Penn West Petroleum cuts staff by a quarter since the beginning of 2013
CALGARY – Penn West Petroleum (TSX:PWT) says it has cut 25 per cent of its workforce since the beginning of the year.
The Calgary-based oil company says its head count now stands at 1,600.
The company says it has reduced its staff by 30 per cent since last fall.
CEO Dave Roberts says the move is meant to restore Penn West’s competitiveness.
The company expects to take a $25-million charge in the third quarter in connection with the layoffs.
Penn West warned of job cuts in June when it announced that Roberts would be replacing Murray Nunns as CEO and that the company would be cutting its quarterly dividend by half.
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