Thread regarding Cenovus Energy layoffs

CVE's future was obvious

I was working for CVE several years ago. I took one look at the leadership team, took another look at the market trend and took a package. The truth is O&G is Canada is on the decline. I know you want to blame the liberals, and I know sometimes they are of no help, but oil sands is an inherently expensive oil. The leadership team are not focusing on real cost saving measures but banking on ridiculous ideas like solvent assisted SAGD. If you are of any technical background you should know that scheme will never be economically viable by doing some simple calculations.

The only way a company like CVE will survive long term is through very tough cost cutting measure (layoffs, salary reductions for staff and management, sorry to say) and a strong leadership team that has a good technical/financial understanding and leads by example. I do not see that right now, the leadership team is where it is at because they are all buddies of each other. I would like to say I would invest in CVE at 2.5$/share, reason why I came back to look at this site after years, but the truth is there are a lot better companies to invest in even at that price. That is why I sold my stocks at 12$/share when I left. Oil prices will not stay here, and CVE will bounce back again but not to the same prices unless we have a miracle. This will repeat over and over as supply and demand sides dominate but the long term trend will be what I mentioned.

As far as the O&G people. I know this is tough, I was there. You must look to the future though. It will be tough to switch industries, lower salaries at first, you will be the new guy in the industry and junior, but if you still have a long career ahead of you then I would suggest you look into it. With a huge recession coming up I would wait and jump ship if you get laid off or after it passes. I will try my best to hire a O&G person when the economy picks up. I don't want you people to think I am bashing you, the company or the industry, in my opinion this is the truth but like any other opinion I could be wrong. Stay strong my friends and I wish you all the best.

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What ever happened to the government subsidized nuclear power plant up in Yellow Knife, the one they needed to have Shell extract tar sand oil. Needing huge amounts of electricity for the process. Is it completed and online?

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