Devon Energy Corp.'s Canadian unit has laid off 15 per cent of its staff in the latest job cuts to hit the oil patch as it chops spending to cope with the collapse in crude prices.
About 200 positions have been cut by Devon Canada, a subsidiary of the Oklahoma City-based independent oil and gas producer, spokeswoman Nadine Barber said.
The move comes after the company completed construction of the most recent phase of its Jackfish oil-sands project in Northern Alberta.
"In the past two years, Devon has seen a significant reduction in capital spending in Canada as major projects, like Jackfish, have been completed," Ms. Barber said in an e-mail. "We expect capital to remain at lower-than-historic levels for the foreseeable future."
In the summer, the Canadian Association of Petroleum Producers pegged job losses in the industry this year at 35,000, and there have been numerous layoffs announced since then as crude prices have languished under $50 (U.S.) per barrel.
Meanwhile, companies have repeatedly slashed spending. On Tuesday, Royal Dutch Shell PLC announced it was shutting down construction of its multibillion-dollar Carmon Creek oil-sands project in the Peace River, Alta., area, blaming weak crude prices and insufficient pipeline capacity to export its output.
With a file from Jeffrey Jones