Enbridge Inc. says it is cutting its workforce by 650 positions due to “increasingly challenging business conditions.” The Enbridge logo is shown at the company’s annual meeting in Calgary on May 9, 2018. THE CANADIAN PRESS/Jeff McIntosh
Pipeline giant Enbridge Inc. is cutting its workforce by 650 positions due to what it calls “increasingly challenging business conditions.”
Enbridge spokeswoman Gina Sutherland confirmed the cuts in an email Tuesday, adding the Calgary-based company aims to complete the job reductions by March 1.
“Persistent headwinds – including higher interest rates, economic uncertainty and the ripple effects of geopolitical developments – all contribute to increasingly challenging business conditions across many industries,” Sutherland said.
The company currently has approximately 12,000 employees, primarily in the U.S. and Canada, according to its website.
Enbridge will attempt to minimize the human impact of the cuts by looking first at reducing vacancies, contract positions and redeploying people where possible, Sutherland added.
She did not provide specifics on which business units or regions would be most affected.
Enbridge, which is set to release its fourth-quarter and full-year 2023 financial results on Feb. 9, has made a number of significant business moves in recent months.
In September, the company announced it will purchase three U.S.-based utility companies — the East Ohio Gas Company, Questar Gas Company and its related Wexpro companies, and the Public Service Company of North Carolina — from Virginia-based Dominion Energy Inc. in a US$14 billion cash-and-debt deal.
The deal, expected to close sometime this year, will double the scale of Enbridge’s gas utility business, making it the largest by volume in North America with a combined rate base of over $27 billion and about 7,000 employees delivering over nine billion cubic feet per day of gas to approximately seven million customers.
The company also announced in December the sale of its stakes in the Alliance pipeline and Aux Sable gas processing facility to Pembina Pipeline Corp. for $3.1 billion. It said it would use part of the proceeds to help finance the previously announced U.S. utilities purchase.
Enbridge is not the only Canadian energy company to announce significant layoffs in recent months. Suncor Energy Inc. announced last June its plan to cut 1,500 positions before the end of 2023 in an effort to reduce costs and improve the company’s financial performance.
This report by The Canadian Press was first published Jan. 30, 2024.
Companies in this story: (TSX:ENB)
Amanda Stephenson, The Canadian Press
- 0073 SaskWorks-Pipeline Online0073 SaskWorks-Pipeline Online
- 0072 Outlaw Buckers and Oil Kings 20240072 Outlaw Buckers and Oil Kings 2024
- 0069 Sask Oil Show 2024 banquet tickets0069 Sask Oil Show 2024 banquet tickets
- 0071 Pride Upkeep 2024 Packages0071 Pride Upkeep 2024 Packages
- 0070 Sask Oil Show 2024 pre-register0070 Sask Oil Show 2024 pre-register
- 0068 Sask Oil Show 2024 booth0068 Sask Oil Show 2024 booth
- 0067 PFM SaskWorks Payroll Investment Plan0067 PFM SaskWorks Payroll Investment Plan
- 0066 WBPC Promo video 30 seconds0066 WBPC Promo video 30 seconds
- 0064 Estevan OTS0064 Estevan OTS
- 0063 Turnbull Excavating hiring crusher0063 Turnbull Excavating hiring crusher
- 0062 TED_EPAC_Technology_300062 TED_EPAC_Technology_30
- 0061 SIMSA 2024 For Sask Buy Sask0061 SIMSA 2024 For Sask Buy Sask
- 0058 Royal Helium Steveville opens anonymous rocket0058 Royal Helium Steveville opens anonymous rocket
- 0055 Smart Power Be Smart with your Power office0055 Smart Power Be Smart with your Power office
- 0052 Predator Inspections0052 Predator Inspections
- 0051 JML Hiring Pumpjack assembly0051 JML Hiring Pumpjack assembly
- 0049 Scotsburn Dental soft guitar0049 Scotsburn Dental soft guitar
- 0046 City of Estevan This is Estevan0046 City of Estevan This is Estevan
- 0041 DEEP Since 2018 now we are going to build0041 DEEP Since 2018 now we are going to build
- 0032 IWS Summer hiring rock trailer music
- 0022 Grimes winter hiring
- 0021 OSY Rentals S8 Promo
- 0018 IWS Hiring Royal Summer
- 0015 Latus Viro0015 Latus Viro
- 0013 Panther Drilling PO ad 03 top drive rigs
- 0011
- 0006 JK Junior
- 0002 gilliss casing services0002 gilliss casing services
- 9002 Pipeline Online 30 sec EBEX9002 Pipeline Online 30 sec EBEX
- 9001