Cenovus to lay-off upwards of 2000

[fishtank]

https://calgary.ctvnews.ca

Cenovus Energy plans to cut upward of 2,000 positions over the next two months, with the first round of layoffs expected to begin Tuesday.

According to a source that validated the total layoff numbers, Tuesday's announcement will be followed by additional job cuts that are anticipated to take place over the course of two phases in February or March.

Damn . More pain coming to Alberta . That what they call synergy I guess

[elkhunter11]

So will there be strikes and protests, like there are when public sector job cuts are announced?

[Jim Blake]

That's a lot of people/families affected. Truly tragic, devastating and life changing.

I'm sure there will be no response from the puppet in the "tent of commons".

[58thecat]

not a good sign of the times ahead....

[elkhunter11]

Originally Posted by Jim Blake

That's a lot of people/families affected. Truly tragic, devastating and life changing.

I'm sure there will be no response from the puppet in the "tent of commons".

Of course not, but he will likely be smiling behind closed doors.

[Grizzly Adams]

Originally Posted by Jim Blake

That's a lot of people/families affected. Truly tragic, devastating and life changing.

I'm sure there will be no response from the puppet in the "tent of commons".

I think all of our lives are going to change even more than the present and we're powerless to do anything about it, beyond revolt, but that's not the "Canadian" way. This is just the beginning.

Grizz

[bat119]

When Cenovus bought out Husky everyone knew a storm was coming, doesn't make the pain any less for those affected.

As for protests and public outrage they are only Alberta oil workers nobody cares.

[Kurt505]

It’s all part of the plan.

[Stinky Buffalo]

Oh wow - that's not good.

That amount of people being laid off will have a ripple effect in other areas of the economy as well.

[waldedw]

Everyone knew it was coming with the take over of Husky, 1,000's of jobs were duplicates, something had to happen, doesn't make it any better for those that are being laid off but it was a fact and everyone saw it coming.

[Newf]

I suppose Trudeau will be standing up for Canadian jobs any minute now...

[Jim Blake]

Originally Posted by Newf

I suppose Trudeau will be standing up for Canadian jobs any minute now...

Never mentioned it this morning in his morning groundhog address. He must still be "reflecting" on it.

[Dean2]

Husky was one of the worst run oil companies anywhere in the world and it had been for decades. It was perennially under priced because it was so badly run. It had huge overhead that added no value. It was clear there would be thousands of jobs disappear when Cenovus bought hem. My bet is this is just the first batch. As much as I hate Trudeau, the blame for this is entirely on the executive and majority owner of Husky Li Ka-shing. They made way below market returns, even when times were great. Analysts pumped this stock as a buy for years, which only proved they knew nothing. This is a stock I never owned no matter how low it got. Classic definition of trying to catch a falling knife.

I feel sorry for the people losing their jobs, but had I worked there I would have moved employers years ago and for sure in the past 24 months. If you want job stability you need to evaluate the strength of who you work for.


https://www.bloomberg.com/news/artic...80-in-a-decade

[elkhunter11]

Originally Posted by Newf

I suppose Trudeau will be standing up for Canadian jobs any minute now...

As long as they are in Quebec.

[JDK71]

we are doing demo work up north for Cenovus/Husky we are in till breakup fingers crossed that will not change

[calgarychef]

Originally Posted by Grizzly Adams

I think all of our lives are going to change even more than the present and we're powerless to do anything about it, beyond revolt, but that's not the "Canadian" way. This is just the beginning.

Grizz

I believe you’re right, this is just the beginning. We’ve hung in there, but we can’t forever.

[NCC]

2000 employees at $100 000/year is $200 000 000/year.

2000 offices at $1000/month is $24 000 000/year.

1000 parking passes at $600/month is $7 200 000/year

1000 monthly transit passes at $110/month is $1 320 000/year

That's roughly $230 000 000 leaving the Calgary economy.

If this was happening to the auto workers union, Bombardier, Quebec dairy farmers, or SNC-Lavalin, the Boy King would shedding tears on national TV.

[EZM]

Originally Posted by Dean2

Husky was one of the worst run oil companies anywhere in the world and it had been for decades. It was perennially under priced because it was so badly run. It had huge overhead that added no value. It was clear there would be thousands of jobs disappear when Cenovus bought hem. My bet is this is just the first batch. As much as I hate Trudeau, the blame for this is entirely on the executive and majority owner of Husky Li Ka-shing. They made way below market returns, even when times were great. Analysts pumped this stock as a buy for years, which only proved they knew nothing. This is a stock I never owned no matter how low it got. Classic definition of trying to catch a falling knife.

I feel sorry for the people losing their jobs, but had I worked there I would have moved employers years ago and for sure in the past 24 months. If you want job stability you need to evaluate the strength of who you work for.


https://www.bloomberg.com/news/artic...80-in-a-decade

I spent many years at Weatherford. It was an example very similar to that of Husky in terms of management proficiency, strategy and the insatiable appetite to take the fork at the road without looking at a map or asking for directions.

When things go sideways for these companies, it goes sideways for those within these companies.

I left the company after having to make difficult decisions effecting people too many times because executive leadership were inept.

Sometimes it's better these companies just smolder away into ashes.

Vey sad for those people who were, and will be effected.