Sign Up for FREE Daily Energy News
 
BREAKING NEWS:
Precision Well Servicing
Copper Tip Energy Services
Hazloc Heaters
Precision Well Servicing
Copper Tip Energy
Hazloc Heaters

Alberta Oil-Production Cuts Saved Jobs at MEG Energy, CEO Says


Dec 4, 2018, by Kevin Orland
(Bloomberg)

Alberta’s mandated crude-production cuts have prevented layoffs from at least one Canadian oil producer.

MEG Energy Corp. Chief Executive Officer Derek Evans said his company was considering laying off workers and slashing production at its Christina Lake project by 30 percent until Alberta’s mandated oil-production cuts lifted Canadian heavy crude prices.

“As of last Friday, we were trying to figure out how we could minimize, absolutely minimize, our capital expenditure,” Evans said in an interview with BNN Bloomberg Television. “We were looking at laying people off. We were looking at how we were going to make it through the first quarter and the first half of 2019.”

The cuts announced Sunday have “taken away the belief that we’re going to have to lay off people before Christmas,” he said.



Share This:



More News Articles


New SHOWCASE Directory Companies

 

Osprey Informatics
Vision Integrity Engineering Ltd.
Stream-Flo
CFR Chemicals
Ironhub
Nationwide Boiler Inc
Scovan Engineering
Silverstream Energy Solutions