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UPDATE 1-TransCanada to cut more management jobs

Published 2015-10-21, 11:51 a/m
UPDATE 1-TransCanada to cut more management jobs
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(Adds background in paragraphs 2-5)
CALGARY, Alberta, Oct 21 (Reuters) - Pipeline company
TransCanada Corp TRP.TO has announced new job cuts,
eliminating about 20 percent of its directors as slumping oil
prices continue to take their toll on its customers, a spokesman
said on Wednesday.
The company, which is proposing the Keystone XL and Energy
East pipeline projects, said the latest cuts affect about 30
directors. This follows an announcement in September to
eliminate 20 percent of its senior management positions at the
vice-president level and above. urn:newsml:reuters.com:*:nL1N11U1TZ
TransCanada laid off 185 people from its major projects
division in June, joining several other Calgary-based energy
companies, including Suncor Energy Inc SU.TO and Penn West
Petroleum Ltd PWT.TO , that had trimmed staffing levels in
order to survive the oil price slump.
Delays in a decision on whether to approve the Keystone XL
project and other proposals have also caused uncertainty for
TransCanada and the energy industry.
TransCanada spokesman James Millar said the company was
undergoing "significant" restructuring to become more nimble in
its natural gas pipelines, liquids pipelines and energy units.
He said the restructuring would allow TransCanada to pursue
about C$46 billion in commercially secured projects underway for
completion by the end of the decade.


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