Integrated oil company Cenovus Energy Inc., headquartered in Calgary, will lay off 440 employees in response to continued low oil prices.
In an email to Rigzone, Cenovus spokesperson Brett Harris stated the workforce reductions were previously announced in February as part of the company’s 4Q earnings release in which the company stated it planned to cut an additional $200 million in operating and general and administrative (G&A) costs in 2016.
“For 2016, that means that sadly we’re losing another 440 people,” said Harris. “190 of those – mostly contractors – have already left the company as the work they were doing has finished up.”
Harris added that an additional 250 people from the Calgary office and field operations will leave in coming weeks – mostly in April – with a few people (mostly contractors) remaining until their work is completed.
Harris described the recent layoffs as “difficult, but necessary” due to the current economic environment. After these reductions, Cenovus will have a staff of 3,600 – down 1,600 or 31 percent since the end of 2014.
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