Despite oil taking a significant drop in prices per barrel, the Baytex Energy Corporation says it doesn’t plan to cut jobs as off now.
West Texas Intermediate Crude and Western Canadian Select both had declines of over $10USD per barrel on Monday, which represents the biggest single day drop since 1991.
Baytex, which has operations in Peace River and other places in Alberta, says it won’t be reducing staff.
“At this time, there is no intent on the part of Baytex to reduce staffing levels throughout the organization,” says Brian Ector, Vice-President of Capital Investments.
“Yes, we will see reduced activity across the organization as we move forward but the team we have in place in Calgary, Peace River, Lloydminster; these are the people we feel we can win with as we move forward and we need to hunker down and get through this.”
When asked if he expected a rebound in oil prices, Ector was cautiously optimistic.
“I think the question is how long will this (a market rebound) take? Three months? Six months? Nine months before we see a recovery?” asks Ector.
“What you will see from Baytex is some very diligent and prudent decision being made around capital spending, as well as the timing of new drills and completions.”
In terms of single day declines for markets, Ector says he has never seen anything like Monday’s declines.
“The pull-backs in the capital markets we have witnessed are unprecedented.”
– Kenny Trenton, Trending 55 Newsroom
