Talisman Energy Cuts 90 Jobs in Calgary on Low Gas Prices

Talisman Energy Inc. will fire 90 employees in its Calgary office because of low natural gas prices.

Talisman is reducing spending on gas operations, the Calgary-based company said in a statement today. Talisman will continue to employ 1,500 people in Canada, though the company may cut more jobs over the year as it reduces general and administrative costs of $500 million by one-fifth, Phoebe Buckland, a company spokeswoman, said in a phone interview today.

“About $100 million to $150 million is this 20 percent that we’re trying to reduce,” Buckland said. “Approximately 60 percent of that is related to people costs.”

Talisman Chief Executive Officer Hal Kvisle said Feb. 13 the company planned to reduce its capital budget by 25 percent to $3 billion this year.

The company will outline its spending plans at an investor meeting in Calgary on March 6, Buckland said.

To contact the reporter on this story: Rebecca Penty in Calgary at rpenty@bloomberg.net

To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net

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