-15.1 C
Fort St. John
Thursday, November 8, 2018
Tel: 250-787-7100
Email: contact@energeticcity.ca
9924 101 ave Fort St. John, B.C.
Advertisement
Advertisement

Advertisement

Cenovus Energy plans to cut 15 per cent of workforce as it looks to reduce costs

Advertisement

CALGARY — Cenovus Energy Inc. says it is planning to cut about 15 per cent of its workforce as it looks to reduce costs next year.

The company (TSX:CVE) says it expects to find savings in areas such as drilling performance, development planning and optimized scheduling of oilsands well start-ups.

The cuts come as Cenvous says it plans between $1.5 billion and $1.7 billion in capital spending next year, mostly in the oilsands.

That compares with its guidance for capital spending this year of $1.55 billion to $1.65 billion.

Cenovus chief executive Alex Pourbaix says the company’s priorities for 2018 are to reduce costs and deleverage its balance sheet while maintaining capital discipline.

Advertisement

The company expects to reduce its per-barrel oil sands operating costs by eight per cent next year and per-barrel oil sands sustaining capital costs by 12 per cent compared with its 2017 forecast.

The Canadian Press

Advertisement
Advertisement

Advertisement
Advertisement

Advertisement

Advertisement

Local Events

Doc Walker to play the Lido Theatre

HYPNOTIST: RAY ANDERSON

Jokes N Tokes Comedy Tour

Advertisement

Advertisement

Must Read

Fort St. John Legion set to honour veterans this Sunday

FORT ST. JOHN, B.C. - This Sunday the Royal Canadian Legion in Fort St. John is inviting everyone to come and gather to remember...