- Cenovus Energy (CVE -2.3%), which has been selling assets to pay off debt from its $13B oil sands acquisition earlier this year, plans to cut ~15% of its total workforce, or 500-700 jobs, as new CEO Alex Pourbaix steps up cost cuts.
- CFO Ivor Ruste will leave the company in April, Upstream Oil & Gas chief Kieron McFadyen will depart in January, and Downstream president and U.S. operations director Bob Pease also will leave in January.
- The announcements were part of CVE’s 2018 budget report, which detailed a $1.5B-$1.7B capital spending program and a 2018 oil production forecast of 483K-510K boe/day that trailed some analysts’ expectations.
- The company's new CEO is "laying the ground work for a better day, and we anticipate more updates will come over the next few months as management gains its footing," says Desjardins analyst Justin Bouchard. “The new budget is positive in that it sends a clear message regarding capital discipline, particularly for a company facing numerous headwinds."
- Now read: Cenovus Energy: Crucified For A Successful, If Unusual, Debt Strategy
Original article