Sunoco's Parkland Takeover Brings Job Cuts: What It Means for Calgary
Big changes are sweeping through Calgary’s energy sector. Just last week, Sunoco LP finalized its US$9.1 billion acquisition of Calgary-based Parkland Corporation on October 31, 2025. This massive deal, including assumed debt, marks a significant shift for the local company. While Parkland had already seen internal restructuring with 100 corporate job cuts last year from IT outsourcing, this acquisition is expected to result in the termination of Parkland’s executive officers, with the President and CEO resigning.
This isn't an isolated event. Calgary's business landscape is bustling with activity. Cenovus Energy Inc. is on track to take over MEG Energy Corp. in November, pending shareholder approval. Meanwhile, ConocoPhillips is implementing layoffs at its Calgary headquarters as part of a broader global workforce reduction.
Amidst these corporate transitions, Calgary’s economic landscape is also showing its dynamic nature. The city is actively pushing for economic diversification, aiming to become Canada's innovation capital, a trend underscored by recent growth in tech jobs and downtown development. This drive to broaden its economic base comes as the city navigates ongoing transformations in its traditional energy sector.
However, the local job market remains a mixed bag. The Calgary Economic Region recorded a 7.8 percent unemployment rate in April 2025. The oil and gas sector specifically saw job losses for four consecutive months as of April 2025. Yet, there’s a glimmer of hope for "Contractors and supervisors, oil and gas drilling and services," with a good employment outlook projected for 2024-2026 in the region. Nationally, Canada's oil and gas sector saw employment levels reach a 10-year high by October 2024, with over 212,000 individuals employed. Drilling activity is also projected to reach a 10-year high in 2025. These contrasting trends highlight the complex, evolving reality for Calgary families and our city's defining industry.
