Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

UPDATE 2-Enbridge cuts 5 percent of work force in Canada, U.S.

Published 2016-10-19, 05:02 p/m
© Reuters.  UPDATE 2-Enbridge cuts 5 percent of work force in Canada, U.S.
SEP
-
MPC
-
ENB
-

(Adds background)

CALGARY, Alberta, Oct 19 (Reuters) - Enbridge Inc ENB.TO , Canada's largest pipeline company, is laying off 5 percent of its work force after an organizational review, a spokeswoman said on Wednesday.

The cuts will total 530 people, slashing 370 positions in Canada and 160 in the United States.

Calgary-based Enbridge launched the organizational review in the first quarter of 2016, spokeswoman Suzanne Wilton said in an email.

The reduction is not related to the company's $28 billion (C$37 billion) acquisition of Canadian pipeline operator Spectra Energy Corp (NYSE:SE), Wilton said, which Enbridge announced in September.

The cuts come roughly three weeks after Enbridge announced a $1.075 billion sale of its South Prairie assets, which includes liquids pipelines and related facilities in Southeast Saskatchewan and southwest Manitoba. latest layoffs are not the first employee cuts by Enbridge since oil prices fell into a two-year slump. Last November, Enbridge cut 5 percent of its workforce, which at the time represented about 500 positions in Canada and the United States, as well as 100 unfilled positions. of thousands of jobs have been lost in both the Canadian and U.S. oil and gas sector since prices crashed in mid-2014.

Enbridge recently became an investor in the embattled Dakota Access Pipeline, after ditching plans to build the proposed Sandpiper Pipeline through the U.S. Midwest in a joint venture with Marathon Petroleum (NYSE:MPC).

Construction on the Dakota Access, which will move crude from the Bakken shale to the Midwest and U.S. Gulf Coast, was halted in early September following protests from Native American groups.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.