Pipeline Company TransCanada Says Cuts 185 Jobs

Reuters

CALGARY, Alberta, June 23 (Reuters) - TransCanada Corp., the backer of the controversial Keystone XL pipeline project, said on Tuesday it has cut 185 jobs following a restructuring to lower costs for customers affected by weak oil and natural gas prices.

The country's No.2 pipeline operator said 100 full-time jobs were eliminated, while the rest were contract jobs. The Calgary-based company has about 6,000 employees.

"These positions were removed following a restructuring of the Major Projects department," TransCanada said in a statement.

The department oversees development of its largest projects, including Keystone XL and its C$12 billion Energy East line, which will take Alberta crude to Eastern Canadian refineries and an Atlantic export port.

Canadian oil and gas producers have slashed thousands of jobs as weak prices hurt profits and cash flows. TransCanada's job cuts are its first after oil prices fell by nearly half over the past year, and are intended to keep costs low in order to maintain volumes on its lines, it said.

The company's major projects department oversees development of the largest projects, including Keystone XL and its C$12 billion Energy East line, which will take Alberta crude to Eastern Canadian refineries and an Atlantic export port.

TransCanada shares rose 1.9 percent to C$53.70 shortly before the close on the Toronto Stock Exchange.

($1 = 1.2335 Canadian dollars)

(Reporting by Scott Haggett; Editing by Meredith Mazzilli)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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