Thread regarding Cenovus Energy layoffs

Cenovus stock +9% today earnings beat expectations one day after layoffs

Sounds like it was more about trimming the d e i hiring

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| 3121 views | | 9 replies (last May 12, 2025) | Reply
Post ID: @OP+1jts3pn3z

9 replies (most recent on top)

Upstream has been decimated the last few years. They are skeleton crew working multiple positions. Downstream has not been touch until last week.

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Post ID: @sv+1jts3pn3z

They certainly aren’t done with layoffs. Next round is upstream. A smart company would do this all at once.

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Post ID: @p5+1jts3pn3z

The number of people laid off is immaterial, that’s why it isn’t advertised for the rumour mill crowd. Number of bodies removed from the payroll was minimal so for those of you who thought it would be in the four figures, well shame on you.

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Post ID: @p1+1jts3pn3z

Any other oil and gas companies cutting? Will Calgary end up in a recession?

Is it mainly our older workers getting Packages?

Any details?

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Post ID: @ck+1jts3pn3z

It's probably just a leaner operating model to ride out market instability. Just a reality of the current economic climate.

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Post ID: @aj+1jts3pn3z

Heard that 170+ people in Calgary were let go.

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Post ID: @ag+1jts3pn3z

I can confirm 9 people are no longer with us. Four salaried employees and five contractors.

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Post ID: @ae+1jts3pn3z

Anyone know how many were cut? I know it’s at least 50 but why are they hiding the number? Did they lose track?

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Post ID: @ac+1jts3pn3z

What is the actual reason that the number of people cut is a secret?

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Post ID: @a2+1jts3pn3z

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