U.S. pipeline operator Energy Transfer LP will begin cutting about 6% of its workforce next week, underscoring the spreading impact of weak oil and gas prices on the energy business.
FILE PHOTO: Construction work continues on Sunoco's Mariner East II natural gas pipeline near Morgantown in Chester County, Pennsylvania, August 1, 2017. REUTERS/Charles Mostoller/File Photo
Marshall McCrea, chief commercial officer for the Dallas-based company, said in a recorded message to employees the cuts would begin Monday and affect about 6% of the company’s staff, according to two people familiar with the recording. Fuel prices have collapsed to below many firms’ cost of production due to COVID-19-related travel lockdowns and a global glut. U.S. energy companies on average have slashed their 2020 spending on new production by a third, and job cuts are spreading across the industry.The company, which operates some 90,000 miles of oil and gas pipelines including the Dakota Access Pipeline and Mariner East, recently employed about 12,800 people, suggesting more than 750 staff would be affected.
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