It is mandatory to procure user consent prior to running these cookies on your website. Comments are welcome while open. Oil and gas producer Ovintiv, formerly known as Encana, says it has slashed its workforce by 25 per cent as it prepares for more modest growth in the energy sector. Ovintiv lays off 25 per cent of staff as fears rise for delayed oil industry recovery. Newspapers Limited, One Yonge Street, 4th floor, Toronto, ON, M5E 1E6. Details about where the reductions have been made were not immediately available.

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Oil and gas producer Ovintiv — formerly known as Encana — slashes workforce by 25%, CBC's Journalistic Standards and Practices. But he said he does expect a recovery, pointing out that even at the height of the lockdowns and transportation bans, the world was still consuming over two-thirds of the 100 million barrels per day it needed before the outbreak. In February, 2019, Encana announced it had cut its total workforce by 15 per cent and reduced its ranks of executives by 35 per cent. Ovintiv Inc. has cut its work force by a quarter to cope with what it sees as a new era of lower production growth in the midst of the COVID-19 ... which eliminated the need for companywide layoffs. “Both 2019 and 2020 may be poor predictors of where we end up in 2021 and even 2022.” he said. Spokesperson Tracie Kenyon, said in an e-mail redemptions average Enbridge not to prosecute the company-wide layoffs at this time. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. “We think by 2022 there will be balance in the market, not only supply-demand, but this large overhang of inventory that was built up with the collapse in demand and oversupply, that will be drained by that time,” he said.

Star Newspapers Limited and/or its licensors. Ovintiv stock was up more than eight per cent on the Toronto Stock Exchange on Thursday, climbing to $14.56 a share. The company said its workforce will now total 2,100, including 1,900 employees and 200 contractors. This category only includes cookies that ensures basic functionalities and security features of the website. Prices will eventually recover even if demand falls, he added, because higher prices are needed to pay for exploration to replace declining oil supplies as wells are depleted. To order copies of Oil and gas producer Ovintiv — formerly known as Encana — says it has slashed its workforce by 25 per cent as it prepares for more modest growth in the energy sector. Pseudonyms will no longer be permitted. The company said it is not providing regional breakdowns of any layoffs. In the first, demand doesn’t return to 2019 levels until at least 2025, and the full recovery takes even longer in the second. All You also have the option to opt-out of these cookies. It was estimated at the time that the move affected roughly 470 jobs. Moody’s Investors Service, meanwhile, warned in a report Thursday that recessionary forces and weaker long-term growth expectations will reduce corporate and household demand for oil at the same time that consumers embrace increasing use of biofuels, electric vehicles and improved engine efficiency. Spokesperson Tracie Kenyon, said in an e-mail redemptions average Enbridge not to prosecute the company-wide layoffs at this time. The layoffs are coming roughly equally from the company’s offices in Calgary, Denver and The Woodlands, Texas, as well as from field staff, said Cindy Hassler, a spokeswoman for Ovintiv. Enbridge reported a first quarter loss of $ 1.4 billion due to a number of non-cash charges, including the writedown of the company’s investment in DCP Midstream, a joint venture headquartered in Denver. Box 500 Station A Toronto, ON Canada, M5W 1E6. to colleagues, clients or customers, or inquire about The unprecedented velocity of the oil market crash in March makes forecasting a recovery unreliable at best, especially if there’s a second wave of COVID-19, said Kevin Birn, a Calgary-based oil market analyst at IHS Markit. We also use third-party cookies that help us analyze and understand how you use this website. But opting out of some of these cookies may have an effect on your browsing experience. It's the second major workforce reduction by the company in a little over a year. The North American industry has been hammered by the economic impact of the COVID-19 pandemic, with demand for fuel plunging as an international price war flooded the market with cheap crude. Earlier this week, it confirmed Suncor’s credit rating but downgraded Imperial and Husky, while leaving them at investment grade. You have entered an incorrect email address! Layoffs at Ovintiv, surrenders to Enbridge, COVID-19 fallout continues. In May, the PetroLMI Division of Energy Safety Canada reported more than 7,700 oil and gas sector jobs were lost in April in Canada, with 6,500 of the lost jobs from the oilfield services sector. The executives and managers of the company have also agreed to take salary cuts of between 10 and 15%. Necessary cookies are absolutely essential for the website to function properly. Ovintiv announced last fall that it was moving its corporate headquarters from Calgary to the United States. “I think everyone agrees that this pandemic is going to change the way people travel. Comments on this story are moderated according to our Submission Guidelines. expressly prohibited without the prior written consent of Toronto Audience Relations, CBC P.O. Ovintiv announced its original capital-spending plan for 2020 on 20 February, the same day most North American stock indices peaked and just before the economic impact of the Covid-19 pandemic bec a me apparent. Ovintiv layoffs videos and latest news articles; GlobalNews.ca your source for the latest news on Ovintiv layoffs . It had been previously called Encana, one of Canada's oldest and largest energy companies. To order The executives and managers of the company have also agreed to take salary cuts of between 10 and 15%. By Dan Healing The Canadian Press. CALGARY—Fears of persistently lower demand for oil are hitting home for industry workers as the world economy slowly strengthens following the deepest disruptions of the COVID-19 crisis. These cookies will be stored in your browser only with your consent. This website uses cookies to improve your experience while you navigate through the website. The company, which moved its headquarters from Calgary to Denver last year and changed its name from Encana Corp., has also dramatically reduced activity in the field to address fossil fuel demand destruction and the oil price collapse caused by the pandemic, she said. It’s going to change the way they live their lives and some of that will demand more energy and some of it will demand less,” he said in an interview. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. Please note that CBC does not endorse the opinions expressed in comments. Any forecast that includes a return to 2019 levels, a record oil production year after a decade of growth, is a good one for the industry, said Tim McMillan, CEO of the Canadian Association of Petroleum Producers. Copyright owned or licensed by Toronto Star Newspapers Limited. So more at maintenance activity levels.”. We reserve the right to close comments at any time. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. But a spokesperson said Wednesday the workforce reductions were near equal percentages across the company's three corporate offices, which include Calgary, Denver, Colo., and Woodlands, Texas.

“We feel like the industry and Ovintiv is transitioning to lower production growth levels.

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