Saturday, July 12, 2025

Latest

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

Mergers Set the Stage for Uranium’s Growth Cycle | Forum-Baselode Merger

The Goal is Gold Production as Soon as Possible! | Gordon Robb – ESGOLD Corp.

Snowline Gold: The Multi Billion Dollar Valley PEA

Recommended

First Majestic Produces 7.9 Silver Equivalent Ounces In Q2, Lifts Production Guidance

Antimony Resources Drills 4.17% Antimony Over 7.4 Metres At Bald Hill

Related News

Shopify Jumps 28% After Announcing 20% Job Cuts, Sale Of Delivery

Shopify Inc. (NYSE: SHOP), a burgeoning competitor to Amazon, is selling the two largest elements...

Thursday, May 4, 2023, 11:06:03 AM

BMO Drops Cenovus Energy Price Target To $6.00 From $7.50

This morning BMO lowered its 12-month price target on Cenovus Energy (TSX: CVE) to C$6.00...

Friday, October 30, 2020, 11:22:00 AM

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

BuzzFeed Slumps 20% After Shutting Down News Division

BuzzFeed, Inc. (Nasdaq: BZFD) is closing its news division and laying off 15% of its...

Friday, April 21, 2023, 08:06:19 AM

18% Staff Layoffs, Over 600 Recalls: Is Lucid Motors Still Lucid?

Lucid Group (NASDAQ: LCID) announced plans to let off hundreds of employees during an all-hands...

Thursday, March 30, 2023, 06:19:00 AM