Talisman Energy Inc., with extensive holdings in the Eagle Ford shale play, announced this week that it is cutting its workforce due to the continuing drop in crude prices.
Related: Energy Giants Announce Layoffs
Layoffs will affect between 150-200 employees and contractors from Talisman’s head office in Calgary. These cuts coincide with the company’s plans to trim its 2015 capital program to $2.1 billion, a 30 percent drop from 2014. So far, the company has not announced any job cuts in its Texas operations.
“Our decision to reduce our workforce numbers is based on the decline in global commodity prices, which has meant a reduced capital spending program for us this year. The impacts of the reductions are hitting all functions supporting all parts of the organization.”
Oil prices have fluctuated since the first of the year. After a short move upwards, the price has hovered around the mid forties for the past two weeks.
In February, Talisman Energy shareholders finalized the sale of the company to Repsol and expected to close in the second quarter of 2015. The company announced that job cuts are unrelated to this acquisition.
Read more: Repsol to Aquire Talisman Energy
Talisman’s interests in the Eagle Ford shale play are located in southeast Texas, where the Company now holds approximately 59,000 net acres of land in the following counties: