Close X
Tuesday, November 26, 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

    Court Hearings To Begin This Week Into Enbridge Cross-border Oil Pipelines

    Court Hearings To Begin This Week Into Enbridge Cross-border Oil Pipelines
    Indigenous and environmental groups filed a lawsuit late last year against the U.S. State Department and Secretary of State John Kerry in federal district court. Hearings start in Minneapolis on Thursday.

    Court Hearings To Begin This Week Into Enbridge Cross-border Oil Pipelines

    Teen Charged After Fake Dynamite Alarm Clock Seized By Toronto's Pearson Airport Security

    Teen Charged After Fake Dynamite Alarm Clock Seized By Toronto's Pearson Airport Security
    Peel police tweeted a picture of the device on Sunday with the caption: "Would you pack this in you(r) carry on luggage?"

    Teen Charged After Fake Dynamite Alarm Clock Seized By Toronto's Pearson Airport Security

    Vancouver Police Investigating After Body Found In Storm Drain On Kaslo Street

    Vancouver Police Investigating After Body Found In Storm Drain On Kaslo Street
    The investigation comes after a call to 911 reported finding a body in a storm drain.

    Vancouver Police Investigating After Body Found In Storm Drain On Kaslo Street

    2 Dead, 1 Missing After Commercial Fishing Boat Capsizes Near Tofino

    2 Dead, 1 Missing After Commercial Fishing Boat Capsizes Near Tofino
    The fishing boat went down off the coast of Vancouver Island near Estevan Point Saturday night

    2 Dead, 1 Missing After Commercial Fishing Boat Capsizes Near Tofino

    Modi Magic? India, Canada Poised For New Highs In Relations!

    Modi Magic? India, Canada Poised For New Highs In Relations!
    The premier trade and business body between the two countries says the visit of Prime Minister Narendra Modi here in April has put the growing bilateral ties on a fast track.

    Modi Magic? India, Canada Poised For New Highs In Relations!

    Federal Party Leaders Agree To Skip Jays Games After Toronto Losses When They Attended

    Federal Party Leaders Agree To Skip Jays Games After Toronto Losses When They Attended
    The Jays lost games when Tom Mulcair, Stephen Harper and Justin Trudeau were in the stands.

    Federal Party Leaders Agree To Skip Jays Games After Toronto Losses When They Attended