Calgary

Cenovus Energy cuts 440 jobs

Calgary-based energy heavyweight Cenovus is cutting hundreds more positions, citing the price of oil again.

190 cut so far are mostly contractors, but another 250 positions cut in coming weeks

Calgary-based Cenovus Energy has announced 440 positions cut in 2016. (Cenovus/Contributed)

Calgary-based energy heavyweight Cenovus is cutting hundreds of positions citing the price of oil again, the company announced Thursday.

So far in 2016, 190 people — mostly contractors — have left, but another 250 positions in the company's Calgary and field office locations will be cut in coming weeks.

Company spokesperson Brett Harris says it's a tough time in the energy industry and the decision was difficult.

"This is a reaction to continued low oil prices and the fact that we've had to reduce our overall spending. Because of that we have some areas where we just don't have work and we've had to match the size of our workforce to the size of our budget," Harris said.

Cenovus Energy reported a loss of about $480 million in its fourth quarter.

The company had already reduced its workforce by about 1,600 — or 31 per cent — in 2015 and the first part of this year.

Brian Ferguson, the company's president and CEO, had forecast the latest cuts earlier this month, citing the worst business environment he had seen in 35 years.

Corrections

  • A previous version of this story said 90 people, mostly contractors, had left so far in 2016. In fact, that figure is 190.
    Apr 01, 2016 6:59 AM MT

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