TransCanada employees were given some bad news this week that there are more job cuts planned at the pipeline and energy company as part of a major overhaul, but there is no information on how many will be given a pink slip.
Officials with the company are blaming oil prices and the current environment affecting customers.
“We must do all we can to drive down costs and pursue our projects more efficiently and strategically," said TransCanada spokesman James Millar.
"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."
About 20 percent of senior leadership positions are expected to be cut, but there is no information on how many of the company’s 6,000 employees will be keeping their jobs after it is done with restructuring.
Earlier this year, the company laid off 185 people out of its major projects division in June, saying it was the first phase of a process expected to wrap up in November.
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.
(With files from the Canadian Press)
