Oil company ConocoPhillips plans to cut about 7 percent of its workforce in Canada, or about 200 employees, as tumbling oil prices have made its operations in the country less profitable. The company, which operates conventional and oil sands operations in Canada, told Reuters on Wednesday the cuts came as oil prices continue to weaken after falling more than 60 percent since June.
“The challenging economic environment has required us to make some difficult decisions,” Andrea Urbanek, a spokeswoman for the company, said in an email. ConocoPhillips shares were up 4 cents in midday trading on the New York Stock Exchange at $62.05.
The layoffs follow one from Talisman Energy Inc on Wednesday; the company will cut 15 percent of its staff due to low prices ahead of its acquisition by Spain’s Repsol SA .
Other Canadian producers that have already announced job cuts include CNOOC-owned Nexen Energy, Suncor Energy Inc and Royal Dutch Shell.