Cenovus Energy to lay off as many as 2,000 in two months
By CTV NewsNews
Cenovus Energy plans to cut upward of 2,000 positions over the next two months, with the first round of layoffs expected to begin Tuesday.
According to a source that validated the total layoff numbers to CTV News, Tuesday’s announcement will be followed by additional job cuts that are anticipated to take place over the course of two phases in February or March.
An internal memo confirms the vast majority of affected workers will receive termination notices by phone as work from home mandates remain in effect
The move comes after the company finalized a deal to buy Husky Energy earlier this month and announced up to 2,150 jobs — roughly a quarter of its workforce — would be lost as a result of the mega-merger. The acquisition of Husky Energy is valued at $23.6 billion, inclusive of debt.
“As we have previously said when we announced the Cenovus-Husky transaction, the combination means there will be overlap and redundancies in a number of roles across our business that will result in workforce reductions taking place over the course of this year,” said Reg Current, a Cenovus Energy spokesperson, in a statement sent to CTV News Tuesday morning.