Thread regarding Cenovus Energy layoffs

Jon has to step down as well as the rest of his husky team. Without Husky our stock could have been trading at $50.

@dp+1jh8jnm2b - cannot agree enough! But not just downstream! That is EVERYWHERE! Let areas run their business without trying to impose Calgary white tower bureaucracy and see how much more efficient this organization will be.

The comments here have a similar theme. Cenovus can’t reliably manage refineries. Why? Because you are taking your current bureaucracy in Calgary and imposing it on the assets. It doesn’t work. It won’t work. Instead of working with my team focusing on preventing potential issues, I am on the phone with some smart a-s kid in Calgary telling me that I need to change out a service provider, pay them more money for the good of the company, in the middle of a turnaround. Please stop this and let the assets source their work where it needs to go. The cost savings is eliminating the overreach from Calgary to the downstream assets. You are doing way more harm then good. You claim to save money on paper and cost me three times as much in inefficiencies and distractions.

@ae+1jh8jnm2b The lack of understanding of integration has been a systemic problem through the org since the acquisition of husky. It’s a competency issue. The new org understands this much better. Will be good to see them clean up all the toxic people who keep throwing stones at other areas of the company instead of working as a team to improve things. The culture needs an overhaul. So much arrogance, blame throwing, and ignorance.

Spin them off. Double the CVE share price!
(Marathon Oil)

The refineries have proven reliable but that comes with cost - repairs, upgrades, and people onsite working hard to keep it all running. The last two years of cenovus owning Toledo has resulted in a steady decline in reliability due to removing pieces of the puzzle that need to be there - especially good onsite decision makers that can keep a motivated work force. I see and hear so much arrogance from cenovus about the downstream assets being worthless. If that’s the consensus - sell them to a competent company before you run them into the ground. The communities rely on the refineries for a tax base to fund the schools and so many jobs. Toledo has been a thriving and profitable site for decades. I’ve seen nothing but unneeded overhead expenses added by cenovus resulting in nothing.

It is clear that @c4+1jh5sw0pk does not understand stand the concept of integration. Both Suncor and Imperial have year-over-year stock value increases in the 20% range which Cenovus stumbles alone at 2%. Both have integration between Oilsands and refineries also. The problem is not the downstream assets. It is the a$$es that run them.