About two years after Nexen signed off on a takeover deal by a Chinese company, the Alberta company will be cutting positions.
The Financial Post reports the company is laying off senior management and staff, flying in the face of the promises CNOOC made with Ottawa as part of their takeover bid. The company promised the federal government that it would retain the number of people who work there.
There is no information on how many staff with be let go, but reports say it could be hundreds.
Nexen agreed to the $15.1B buyout deal back in July 2012.
Nexen’s CEO Kevin Reinhart was laid off in April of this year.
Chinese National Offshore Oil Company (CNOOC) has stakes in several other Canadian energy companies including MEG Energy Ltd., OPTI Canada Inc., and Northern Cross (Yukon) Limited.
