- Producer wrapped up major Canadian projects including Jackfish
- Job reduction amounts to 15 percent of Canadian headcount
Devon Energy Corp. cut 200 employees in Canada on Wednesday as it slows spending in the oil sands amid a crude price slump.
The reduction of about 15 percent of the company’s employees in Canada brings the head count in the country to 1,050, Nadine Barber, a spokeswoman, said in an e-mail.
“In the past two years, Devon has seen a significant reduction in capital spending in Canada as major projects, like Jackfish, have been completed,” Barber said, referring to the oil-sands drilling project it owns and operates in northern Alberta. “We expect capital to remain at lower-than-historic levels for the foreseeable future.”
The Devon cuts add to about 36,000 oil and natural gas jobs lost in the country since the price crash began more than a year ago, according to an estimate this month from the Canadian Association of Petroleum Producers. Meg Energy Corp., another oil-sands developer, said Wednesday it has cut about 30 percent of its workforce over the past year, including employees and contractors. Crude remains below $50 a barrel after falling from a high of over $100 last year.