress'
    The re-inspection carried out in June paved the way for Canadian pharmaceutical giant Apotex to import from two Bengaluru-based facilities products, under strict conditions

    Canada Lifts Ban Against Two India-Based Pharmas After Re-inspection Found 'Satisfactory Progress'