Layoffs announced following Encana, Newfield integration
Encana has confirmed layoffs in Calgary, Alta. that were announced last Thursday, but is yet to provide numbers.
“Following the close of our combination with Newfield, we are quickly integrating the two companies to capture efficiencies and ensure our organization is appropriately sized,” said a spokesperson in a prepared statement to Canadian Press. “This includes staffing reductions in our Calgary, Denver and Houston offices.”
The spokesperson would not provide any further details on the numbers of layoffs expected.
“We have previously confirmed we expect to capture $250 million in annual synergies through our combination — half from general and administrative savings — half from drilling more efficient wells,” the spokesman told Canadian Press.
Calgary based Encana closed the deal to acquire Houston-based Newfield Exploration on Feb. 13, in an all-stock offer it said was worth about $5.5 billion (US).
Two directors from the Newfield board joined the Encana board upon closing.