CALGARY – ConocoPhillips says it’s cutting about 300 jobs following a deal to sell most of its Canadian oil and gas holdings to Cenovus Energy (TSX:CVE).
Spokesman Rob Evans said the layoffs are needed to adjust to the smaller size of the company following the $17.7 billion deal announced in late March.
He said the cuts will be mainly in Calgary, and employees will know by mid May if they’ve lost their job.
The layoffs come as Calgary’s overall unemployment rate has been slowly dropping, as the energy industry adjusts to stabilized oil prices of around US$50 a barrel.
The city’s unemployment rate was at 9.3 per cent in March, down from a peak of 10.2 per cent last November, but still the highest of any major city in Canada.