Thread regarding Meg Energy Corp. layoffs

Welcome to Cenovus. Don’t worry about the layoffs tomorrow because if you stick around long enough you just get used to them and ignore them. We have rounds of layoffs like other companies have fire drills. Sorry for the ones losing your jobs and sorry for the ones that are staying. Our CEO is a real people person, as in he likes to get rid of people.

@bq1 do you think the employee will know soon at least.?

A few will be let go early-mid December with the majority on the week of the 19th. Same rough timing happened with the Husky takeover with the difference here being uncertainty over the closing date and the Christmas holiday break.

Original guidance prior to delays was to be completed before the holidays to get G&A saving on the books before year end.

I’ve heard that it will be a lot sooner than January 19. Not sure where that date came from but it doesn’t make much sense to keep folks around that long.

@bj8 are they letting employee know that week or Jan 19 will be their last week

@bj8 are they waiting 2 months to tell employees their fate?

@bj8 which groups are they leaving alone

Week of the January 19th. Mostly Calgary based office employees, a few in the field. Total includes a small number of Cenovus employees.

@bha how do you know? When will employees know their fate..

160 employees will not be part of the new org. Most announcements to come in January.

@b5j what are the expected dates?

@7ms true, HR is on it... and there is a list with dates, literally !

@a1 they will take most people unless if you're a contractor.
It's after you're there where things could change.
Good luck!

Cenovus has been drawing up org chart lists for over a month now. MEG management has been sharing this info for some time.

If you are concerned, maybe start looking for work and get ahead of the curve.
Imperial just announced layoff, and Chevron and Conoco are laying off as well. There will be more people looking for jobs in the near future so it might be best to get ahead of that wave if you can.
Don't forget. Canada imports about a million new people every year so there is also more competition from that.

There will be layoffs regardless of who buys us. That’s the reality of acquisitions. Bigger question is if you are in a position that isn’t at risk of being cut, which company offers more upside. Cenovus has more upside, and the potential for more opportunity but the company has a history of employment instability. Strathcona is an investment firm more than a producer and has no running room, but to my knowledge hasn’t done any big purges of people

Cenovus lives and breathes layoffs to keep the underlings in line. Be prepared for some pretty miserable days ahead if acquired by them. Since Covid, they really love to layoff via phone now. So be prepared for that extra impersonal touch

But Strathcona could be worse

CVE is a layoff culture and they have a target of $80MM in G&A savings. Vote no if you hold shares.

If you have the choice, take a severance. CVE is a very toxic place. You would be better off elsewhere…any where in fact…

Gonna be hard, fast and brutal when CVE takes over. Leadership and supporting functions will be the hardest hit.

CVE here... came to see what Meg layoff.com was like. How nice that they had almost NO posts. That'll be changing. Go check out CVE's layoff.com and you'll see what you are in for.

Consolidations continue, but more and more people are moving to Alberta. No job creation, everything is getting more expensive. It is really getting worse and worse.

Hello I am from CVE and I can tell you what happens when husky and CvE merged. The bad news is that there was layoffs for redundant areas but it took a long time to get there. Months after the merger legally completed. Great news is though that the ownership structure of your company has now significantly changed and everybody's LTI will probably vest immediately. So big cash bonuses for all.

Or maybe I should rather ask how bad layoffs will be, instead of if there will be layoffs.