Cenovus layoffs worse than originally announced
Posted Oct 29, 2015 7:55 am.
This article is more than 5 years old.
Oil giant Cenovus has cut even more positions than originally forecasted.
Back in July, the company announced it would lay off 300 to 400 additional workers through the rest of 2015, after an initial round of cuts in February.
In its third quarter summary, Cenovus says it actually eliminated 700 positions, meaning it has cut nearly one-quarter of its workforce this year.
The company made $1.8-billion in the third quarter, but it all came from a $1.9-billion sale of its royalty and land fee business.
Cenovus had an operating loss of $28-million, down from a gain of $372-million in the same period last year, despite producing 17 per cent more crude oil at a lower cost.
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