Company expects to record charge of approximately $25-million in third quarter related to layoffs
CALGARY—Penn West Petroleum Ltd. said it has cut more jobs as part of a company-wide plan to improve its “competitive performance.”
The company now employs less than 1,600 people.
“This week, Penn West has taken another series of focused steps to restore its competitiveness,” Penn West president and CEO Dave Roberts said in a statement.
“With this week’s change, we have now reduced the number of staff across the enterprise by over 550 from the beginning of the year.”
So far this year the Calgary-based exploration firm has reduced its total number of employees by more than 25 per cent, from approximately 2,150 full-time workers at the beginning of 2013.
Penn West cut 100 jobs late last year.
“These are never easy decisions, and parting with such a large number of our colleagues is difficult,” Roberts said. “The spirit of the company remains positive, and we are focused on stewarding Penn West toward achieving consistent, industry-leading metrics in the areas in which we operate.”
Penn West expects to record a charge of approximately $25-million in the third quarter of 2013 related to the job cuts.