Encana / To cut workforce by 20 per cent

Canadian natural gas giant Encana Corp. says it will cut its workforce by 20 per cent, close its office in Plano, Texas, and spin off a large portion of its Alberta assets into a separate public company.

Encana (TSX:ECA) didn’t say how many jobs will be cut during the reorganization but said it would consolidate its office locations in Calgary and Denver.

As of late 2012 it had about 650 corporate staff out of a total workforce of nearly 4,200 in Canada and the United States.”In order to align our organization with our strategy, we have had to make a number of exceptionally difficult decisions,” Encana CEO Doug Suttles said in a statement.

“The restructuring that is underway reflects our shift from funding about 30 different plays to focusing our resources on five key areas.”

“We will work as hard as we can to make these staffing decisions quickly and thoughtfully and we will treat everyone affected with respect as we work through this very difficult part of our transition.”

Chosen excerpts by Job Market Monitor. Read the whole story at 

via Encana cutting workforce 20 per cent to reduce costs.