On Wednesday, Crescent Point Energy announced they would be reducing their workforce by 17 percent, and also looking at other changes as part of their new strategic plan. There were no specifics included with the release, so clarification was sought.
The layoffs will be affecting approximately 230 employees and contractors with Crescent Point across the head offices and operating areas. Crescent Point will not be releasing specific information about where the layoffs will be occurring, which means there is no answer as to how many people are being affected in Estevan and the surrounding area.
The company stated they will be focusing on three key areas going forward: the Viewfield, Flat Lake and Shaunavon resource plays. This was determined through a set of criteria which looked at returns, scalability, free cash flow generation and improved market access. There is no word on what the future will hold for southeast Saskatchewan. When asked if there will be any divestiture of assets, a spokesperson from Crescent Point Energy stated the company would not be commenting on any potential divestitures.
Crescent Point is also well known for being an active member of the community in Estevan, with a number of donations and support made each year to sport, culture, healthcare and more. When asked about the role the company will have going forward, Crescent Point reaffirmed they are committed to supporting the communities in which they live and work through donations and volunteerism.