Close X
Saturday, October 12, 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

    CP exclusive: Wynne says some sex education protesters motivated by homophobia

    CP exclusive: Wynne says some sex education protesters motivated by homophobia
    WASHINGTON — The elder statesman among all former Canadian ambassadors to the United States says he's never seen the relationship between the two governments quite this cool.

    CP exclusive: Wynne says some sex education protesters motivated by homophobia

    Quebec education minister Bolduc quits politics in wake of strip-search comments

    Quebec education minister Bolduc quits politics in wake of strip-search comments
    QUEBEC — Embattled Quebec Education Minister Yves Bolduc quit politics on Thursday and will return to practising medicine.

    Quebec education minister Bolduc quits politics in wake of strip-search comments

    Case postponed for Montreal man RCMP says it fears will commit terrorism offence

    Case postponed for Montreal man RCMP says it fears will commit terrorism offence
    MONTREAL — The case of a Montreal man who the RCMP says it fears will commit a terrorism offence has been postponed until next month.

    Case postponed for Montreal man RCMP says it fears will commit terrorism offence

    New Canadian jail looks at ways of keeping out drug drones flying overhead

    New Canadian jail looks at ways of keeping out drug drones flying overhead
    HALIFAX — One of Canada's newest jails is researching the use of detectors to prevent the invasion of drug-bearing drones that have plagued some North American prisons.

    New Canadian jail looks at ways of keeping out drug drones flying overhead

    Body recovered near Natuashish in Labrador is missing teen: Innu chief

    Body recovered near Natuashish in Labrador is missing teen: Innu chief
    NATUASHISH, N.L. — The chief of Natuashish in Labrador says a body recovered on sea ice near the Innu community is that of James Poker, a teenager who was reported missing 10 days ago.

    Body recovered near Natuashish in Labrador is missing teen: Innu chief

    Ottawa ignoring ways to reduce number of missing, murdered native women: study

    Ottawa ignoring ways to reduce number of missing, murdered native women: study
    A study says the federal government is ignoring dozens of recommendations on how to reduce the number of missing and murdered aboriginal women.

    Ottawa ignoring ways to reduce number of missing, murdered native women: study