ConocoPhillips To Lay Off 300 In Canada After Cenovus Deal



ConocoPhillips To Lay Off 300 In Canada After Cenovus Deal
ConocoPhillips will lay off 300 Canadian workers, mostly in the country's oil capital of Calgary.

Reuters

CALGARY, Alberta, May 4 (Reuters) - ConocoPhillips will lay off 300 Canadian workers, mostly in the country's oil capital of Calgary, after selling most of its local assets to local producer Cenovus Energy Inc, the Houston-based company said on Thursday.

The layoffs will occur by the middle of May, ConocoPhillips spokesman Rob Evans said.

It was not immediately clear what percentage of the Canadian workforce would be laid off. The company had more than 2,000 staff as of late-2015 and currently employs around 13,300 globally.

ConocoPhillips in March agreed to sell oil sands and Western Canadian natural gas assets to Cenovus for C$17 billion ($12.4 billion), making it the latest international oil major to pull back from a region where high costs and low crude prices have made it hard for large companies to make an acceptable return.

($1 = 1.3726 Canadian dollars)

(Reporting by Ethan Lou in Calgary, Alberta; Editing by Bernadette Baum)



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