Oil price slump sees jobs cut in Canada

Low crude prices and disrupted oil-sands operations have pushed Nexen Energy to lay off yet more employees.

Oil price slump sees jobs cut in Canada
(Bloomberg) Nexen Energy, the Canadian unit of China’s Cnooc Ltd., cut 120 jobs as the company struggled with low crude prices and disrupted oil-sands operations.

“Given the current economic reality, we have made the difficult decision to reduce our workforce,” Brittney Price, a company spokeswoman, said in an e-mail. “We take these decisions seriously, and all impacted employees have been treated fairly and with respect.”

The cuts come as Canadian producers cope with the drop in oil prices to as low as $26 a barrel from as high as $108 in 2014.

Nexen had already reduced its staff by 13 percent a year ago and has mostly exited the oil-trading business. Adding to its troubles, Nexen has suffered a series of disruptions at its Long Lake oil-sands operations over the past year.

The company’s upgrader was shut and oil-sands production was curtailed after an explosion in January. That incident followed an oil spill in July caused by a pipeline leak. The spill prompted the Alberta Energy Regulator to shut operations for part of September.

More like this:

Mercedes-Benz backing people, not robots 

Should HR rehire ex-employees? 

A new HR twist in meeting millennial demands 
 

Free newsletter

Our daily newsletter is FREE and keeps you up-to-date with the world of HR. Please complete the form below and click on subscribe for daily newsletters from HRD Canada.

Recent articles & video

How can HR build resilience in the workplace?

CEO apologises for seemingly echoing Nazi slogan

Hungry for innovation? Foster equality in the workplace

HRD launches game-changing website redesign

Most Read Articles

Another termination clause bites the dust in superior court

What does an exceptional leader look like?

Is your workplace culture toxic?