* 90 jobs cut in Calgary head office
* Company sees more reductions through the year
* Talisman aims to reduce G&A costs by a fifth
CALGARY, Alberta, Feb 20 Talisman Energy Inc
, Canada's No. 6 independent oil producer, has cut 90
jobs at its Calgary head office, or 7 percent of employees
there, as it strives to cope with depressed North American
natural gas prices.
Talisman, which is restructuring operations in an effort to
lift a long-languishing stock price, said on Wednesday it still
employs 1,500 staff in Canada, including 1,200 in Calgary.
The company signaled early this year that job reductions
would be part of efforts to make a 20 percent cut in its C$1.3
billion ($1.3 billion) in annual general and administrative
More reductions are expected as the company exits some
unprofitable operating regions, such as Peru, and looks for
other ways to reduce expenses around the organization, Talisman
spokeswoman Phoebe Buckland said.
"This work continues and will take place over the course of
the year," Buckland said.
Engineers, geologists and administrative staff tied to
Canadian operations are among the 90 cuts made on Wednesday, she
Last week, Chief Executive Hal Kvisle said the company is
also reexamining hiring practices, including reassigning
existing staff to higher-priority tasks rather than bringing in
new people in some cases.
Like many of its peers, Talisman has ratcheted back spending
on dry gas in North America as prices for the fuel have hovered
around $3 per million British thermal units, and refocused its
hunt on more lucrative liquids-rich prospects such as Eagle Ford
in Texas and Duvernay in Alberta.
At the end of last year, Talisman had about 3,700 employees
Talisman shares were flat at C$12.70 on the Toronto Stock
Exchange on Wednesday, down 6.6 percent in the past year.