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Tag Archives: cuts

Canadian Natural Resources cuts budget, staff salaries amid Q3 loss


CALGARY – Canadian Natural Resources Ltd., Canada’s largest volume producer of oil and gas, has cut its capital budget for the fifth time this year as executives said the company faces multiple challenges, including an Alberta government royalty review, in budgeting for next year. But president Steve Laut said he …

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Enbridge Inc cuts 500 staff, about 5% of workforce, amid collapse in oil prices


CALGARY – Canada’s largest pipeline company Enbridge Inc. confirmed it laid off 500 people on Monday and will not be hiring for an additional 100 unfilled positions. The layoffs represent about five per cent of the company’s total workforce and are spread across Enbridge’s operations in Canada and the U.S. …

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Vermilion Energy Inc’s spending cuts praised by analysts


Vermilion Energy Inc.’s decision to reduce its capex spending plans for 2016 to $285 million from a previous preliminary figure of $350 million is being welcomed by analysts, partly because it should shore up the Calgary-based oil and gas producer’s dividend. Macquarie analyst Chris Feltin noted that the company’s production …

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BP to slash 4,000 jobs or 5% of its workforce as it cuts production in oil slump


LONDON — British oil and gas company BP announced plans on Tuesday to slash 5 per cent of its global workforce in the face of a continued slump in oil prices. It said it aims to reduce its global oil production, or upstream, headcount by 4,000 to 20,000 as it …

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TransAlta Corp cuts dividend by more than a third to save money for shift away from coal


TransAlta Corp, the Alberta power generator, cut its quarterly dividend by more than a third to save money as it transitions toward gas and renewable power generation and away from coal. The quarterly dividend was cut to 4 cents a share from 18 cents previously, the company said in a …

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Oil investment cuts will curtail supplies soon: reports


CALGARY — The bill for today’s low oil prices could come soon enough: With scores of projects cancelled and investment cuts expected to continue through 2016, industry’s ability to meet future demand is looking bleak. Even as the market continues to focus on bearish short-term indicators, like high North American …

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Job losses, dividend cuts and red ink as Alberta’s oilpatch staggers under full fury of low prices


The oilpatch is bracing for more layoffs, dividend reductions and capex cuts as companies reveal the full impact of a 14-month decline in crude oil prices on their fourth quarter earnings. Cenovus Energy Inc. said Thursday the “hurricane force” impacting the industry has compelled the oilsands producer to cut its …

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Cenovus Energy Inc slashes dividend, cuts spending and jobs as loss deepens more than expected


Oil producer Cenovus Energy Inc posted a bigger-than-expected quarterly loss and announced a fresh round of cuts to its quarterly dividend, 2016 capital budget and workforce, as it tries to shore up finances amid an incessant fall in oil prices. The Canadian company, which has been cutting costs in response …

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Goldcorp Inc cuts dividend, lowers production guidance for next three years


Goldcorp Inc. slashed its dividend and lowered its production guidance for the next three years on Thursday as the company tries to maintain a strong balance sheet and faces unexpected problems at an Ontario project. The stock dropped 13 per cent on Friday in response to the news, closing at …

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Canadian Natural Resources Ltd cuts $1 billion off spending as profit plunges 89%


Canadian Natural Resources Ltd cuts its 2016 capital expenditure on Thursday after it reported an 89 per cent fall in quarterly profit, amid a steep decline in crude prices. Canada’s No.2 oil and gas producer estimated 2016 capital spending of $3.5 billion to $3.9 billion, from a previous range of …

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