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Job cuts coming at pipeline giant TransCanada

TransCanada CEO Russ Girling attends a news conference in Calgary, Alta., Thursday, Aug. 1, 2013. .
TransCanada CEO Russ Girling attends a news conference in Calgary, Alta., Thursday, Aug. 1, 2013. . THE CANADIAN PRESS/Jeff McIntosh

CALGARY – TransCanada confirmed layoff rumors Thursday, but hasn’t said yet how many people will be let go.

The Calgary-based company says employees, management and contractors will be advised of any job losses or changes by the end of the month.

“It will be up to the leadership teams to determine the appropriate resources and workforce needed for their business units,” said TransCanada in a statement.

The company vowed to “review all of [its] options” immediately after U.S. President Barack Obama denied a permit for the Keystone XL pipeline.

Obama formally rejected the TransCanada application Nov. 6, ending seven years of debate over the controversial project.

READ MORE: No easy options for TransCanada after Keystone XL rejection

“Falling oil prices and the current environment are having a profound impact on our customers and we must do all we can to drive down costs and pursue our projects more efficiently and strategically,” said a company spokesperson.

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With files from Tomasia DaSilva