Energy giant Repsol cuts Calgary headcount amid oil rut
CALGARY – Spanish energy giant Repsol is reducing its Calgary headcount by between 10 and 15 per cent as the downturn in oil prices continues to take its toll.
Spokesman Brent Anderson declined to say how many workers the company employed in the city before the latest round of cuts.
Anderson concedes it has been a tough week for employees, adding that the layoff decision was not made lightly.
Repsol finalized its $13-billion acquisition of Calgary-based Talisman Energy last May.
The Canadian Association of Oilwell Drilling Contractors has estimated that 100,000 oil and gas industry jobs in Canada have been lost as a result of the downturn.
The U.S. benchmark oil price is currently under US$35 a barrel — a dramatic drop from mid-2014 highs of about US$108 a barrel.