The Canadian Press

2015-09-01 | Oilpatch Jobs Cut

Preview Clip

A fresh wave of layoffs is hitting the energy sector as two oil and gas companies cut a total of 900 jobs, mostly in Calgary. Penn West Petroleum is cutting its workforce by 35 per cent for a loss of over 400 full-time employees and contractors. And ConocoPhillips Canada plans to lay off 400 employees and 100 contractors, for a 15 per cent workforce reduction. ConocoPhillips spokesman Rob Evans says they've had to respond to what they see as longer-term low oil prices. (North American crude has been trading below 50-dollars US a barrel in recent weeks compared to over 100-dollars last summer.)

Date: 2015-09-01
Placeline: CALGARY.
Source: The Canadian Press
Length: 13 seconds

Transcript Prediction: << we don't see a lot of Correction in the short-term to really kind of adjusting how we are working to be able to be sustainable in that low-cost environment so it's really kind of changing the way we work and that's resulting in unfortunate stuff reduction >>