The Globe and Mail

June 8, 2023
Top News


Canada’s TC Energy Corp. TRP-T is cutting some jobs to “optimize value,” a company spokesperson said on Tuesday, without giving details of how many positions have been affected.

News of the job cuts at TC Energy comes a week after Suncor Energy Inc. told employees it would eliminate 1,500 jobs. Earlier this year, Imperial Oil Ltd. cut the number of contractors working at its Kearl oil sands project.

A Calgary-based industry source said the number of layoffs at TC Energy was believed to be much smaller than the job cuts at Suncor, where new chief executive officer Rich Kruger has vowed to reduce costs, improve efficiency and simplify operations.

TC Energy said the company continually reviews its operations and as the business evolves some positions are reduced.

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Oil Price Update

Joe Raedle/Getty Images

Oil prices climbed about 1% on Wednesday as Saudi Arabia’s plans for deep output cuts more than offset demand woes stemming from rising U.S. fuel stocks and weak Chinese export data.

Brent crude futures settled 66 cents, or 0.9%, higher at $76.95 a barrel, while U.S. West Texas Intermediate crude futures gained 79 cents, or 1.1%, to $72.53.

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