Credit rating agency DBRS Morningstar changed the status of Calgary-based energy giants Suncor Energy Inc., Imperial Oil Ltd. and Husky Energy Inc. to “under review-negative” in March because of the sudden drop in oil prices and related uncertainty. The executives and managers of the company have also agreed to take salary cuts of between 10 and 15%. We also use third-party cookies that help us analyze and understand how you use this website. In the first, demand doesn’t return to 2019 levels until at least 2025, and the full recovery takes even longer in the second.

Earlier this week, it confirmed Suncor’s credit rating but downgraded Imperial and Husky, while leaving them at investment grade.

It was estimated at the time that the move affected roughly 470 jobs. In February, 2019, Encana announced it had cut its total workforce by 15 per cent and reduced its ranks of executives by 35 per cent. Enbridge reported a first quarter loss of $ 1.4 billion due to a number of non-cash charges, including the writedown of the company’s investment in DCP Midstream, a joint venture headquartered in Denver. But opting out of some of these cookies may have an effect on your browsing experience. Details about where the reductions have been made were not immediately available.

To order copies of Oil and gas producer Ovintiv — formerly known as Encana — says it has slashed its workforce by 25 per cent as it prepares for more modest growth in the energy sector. Ovintiv announced its original capital-spending plan for 2020 on 20 February, the same day most North American stock indices peaked and just before the economic impact of the Covid-19 pandemic bec a me apparent. Yesterday, the President & Chief Executive Officer of Ovintiv (OVV – Research Report), Douglas James Suttles, bought shares of OVV for $17.5K.Following Douglas James Suttles’ last OVV Buy transaction on March 11, 2020, the stock climbed by 7.2%. The credit rating agency considered two scenarios where oil demand is either three or five per cent lower than 2019 levels going into 2021. We reserve the right to close comments at any time. It's the second major workforce reduction by the company in a little over a year. These cookies do not store any personal information. Ovintiv layoffs videos and latest news articles; your source for the latest news on Ovintiv layoffs . Comments are welcome while open. You have entered an incorrect email address! Layoffs at Ovintiv, surrenders to Enbridge, COVID-19 fallout continues.

Ovintiv lays off 25 per cent of staff as fears rise for delayed oil industry recovery. It is mandatory to procure user consent prior to running these cookies on your website. The layoffs are coming roughly equally from the company’s offices in Calgary, Denver and The Woodlands, Texas, as well as from field staff, said Cindy Hassler, a spokeswoman for Ovintiv.

By submitting a comment, you accept that CBC has the right to reproduce and publish that comment in whole or in part, in any manner CBC chooses. Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. The company, which moved its headquarters from Calgary to Denver last year and changed its name from Encana Corp., has also dramatically reduced activity in the field to address fossil fuel demand destruction and the oil price collapse caused by the pandemic, she said. These cookies will be stored in your browser only with your consent. But a spokesperson said Wednesday the workforce reductions were near equal percentages across the company's three corporate offices, which include Calgary, Denver, Colo., and Woodlands, Texas. permissions/licensing, please go to: expressly prohibited without the prior written consent of Toronto Please note that CBC does not endorse the opinions expressed in comments. Spokesperson Tracie Kenyon, said in an e-mail redemptions average Enbridge not to prosecute the company-wide layoffs at this time. The executives and managers of the company have also agreed to take salary cuts of between 10 and 15%.

We'll assume you're ok with this, but you can opt-out if you wish. In May, the PetroLMI Division of Energy Safety Canada reported more than 7,700 oil and gas sector jobs were lost in April in Canada, with 6,500 of the lost jobs from the oilfield services sector. “We think by 2022 there will be balance in the market, not only supply-demand, but this large overhang of inventory that was built up with the collapse in demand and oversupply, that will be drained by that time,” he said. rights reserved. Moody’s Investors Service, meanwhile, warned in a report Thursday that recessionary forces and weaker long-term growth expectations will reduce corporate and household demand for oil at the same time that consumers embrace increasing use of biofuels, electric vehicles and improved engine efficiency. It had been previously called Encana, one of Canada's oldest and largest energy companies. This category only includes cookies that ensures basic functionalities and security features of the website. Oil and gas producer Ovintiv — formerly known as Encana — slashes workforce by 25%, CBC's Journalistic Standards and Practices.

Copyright owned or licensed by Toronto Star Newspapers Limited. The forecast could change if there’s a second wave of the coronavirus and could also be influenced if consumers turn to alternative forms of energy, he conceded. Pseudonyms will no longer be permitted. Toronto Star articles, please go to:, The Toronto Star and, each property of Toronto Star By Dan Healing The Canadian Press. Earlier this spring, Ovintiv announced it would cut second-quarter spending by $300 million and said it was prepared to further reduce capital investments throughout the year. Oil and gas producer Ovintiv, formerly known as Encana, says it has slashed its workforce by 25 per cent as it prepares for more modest growth in the energy sector. So more at maintenance activity levels.”. Oil and gas producer Ovintiv, formerly known as Encana, says it has slashed its workforce by 25 per cent as it prepares for more modest growth in the energy sector. It’s going to change the way they live their lives and some of that will demand more energy and some of it will demand less,” he said in an interview. Star Newspapers Limited and/or its licensors. The company has cut the number of rigs it operates in Canada and the U.S. — to seven from 23 — in a move it said reflected its expectation of future activity levels. “The new model we feel going forward will combine free cash generation, stronger balance sheet and modest growth. This copy is for your personal non-commercial use only. Ovintiv stock was up more than eight per cent on the Toronto Stock Exchange on Thursday, climbing to $14.56 a share. Ovintiv Inc. has cut its work force by a quarter to cope with what it sees as a new era of lower production growth in the midst of the COVID-19 ... which eliminated the need for companywide layoffs.

Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. “Even if oil was at 2015 levels, the amount of investment globally (and) the opportunity that Canada has in the future is immense.”. Necessary cookies are absolutely essential for the website to function properly. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. You also have the option to opt-out of these cookies. Thursday's news comes amid reports of layoffs across the oil and gas sector. To order Spokesperson Tracie Kenyon, said in an e-mail redemptions average Enbridge not to prosecute the company-wide layoffs at this time. This website uses cookies to improve your experience while you navigate through the website. Newspapers Limited, One Yonge Street, 4th floor, Toronto, ON, M5E 1E6. DH. Oil and gas producer Ovintiv Inc. is the latest to reduce staff, confirming it handed layoff notices to 25 per cent or about 650 of its 2,600 staff in Canada and the United States starting on Monday. to colleagues, clients or customers, or inquire about It also led to job losses across North America, with Rystad Energy pegging the U.S. tally at over 100,000. The company said its workforce will now total 2,100, including 1,900 employees and 200 contractors. Ovintiv announced last fall that it was moving its corporate headquarters from Calgary to the United States. Ovintiv Inc., the oil and gas producer that moved its headquarters out of Canada earlier this year, is laying off staff across North America as it reduces drilling activity. The North American industry has been hammered by the economic impact of the COVID-19 pandemic, with demand for fuel plunging as an international price war flooded the market with cheap crude. The three companies’ refining and retail operations have traditionally supported their oil producing divisions when commodity prices fall, but that hasn’t happened this time as the pandemic also reduced demand for refined fuels, said DBRS senior vice-president Victor Vallance on Thursday. This website uses cookies to improve your experience. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). France slams Turkey for targeting NATO ship on Libya, arms control mission, Tyler Perry says he is “exhausted” by all of the hate, of the division of the, There is nothing new to report, gold and silver are going lower, Owners of popular pumpkin say staff spat and threatened after being forced to shut down, Tesla (TSLA) announces investment in electric car and battery factories up to $ 12 billion in just 2 years, Software stocks take a hit after SAP’s profit and sales warning, Coronavirus: Boots Announces 12-Minute COVID Tests | Economic news, Matt Hancock Confirms Level 4 Lockdown Is On The Cards As Coronavirus Cases Rise, European stocks collapse after SAP profit warning and new COVID-19 restrictions, Stocks could rally on election day if history is any guide, Oil Prices and Stock Markets Slip As Coronavirus Cases Rise – Business Live | Company, Thousands more brace for toughest coronavirus lockdown this week, Crop fundraising token drops 65% after attack undermines TVL’s DeFi site, MLB Playoff Schedule, Scores: Cardinals hit Padres’ Paddack hard in Game 1 win; Astros and Rays advance towards ALDS, Ministers to hold emergency meeting on Cobra lockdown as UK death toll reaches 7,097, Argentinian goalkeeper Walter Benitez (Nice) ready to play for France, The second “inevitable” wave of COVID-19 cases in Canada – Business News, More provinces to ease COVID-19 restrictions, Bakkavor says employees may be on leave due to coronavirus pandemic. Comments on this story are moderated according to our Submission Guidelines. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website.

All The company said it is not providing regional breakdowns of any layoffs. Box 500 Station A Toronto, ON Canada, M5W 1E6. Prices will eventually recover even if demand falls, he added, because higher prices are needed to pay for exploration to replace declining oil supplies as wells are depleted. We just feel that’s the direction we’re headed,” said director of communications Cindy Hassler in an interview on Thursday. Save my name, email, and website in this browser for the next time I comment. Thu., June 18, 2020 timer 3 … “I think everyone agrees that this pandemic is going to change the way people travel. “Both 2019 and 2020 may be poor predictors of where we end up in 2021 and even 2022.” he said.

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