Crescent Point cuts workforce by 17%

CALGARY Crescent Point Energy Corp. says it plans to reduce its workforce by 17 per cent, sell some infrastructure assets and reduce its debt by more than $1 billion by the end of 2019.

The Calgary-based company says the workforce reduction will lower expenses by more than $50 million annually, but it didn’t say how many people would be affected.

According to a regulatory filing, it had 1,085 permanent employees at the end of December, including 462 at its head office.

Crescent Point also confirmed Craig Bryksa is the new president and chief executive. He replaced longtime CEO Scott Saxberg on an interim basis in May.

“This restructuring is difficult, however we needed to adjust the organization to match our current business needs,” Bryksa said in a statement.

“We are all focused on executing our transition plan and are excited about Crescent Point’s future.”

The company said it will focus on its Viewfield, Shaunavon and Flat Lake resource plays and to continue advancing emerging and early-stage plays in the Uinta Basin and East Shale Duvernay areas.

It’s also reviewing the sale of some infrastructure assets.

At Crescent Point’s board of directors, Robert (Bob) Heinemann replaces Peter Bannister as chairman.