TransCanada To Cut More Management Jobs

Reuters

CALGARY, Oct 21 (Reuters) - Pipeline company TransCanada Corp has announced new job cuts, eliminating about 20 percent of its directors as slumping oil prices continue to take their toll on its customers, a spokesman said on Wednesday.

The company, which is proposing the Keystone XL and Energy East pipeline projects, said the latest cuts affect about 30 directors. This follows an announcement in September to eliminate 20 percent of its senior management positions at the vice-president level and above.

TransCanada laid off 185 people from its major projects division in June, joining several other Calgary-based energy companies, including Suncor Energy Inc and Penn West Petroleum Ltd, that had trimmed staffing levels in order to survive the oil price slump.

Delays in a decision on whether to approve the Keystone XL project and other proposals have also caused uncertainty for TransCanada and the energy industry.

TransCanada spokesman James Millar said the company was undergoing "significant" restructuring to become more nimble in its natural gas pipelines, liquids pipelines and energy units. He said the restructuring would allow TransCanada to pursue about C$46 billion in commercially secured projects underway for completion by the end of the decade.

(Reporting By Mike De Souza; Editing by Chizu Nomiyama and Chris Reese)

Copyright 2017 Thomson Reuters. Click for Restrictions.

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