Calgary-Based Crescent Point Energy Cutting Workforce By 17%

1,085 people work for the company.

In the latest example of trouble in Canada’s energy industry, Calgary-based Crescent Point Energy Corporation is cutting their workforce by 17%.

They are also selling some of their infrastructure assets.

According to BNN Bloomberg, Crescent Point CEO Craig Bryksa said “This restructuring is difficult, however we needed to adjust the organization to match our current business needs. We are all focused on executing our transition plan and are excited about Crescent Point’s future.”

There are currently 1,085 employees at the company. The company says they will save $50 million with the job cuts.

We continue to see struggles in the energy sector, as the realization grows that the Trudeau government is unwilling to confront the foreign money trying to destroy the Canadian energy industry, and as investors notice that the new regulatory process is almost purposely designed to make sure projects aren’t approved.

Unfortunately, these job losses at Crescent Point aren’t the first, and won’t be the last. Until we get leadership that actually wants our energy industry to thrive, the whole sector will remain at risk.

Spencer Fernando