Thread regarding Cenovus Energy layoffs

Expect more "synergies" if the deal goes through now that the deal has been sweetened. The higher purchase price will have to come from somewhere. Also, really bad optics on Cenovus part to say the prior deal was "final" now that we all see it wasn't.

The imperial people came to MEG and brought their useless cronies, filled them up in senior roles and astronomical salaries. While employees were laid off.

@30c you should just move on and your bitterness about your past layoff will disappear.

MEG is the winner. CVE has backed down. Can’t afford it even though they’re selling refinery access to Phillips 66 which they should keep. Share price still in the toilet. Never the winner in the peer group. Oh I wish someone was large enough to buy this dumpster fire called CVE. What a sh-t hole.

@2vr you’re so 7 years ago. Phillips is buying CVE’s interest btw. Sheesh the reading comprehension and whining of some people.

Strathcona sweetens the deal by 11%. I hope for Meg, Strathcona is the winner. $1.9B payout to Phillips 66 to hand over the refinery access that CVE so desperately needs??? What brilliant management running the show. Again, just shows how smart other companies are. $17.6B payment to get out of FCCL. CVE really are the id--ts of the oil patch. Stock price - case in point.

@2r6 Waterouse is such a man baby it’s embarrassing. Not in the same league as JM or CVE in any capacity. If they want to take his deal, be his pacifier and ride his little waambulance - that’s on them.

Some pretty strong and terse verbiage in the Financial Post today for the MEG board and CVE from Mr Waterous after he increased the Strathcona bid for MEG! It will be interesting to see how the MEG board and JM respond…this is a BIG BOY battle and I’m not sure anyone can compete with Waterous. Although Waterous is now at risk of coming across like a spoiled rich-kid who always gets his way! Hopefully the MEG shareholders can see through the chest pounding and see which deal offers more synergy and value in the long run.

ConocoPhillips news today

Figuring out numbers from the $80MM isn’t straightforward. Most of the execs, VPs and mangers won’t be coming over from MEG. Also, some of that money is IT and procurement savings etc.. This won’t be a significant hit to CVE employees.

So 80 MM reduction in G&A is about 460 ata generous salary of $175k a year. More people with less salary. Seems like one of Cenovus’ smaller layoffs. Is leadership getting getting a conscience???

Nah…

500 shared. G&A overhead

So it turned out to be true no matter how much J was trying to hide.

@eg it’s actually $80mm, according to the presentation they posted.

40MM G&A savings is the target I’ve heard.

@bv Be careful what you aks for. MEG HR is more toxic than Cenovus and that's no exaggeration.

So I heard Husky got Decimated as they had to reapply for their jobs.
That was nice of them :<(

I’d welcome a little MEG culture forcing its way into CVE.

Is this gonna be reverse takeover 2.0?

Business as usual with Cenovus. Buckle up boys and girls.