200-300 ppl in Dec along with some VPs/Directors. Another round in Jan. Soon we will have an entire building sitting empty.
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Analfabeto, educate yourself, and dont worry about me. I am fine
Illeterate csx,
The U.S. rig count has been on the rise for months, despite some recent hiccups, but Canada’s rig count recently plunged amid low oil prices.
Canada’s rig count fell from 210 to 136 for the week ending on December 29, a massive drop off. That took the rig count to a six-month low. Obviously, the losses were concentrated in Alberta, where most of the rigs tend to be. Alberta’s rig count sank from 162 to 118 in the last week of 2017. But Saskatchewan also saw its rig count decimated—falling from 43 in mid-December to just three at the close of the year.
The losses can likely be chalked up to the meltdown in prices for Canadian oil. Western Canada Select (WCS), a benchmark that tracks heavy oil in Canada, often trades at a significant discount to oil prices in the United States. But the WCS-WTI discount became unusually large in November and December for a variety of reasons. The outage at the Keystone pipeline led to a rapid buildup in oil inventories in Canada, and storage hit a record high in December.
Also, Canada’s oil industry has been unable to build new pipelines to get the landlocked oil from Alberta to market. Alberta oil producers are essentially hostage to their buyers in the U.S., and with oil production now bumping up against a ceiling in terms of pipeline capacity, the glut is starting to weigh on WCS prices.
This has to go down as one of the worst acquisitions since the Chinese bought Nexen.
CVE’s dunderhead execs bought Deep Basin assets and are competing against nimble intermediates with a better land position and far less overhead and better cost controls. They also sold off their low cost conventional assets which themselves generated nearly double the free cash flow in the last quarter as the Deep Basin assets. The idiots on the board of directors remain while Big Z and Rusty keep their jobs to the detriment of shareholders.
Sure glad I don’t have to work for CVE you are all crazy. Sounds like Ex COP people and CVE people are getting along nicely not.
Poch O, let me educate you.
1) Conoco didn't decide to exit Canada because of political risks but rather the fact that shale has better net back ... more flexible to downturn or turnup with price. They took that money to invest in shale.
2) CVE decides to buy assets but they buy it at a premium. The stock sinks because no one thought it was worth the money.
3) CVE team thinks oil recovery is near, they are wrong.
4/5) Crude prices are based on international prices, its not based on country. We might be land locked and have to give a discount but that is not the same as saying Canada didnt see the rise in WCS.
6) Carbon/methane tax might make up 1/10 of the pressure that was put on the company compared to the terrible acquisition.
The pipelines were blocked mostly by other provinces (they have that right) whether you and I like it or not.
Yes, I blame the management and its my right. Going from how little you understand the industry I will assume you are in management. You know, since almost all the managers in this company are incompetent and uneducated.
"Oh its the liberal policies screwing us", grow up.
This company bought Deep Basin (garbage for the price paid) and sold its net back assets which were the conventional plays. At the same time they took on huge debt to do it. Now they realize they have no money for anything else. Genius!
Grow ur own pot tax free, u won't have a job
But I want pot to be legal and have a job to buy weed!
The facts,
1-Conoco's decision to exit canada was based on the increased political risk
2- cve decides to buy the assets
3- cve mngt believes in a crude price recovery
4- crude price is recovering world wide, except canada
5- canada oil and gas land locked and selling at discounted prices
6- carbon and methane taxes on top of discount = more layoffs
Anyone is entitled to blame mngmt, and that is a right.
I prefer to seek a solution. The solution is unit cost by building pipelines and removing c taxe.
Continue to blame mngt, but your not part of the team and should be fired.
Cve has the asset, work with what you have and change what can be changed.
The mess was created along time ago, by elections.
This is the bigger picture.
One action = reaction
This mess we are in has very little to do with Carbon tax. Most of it comes from self inflicted wounds from poor business decisions and bad management.
Carbon and methane emission taxes are about to crush the oil patch. An estimated 7000 jobs will be wiped.
Layoffs now, later and forever.
Clearwater for sale? Good maybe JB will finally go.
COP people need to go. They have nothing to offer
Clearwater getting sold. Good luck COP people!
Feel bad for all my friends that either had to take a job at Cenovus or not have one at all. I hope you all are doing ok!
4grd is anal fabeto
4grd , Analfabeto
Globalist socialist gov. Is at fault? It's not because of the stupid deal the management made? Go get your head checked... you are paranoid.
Layoffs will go on as lng as current globalist sociolist gov in pwer.
In fact cdn patch may never recover
If you know you are next, you must be a ball reader.
Good or bad, you ain't know nothin.
That’s got to be hard on employees never knowing if you are next. I wonder how long these layoffs will go on.
They are doing it in small waves so these cuts don't hit the newspaper. Too embarrassing for CVE.
Pick me! Please pick me! I do not think I can last long enough to watch the new CEO get rid of all the high level management responsible for the completely inefficient organization.
Just before the February 2015 layoffs the company had 5400 employees and contractors. They’re down to 3400 now and that’s counting the new Conoco employees. Sad times for a company that once had a lot of promise.
Why is this not hitting the paper? Are they just doing small groups of people many times to avoid being in the news?
Employee count has already dropped by 250 souls since June. Probably close to 600 by the time this is over in Q1 2018.
Merry Christmas
Because at the time it was about Big Z making a huge impact and building an empire.Transformative acquisition was about over paying, over hiring and over promising. Big Z, Ivor along with their A&D/IR dogs should all be fired.
Ya well you’re not drilling Deep Basin stuff so what do you expect. You can’t keep all these people. I truly don’t know why they took so many COP people.
Heard certain VPs in the company have Alex by the balls and are dictating what to be done. The same team of individuals also got us here in the first place, paying double for the DB assets.