Cenovus is clarifying incorrect information about its job reductions being reported, following the release of its quarterly results.
Cenovus continues to take action to reduce its cost structures to be competitive with light tight oil producers in the U.S. and address the more than 50% decline in benchmark crude oil prices since mid-2014. Its cost reduction efforts have been brisk and it is now anticipating a cost saving of about $400 million.
The company states: “Our job reductions for 2015 are now largely complete. The 700 job reductions we referenced in our news release are the total for the second half of 2015. It includes the previously reported 540 positions that were already reduced in October as well as other cuts that have taken place since July. This is in addition to approximately 800 staff – primarily contractors - that were impacted by job reductions in the first half of 2015.
In all, this represents a 24% reduction in staff (employees and contractors) at the end of 2015 versus year-end 2014. We’ll have about 4,000 staff at 2015 year-end.”
