CALGARY – Canadian Natural Resources Ltd. said Wednesday that it is cutting salaries for all of its staff in Calgary and Aberdeen, Scotland, as it grapples with low commodity prices.
Salaries will be reduced by up to 10 per cent, with the biggest cuts being absorbed by higher salaried employees, according to company spokeswoman Julie Woo.
Canadian Natural (TSX:CNQ) has not reduced its workforce this year, unlike many oil and gas producers who have resorted to mass layoffs in the face of plummeting oil prices.
“The additional measures taken today were in order to help the company address the current challenges without reducing our workforce,” Woo said in an email.
Canadian Natural has more than 7,600 employees across its operations in North America, Europe, and Africa.