Meg Energy Cuts 30 Percent of Workforce Over Past Year in Slump
- Oil company slowing growth, reducing costs with low prices
- Both employees and contractors affected by job reductions
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Canadian oil-sands developer Meg Energy Corp. has eliminated 30 percent of its workforce over the past year as it slows production growth and cuts costs to weather the crude market downturn.
The producer is focusing on expanding existing operations and needs fewer workers, Bill McCaffrey, the company’s chairman and chief executive officer, said Wednesday on a conference call to discuss third-quarter earnings results.