Canadian oil and gas infrastructure firm Gibson Energy laid off employees across its Canadian operations on Thursday, according to a company spokeswoman who declined to give specific numbers.
Calgary-based Gibson Energy, which offers storage and transport services for energy companies across North, has been hard hit by a protracted slump in oil and gasoline rates.
New chief executive Steve Spaulding took control of the business in June and continues to be focused on cutting costs.
“These are tough decisions, but the move is part of a transition into a new organizational structure that will lay the basis for long-term achievement,” spokeswoman Amanda Condie said in an email.
In August, Gibson’s biggest shareholder, Mamp;G Investment Management Ltd, published an open letter urging the company to establish a strategic review process to lower costs and boost yields.