Cenovus Energy Cuts Workforce Before Q1 Report

Cenovus Energy (TSX: CVE) has confirmed job reductions this week as it faces mounting pressure to improve performance ahead of its Q1 2025 earnings release tomorrow.

The company cited structural reviews and project completions as the impetus for the layoffs, which affected both employees and contractors.

“We have reviewed some team structures, which has led to some employees and contractors leaving the company,” Cenovus stated, emphasizing the cuts were part of a broader push to become “more competitive across all areas of our business.”

While the company did not disclose the total number of affected workers, the Alberta government acknowledged the layoffs, noting it was notified—suggesting that at least 50 employees were impacted at a single location, the threshold for mandated government reporting.

The province also confirmed that Cenovus is offering severance, extended benefits, and career counseling to qualifying employees.

This workforce reduction follows a difficult year for Cenovus. In 2024, net earnings fell to $3.1 billion from $4.1 billion in 2023, despite a modest increase in revenue to $54.3 billion. The company notably struggled with profitability in its US refinery division, contributing to a string of earnings misses over the past 12 months.

In October 2024, the firm also shocked the industry when it reportedly distributed $1.1 billion to shareholders in the previous quarter.

Cenovus last traded at $16.21 on the TSX.


Information for this briefing was found via BOE Report, CTV News, and the sources mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

Silver’s Finally Breaking the System | Keith Neumeyer – First Majestic

The Best News for Gold Was the Drop! – Peter Grandich

McEwen Copper: The Los Azules Feasibility Study

Recommended

Steadright To Conduct Multi-Phased Exploration At Historic Goundafa Polymetallic Mine

Goliath Resources Drills 10.72 g/t Gold Over 7.83 Metres At Surebet

Related News

Cenovus Energy Ends 2021 With $46.36 Billion In Revenue

Cenovus Energy (TSX: CVE) reported today its Q4 and full-year 2021 financial results. The report highlighted...

Tuesday, February 8, 2022, 03:49:00 PM

British Oil Giant BP Cuts Nearly 5% of Workforce “To Simplify” Operations

British energy titan BP (NYSE: BP) unveiled a significant restructuring plan on Thursday, announcing the...

Thursday, January 16, 2025, 02:48:00 PM

Telus Sheds 6,000 Positions Amid Rising Competition and Regulation

Telecommunications behemoth Telus Corp (TSX: T) has announced its intention to cut 6,000 jobs as...

Friday, August 4, 2023, 12:25:16 PM

P&G to Slash 7,000 Office Jobs in Two-Year Bid to Offset Tariffs

Procter & Gamble (NYSE: PG) will eliminate up to 7,000 office jobs—about 15% of its...

Friday, June 6, 2025, 03:50:00 PM

Newmont Axes Leadership Jobs in Cost-Cutting Frenzy

Newmont Corporation (TSX: NGT) has announced significant management layoffs and a reorganization of its business...

Wednesday, December 11, 2024, 02:56:00 PM