CALGARY — A fresh wave of layoffs is hitting the energy sector as two oil and gas companies cut a total of 900 jobs, mostly in Calgary.
Penn West Petroleum is cutting its workforce by 35 per cent for a loss of over 400 full-time employees and contractors.
And ConocoPhillips Canada plans to lay off 400 employees and 100 contractors, for a 15 per cent workforce reduction.
Penn West (TSX:PWT) says most of the job cuts it announced Tuesday are effective immediately, while ConocoPhillips told its employees on Monday that its workforce reduction will happen by mid-October.
The companies say they are responding to the recent decline in oil prices that looks to be prolonged.
North American crude has been trading below US$50 a barrel in recent weeks compared to over US$100 a barrel last summer.
