Canadian oil and gas producer Cenovus Energy has reduced its employee headcount ahead of the release of its first-quarter earnings report this week.
The Calgary-based company confirmed the job cuts in an email to Reuters Tuesday afternoon.
“We have reviewed some team structures, which has led to some employees and contractors leaving the company,” Cenovus said, adding the job cuts were part of an effort to be more competitive across all areas of the business, and were also due to the conclusion of a number of projects.
The company did not say how many jobs were affected. Cenovus’ profit has trailed analysts’ estimates for much of the past 12 months. In the fourth quarter of 2024, the company saw a fall in profit in large part due to ongoing weakness in its U.S. refinery division.
Cenovus’ share price closed up 1.4% on Tuesday at $16.33 per share, but has fallen more than 25% since the start of 2025.
Cenovus is set to report its first-quarter 2025 earnings on Thursday.
TD Cowen said in an April research note that a more “upbeat” outlook from Cenovus heading into the second half of the year will be critical in order to reverse investor sentiment on the heavily discounted stock.
(Reporting by Amanda Stephenson; Editing by Stephen Coates)