Talisman cuts staff to streamline operations
Talisman Energy Inc.
Published Wednesday, February 20, 2013 3:18PM MST
Last Updated Wednesday, February 20, 2013 3:20PM MST
Calgary-based Talisman Energy has laid off staff in an effort to reorganize and cut costs.
The energy company announced the layoffs of 90 employees at its Calgary office on Wednesday.
Talisman says low North American natural gas prices have forced it to cut spending.
The company says it wants to improve shareholder returns by improving cash margins on each barrel it produces. It also plans to focus investing on the liquids-rich part of its portfolio.
Company Vice-President John Rossall says it was a difficult decision to let the employees go.
Talisman employs about 1500 people in Canada, 1200 of which are in Calgary.