Cenovus Energy Layoffs

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Topics regarding layoffs at Cenovus Energy

Drilling Program

What does your Q4 2017 and Q1 2018 drilling Program look like? Are you drilling very many wells?

Mass layoffs over?

There will indeed be layoffs but not of the mass one or two day variety like we've see over the last three rounds. Probably after each respective deal closes will indicate the timing of it all. I believe you are right, @OObL5ye-1rnu. I think Cenovus... read more

700-800 seems reasonable

Most of the field staff in CONG will go with the new acquiring companies but the office staff are all toast. Probably some of the new Conoco people will get turfed since they seem over staffed for their planned activity levels until 2019 and beyond... read more
by | Post ID: @OxKn7hh
702 views | no replies

Selling Assets

Is Cenovus selling the Deep Basin assets that they purchased from ConocoPhillips? Are you getting ready to drill in Q4 and Q1?

Layoff numbers?

Heard through the grapevine the number is 700-800 consisting of almost all of conventional operations (hopefully including myself) in Calgary and field as well as some in Deep Basin, finance and other supporting roles.

Asset sales in 2017

will NOT bring the premium in this scenario to offset the metric paid, as timing (and competent leadership) is everything in this business. Also scary overhang re COP held shares, are there any strings attached we don't know of ? Pondering what would... read more

New CEO

CVE led by Ferguson and his Team operated too much like PCP and CPR, much like ECA before Stuttle. Perhaps Hunter Harrison could help out because the current roster can't and railway mentality runs throughout this unprofitable org

Drilling

How much drilling will Cenovus do at these prices?

Stock price

What is going on with the stock price? How low will it go?
by | Post ID: @NSLiNcd
424 views | no replies

Divestitures

Company announced 45000bbls/d in divestments, where will the other 55000bbls/d come from? Any guesses?

Cenovus + Dark Ages

What is with the lack of technology at Cenovus? It's like the Dark Ages here. Also, what's with the leadership? It's the "fear" style over here. It's terrible. If you want to look good, give your teams the best chance at success. If your teams... read more
by | Post ID: @NHXjyBt
1022 views | 6 replies (last )

Destroyers of shareholder value

What is it with the incompetent leadership of this company? One poor decision after another has destroyed shareholder value as the leadership team celebrates this lousy Conoco deal.

Go

I had high hopes when the new VP Upstream came on board but he seems to be a blithering sycophantic idiot just like the other EVP's. The CEO needs to go as well for the simple reason he has failed to deliver on any promises since 2009 with the... read more

More Layoffs in 2017?

In order to pay the 40+ VPs and 100+ Directors/Managers CVE has, probably more layoff in the upcoming year?

More layoffs

Ouch. Just heard they've upped the layoff count to 540 from 300-400 hundred. Layoffs will take place from Oct 1-8 and cover office and field positions, including oil sands. Total employee count drops from 5400 at the start of the year to about 4000... read more

October 2015 layoffs

300-400 in the Calgary and non-oil sands field offices. Not exactly sure about percentages but it's in the range of 10-15% of total employees. More layoffs to follow in Q1 for oil sands field positions.

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