Ovintiv's $3.8B Purchase of Nuvista Signals More Calgary Job Losses
Calgary’s energy sector is set for another significant shift as Ovintiv, a company with Canadian roots now headquartered in the U.S., announced a $2.7 billion (US) acquisition of Calgary-based NuVista Energy. This deal is poised to further consolidate the oil and gas industry, reflecting broader trends that bring both efficiency gains and workforce challenges to the city.
The acquisition underscores an ongoing transformation in corporate dynamics within Calgary’s vital energy landscape. While some energy experts maintain optimism for the sector, pointing to areas like refining and pipelines, consolidation often places pressure on local employment. Calgary's economic outlook for 2025 anticipates continued job growth, yet the rapid population increase could lead to a slightly higher unemployment rate in the short term. This situation is compounded by recent announcements, such as Imperial Oil’s plan to cut approximately 900 jobs, primarily in Calgary, by the end of 2027.
Such industry moves highlight uncertainties for energy sector employees, many of whom are skilled trades professionals increasingly in demand for industrial repairs and maintenance, as well as emerging clean energy technologies. As this transition progresses, Calgarians are encouraged to prepare for potential job searches this winter, emphasizing the need for adaptability in a dynamic market. The city’s energy sector continues to evolve, balancing its traditional strengths with a growing focus on the energy transition and cleantech innovation.
