Canada’s Encana Corp is slashing 20% of its workforce after decreasing its capital spending to less than half of its 2015 expenditure.
“It’s a tough time to be someone who works in the oil and gas industry,” Encana CEO Doug Suttles said in today’s conference call with investors.
“The job reductions not only in Encana but across the industry have been as severe as I’ve ever seen in 33 years.”
The upcoming layoffs indicate an immense nosedive from last year’s numbers, although Suttles did not specify how many positions will be cut overall.
“Here at Encana this will bring us to about 55 per cent reduction from just over two years ago,” said Suttles.
“In my experience that’s incredible.”
Suttles also mentioned the possibility of offering employees sabbaticals or placing them with service provider or contractor roles.