Cenovus signals more job cuts ahead as it plans to cut spending further

CALGARY - Cenovus Energy Inc. (TSX:CVE) says it's planning to reduce its workforce further this year and take other moves to cut $400 million to $500 million from its costs while it rides out a rough period of low oil and gas prices.

See Full Article

Among other things, it's aiming to cut operating and administrative costs by $200 million, through unspecified workforce cuts and lower cash compensation for its five highest-paid executives.

Its revised capital budget has also been lowered to between $1.2 billion and $1.3 billion, which is down $200 million to $300 million from the previous announcement. It's also 27 per cent less than 2015 and 59 per cent lower than 2014 levels.

The Calgary-based oilsands producer and refiner is also reducing its first quarter dividend by 69 per cent to five cents per share.

Cenovus didn't specify details about the workforce cuts in its announcement but said it's evaluating all its costs.

Cenovus CEO Brian Ferguson said the company ended 2015 in a stronger competitive position.



Advertisements

Latest Economic News

  • Rest in peace, CSB: A eulogy for the Canada Savings Bond

    Economic CBC News
    The Canada Savings Bond, a ubiquitous savings vehicle that grew from humble postwar origins into a household name by the 1980s, died this week after a lengthy decline. She was 71 years old. The official cause of death was no longer being "a cost effective source of funds. Source
  • Morneau says he understands importance of transparency for gender-based analysis

    Economic CTV News
    OTTAWA - Finance Minister Bill Morneau said he recognizes the importance of transparency when it comes to scrutinizing how government spending impacts men and women - as well as other groups of people - in different ways. Source
  • Trump administration expected to approve Keystone XL today

    Economic CTV News
    WASHINGTON - The much debated Keystone XL pipeline project is expected to be approved by the U.S. government today. The White House isn't elaborating on today's announcement, but the Trump administration has repeatedly said it supports the project. Source
  • Asian stocks mixed as U.S. health bill delay casts doubts

    Economic CTV News
    HONG KONG - Asian stock markets are mixed Friday after a U.S. vote on a health care bill was delayed, raising doubts among investors over whether U.S. President Donald Trump can push through his business friendly agenda. Source
  • Uber Canada hits back at Liberal plan to charge tax on rides

    Economic CBC News
    Uber Canada says it wants the federal government to hit the brakes on plans to charge GST/HST on ride-hailing fares. Finance Minister Bill Morneau unveiled the proposed tax in Wednesday's budget. An executive with Uber's Canadian operations on Thursday called it a "tax on innovation" that would hurt Uber drivers and users. Source
  • Uber decries new tax measures on ride-hailing announced in federal budget

    Economic CTV News
    TORONTO -- Uber is crying foul over new tax measures announced in the federal government budget that would see the company subject to the same sales tax rules applied to taxi drivers. The Liberal government's budget Wednesday included amending the definition of a taxi business to include ride-hailing services such as Uber and subject them to the same GST and HST rules as taxis. Source
  • Ontario piloting financial literacy classes

    Economic CTV News
    TORONTO -- Students in more than two dozen Ontario high schools are taking part in a pilot project aimed at teaching them financial skills necessary to succeed in the new global economy. The Liberal government says the project, which is underway in 28 schools, is part of its promise to improve financial literacy education. Source
  • Air Miles suspends redemption of Cash Miles in stores after some are 'stolen'

    Economic CTV News
    The loyalty program Air Miles says that it is temporarily suspending the ability to redeem “Cash Miles” in stores after the company realized “Cash Miles have been stolen” in a “small number of in-store Air Miles Cash transactions. Source
  • Enbridge spill east of Edmonton estimated at 10,000 litres of crude oil

    Economic CTV News
    CALGARY -- The National Energy Board says about 10,000 litres of light crude oil spilled Monday at a storage site east of Edmonton. Enbridge said that as of Tuesday morning, it had recovered almost all of the oil, which had leaked from a tank value in an industrial area of Strathcona County. Source
  • B.C. reports 64 pipeline benefit deals with 29 northern First Nations

    Economic CTV News
    VICTORIA - The British Columbia government says it has completed benefit agreements with 90 per cent of the eligible First Nations along four proposed natural gas pipeline routes across northern B.C. The Ministry of Aboriginal Relations says 64 natural gas pipeline benefits contracts have been signed with 29 First Nations and that most include initial financial payments worth over $1 million. Source