• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Cenovus to cut up to 25% of combined workforce with Husky Energy after deal

October 27, 20208:53 AM Reuters0 Comments

Cenovus Energy plans to cut 20% to 25% of its workforce after it acquires Husky Energy , the companies told Reuters on Tuesday, as Cenovus begins to slash costs in the Canadian oil patch’s biggest merger in four years.

The job losses could total about 2,150 positions, based on the size of their workforces, with the majority to take place in Calgary, Alberta, Husky said in a statement.

Cenovus and Husky confirmed the job cuts after two sources told Reuters of the magnitude of the reductions.

It was not clear when the cuts would take effect.

“As with any merger of this type, there will be overlap and there will be some difficult decisions as we work to create a combined organization best positioned for the future,” Husky spokeswoman Kim Guttormson said.

She added that many details had yet to be determined as part of the integration planning process and the transaction has not yet closed.

The C$3.8 billion ($2.9 billion) combination announced Sunday, the largest Canadian oil and gas deal in nearly four years based on enterprise value, may pressure peers to get bigger or sell.29dk2902l

Cenovus Husky Energy

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Perpetual Energy Inc. announces extension of credit facility redetermination
  • Heavy crude edges tighter on first day of new monthly trade cycle
  • Oil executives say demand will rise, despite emphasis on renewables
  • ARC Resources and Seven Generations to hold special shareholder meetings on proposed business combination
  • Oil rises on vaccine optimism, U.S. stimulus

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.