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Oil Sands Job Cuts Continue as Cenovus Axes 15% of Workers
Monday, 18 December 2017

Cenovus Energy Inc. will shed 500 to 700 jobs, out of about 4,200 positions, Brett Harris, a spokesman for the Calgary-based company said.

Cenovus Energy Inc., which has been selling assets to pay off debt from a major oil-sands acquisition, plans to cut about 15 percent of its workforce as the new chief executive officer steps up cost cuts.

The Canadian producer will shed 500 to 700 jobs, out of about 4,200 positions, Brett Harris, a spokesman for the Calgary-based company said.

Alex Pourbaix, who took the helm about a month ago, also is shuffling the company’s top ranks, with Chief Financial Officer Ivor Ruste and two other top executives departing. The announcements on Thursday came as part of Cenovus’s 2018 budget report, which detailed a capital-spending program and oil-production forecasts that trailed some analysts’ expectations.

Source: Bloomberg

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