Cenovus Energy says its cutting 440 jobs as low oil prices continue

AddThis Sharing ButtonsShare to TwitterTwitterShare to FacebookFacebookShare to RedditRedditShare to 電子郵件Email CALGARY – Cenovus Energy has started to implement 400 job cuts due to low oil prices.Spokesman Brett Harris says Cenovus has already cut 190 mostly contractor positions, while another 250 people from its Calgary head office and field operations will go in the coming weeks.The company said in February that it was aiming to cut operating and administrative costs by $200 million this year, in part through workforce cuts as well as lower cash compensation for its five highest-paid executives.At the time, Cenovus cut a further $200 million to $300 million from its capital spending plans and slashed its dividend by 69 per cent as it announced a $641 million net loss for the fourth quarter.The latest workforce cuts bring total staff cuts to about 1,600 since the end of 2014, leaving total staff numbers down 31 per cent at 3,600 employees.The Canadian Association of Petroleum Producers estimates more than 41,000 direct jobs have been cut in the energy sector, along with many more indirect jobs. Cenovus Energy says it’s cutting 440 jobs as low oil prices continue by The Canadian Press Posted Apr 1, 2016 9:11 am MDT read more