How many job cuts are planned? Anyone in HR willing to blow a whistle?. They can’t monitor this site.. it’s just threats.
People’s livelihood is at stake, so be human and give us something for info.
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We are fortunate that Ms. Smith and Polievere are working hard for Alberta. We don’t think with our discussions with our peers at other companies oil and gas will be effected. Alberta oil is needed by the USA.
They can do without Ontario manufacturing and Quebec maple syrup. Look at the layoff discussions for Enbridge and CNRL. We will be okay.
Yes. Our stock price is cr-p because Tourmaline has no HR people. Wish I worked at Tourmaline.
Perfect comment about our overstaffed HR. That and more is why tou stock is basically 3x more than ours.
Nobody from HR will comment because if Cenovus should make cuts anywhere, it’s in HR! The most overinflated HR department in the history of publicly traded oil & gas companies! We could save millions!!!! Tourmaline doesn’t have a single Human Resources employee…not even one!
Cenovus corporate departments are a joke. Doesn’t matter if they lay off or expand, the same semi-abusive sh-t managers will continue to do nothing and be 20 years behind other industries. Funny to watch from a distance. Find another job that won’t rot your brain. The place is a holding tank for egotistical a--holes that are unemployable elsewhere. Their core skill set is talking sh-t.
Looks like Canada agreed to do something to avoid the tariff. Thoughts on the latest future of the downstream? Will cenovus sell the refineries?
It’s a bit more complicated than a straight 10% cut in revenues. The below points are just my opinions.
The U.S. refineries buying Canadian oil require heavy oil so if they are not getting it from Canada they will need to get it from Mexico or Venezuela which is unlikely. Most of the tariff against Canadian oil will be absorbed by the U.S. refineries and passed along to the customers of the refined products.
The broader tariffs against Canada will drop the Canadian dollar further against the U.S. dollar. We sell our product in U.S. dollars so will get a slight boost in revenues when we convert those U.S. dollars back to a weaker Canadian dollar.
There might be a pause or reduction of new capital expenditures until the uncertainty of the repercussions of the tariffs can be established.
That being said, if Cenovus wants to do cuts, the implementation of the tariffs gives them good cover to do so.
A big fat zero as you don't understand how tariffs work, I suggest you educate yourself before making ridiculous statements.
This is essentially a "10% haircut" to revenues, therefore costs must be reduced accordingly. It can result to cutting some G&A expenses. As well, "natural attrition" by retiring those who turned 65 and older. Cutting IT consultants, many of them through consulting companies charge more than $130-150/hour, milking Cenovus as a "cash cow"
Are there any HR people that would actually know anything? The worst HR organization I have ever seen, with the exception of probably 1 normal person. I’d say they must have a lot of lawsuits. Seems like many things they implement could be legally challenged. But it is the place to work if you like that sort of thing.