Thread regarding Cenovus Energy layoffs

should be : "CENOVUS, laying off good people since 2015

New company slogan: "CENOVUS, laying off good people since 2017"

CVE is very proud of their record of eliminating jobs. There should be a layoff ticker on their webpage that updates every time someone loses their job. They should be nearing the 5,000 mark in the next few months, a tremendous achievement!

Was surprised to see Big Z made the team today, the morale wrecking ball is now part of the organizing this plan?....hard to believe! Thought he would be in the front of the line on the cut list....

Hi from Husky! We had a call today with our CEO this morning. He reiterated about 2000 layoffs from the combined company when "the dust settles" (said the combined company has about 9000 total staff, and are targeting roughly 7000 as of now). He specifically said at least 1/4 contractors, and that the layoffs would be relatively "proportional" to our company size. "60-70% from Husky" and "around 30" from Cenovus". He said this means ~800 non-contractor layoffs from Husky. The safest being "downstream, operations, offshore" since they have little crossover with Cenovus. Mentioned the corporate office will be hit the hardest, obviously.

Normally don't like adding to 'rumours', but this is quoted directly from our company call this morning and I think transparency will be helpful in the next few months.

Anyone who didn't foresee this happening is really putting their head in the sand. These transactions have to happen in order for the industry to survive. The reality is that there will be a lot more coming but they have to combine and get larger. Employees will have to work harder in order for companies to remain profitable.

Yes there will be job losses. That is awful but it is also the only way this industry can survive in the long term. I suspect the vast majority of the losses will be Husky employees but Cenovus will also use this an opportunity to high grade their employees as well.

This is going to be a difficult task to integrate these two companies that have very different cultures. McKenzie will have his work cut out for him but he is definitely the best one for the job.

With Jeff Hart (Husky) taking over the finance function the CVE controller, directors, management will likely be erased. Some of these people have had it coming for years. Unfortunately many will leave with undeserved bloated wallets. Look at how much money McKenzie will have taken from the company in under two years, and for what?

this is all nutley's fault

With any luck DZ will manage the merger. I mean he did such an outstanding job with the Conoco acquisition. It’s totally normal for integration to still be happening three years after an acquisition isn’t it?

The only good thing is it will hit the mgmt first and hardest as we don’t need two VPs of Communications and HR and mgrs and group leads. But they will all get golden handshakes so they won’t be in a bad spot like your average employee. It’s still going to hurt employees a lot as well. Teams like Safety, Procurement, Finance will be decimated. Try and get a job now, it’s not going to happen. But as long as Alex is excited I guess that’s what counts, never mind the rest of us sitting around for four months wondering how to pay the mortgage. If it’s anything like the Conoco deal the Cenovus employees are as screwed as the Husky ones. Our mgmt does not look after our employees, unlike CNRL.

Here we go again. This does sound better than the COP deal

The worker bees will be okay. The management not so much. Isn’t this what needs to happen? Don’t you think CVE has always had too many lousy managers? I think this is a win. CVE needs a refinery. Good luck and everyone wants the workers to be okay. Managers. About bloody time. Your free ride is done. Finally

This merger may not get through. We will see

I am guessing that RBL 50% interest will be gone and all small assets in Alberta.

If you’re directly working the FCCL assets/ops this will have minimal impact - no duplication for the most part. If you’re a supporting function (IT, HR, EHS, Procurement), deep basin (office staff only), leadership etc. you’re in for a rough ride.

Unlike previous layoffs that mostly impacted pee-ons, this one will start at the very top and progressively work down. Can only have one CEO, CFO, COO, CIO, HR CLT, etc. Then the next level down, etc. This will be like real-life GoT.

Probably mostly Husky employees but yah it's gonna be a sc-ap

2,000 people will be gone. Get ready for a political nightmare by our leaders for the next 4 months while they jockey for position.