Cenovus to Cut 800 Jobs, Freeze Wages After Oil Slide
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Cenovus Energy Inc., the fourth-largest Canadian oil producer, will reduce its workforce by 15 percent, the first time in the company’s history it has cut jobs, to tackle an oil-price slump.
About 800 positions will be affected, most of them contractors, Cenovus spokesman Reg Curren said in an e-mail. The company will freeze wages this year and is prepared to further reduce capital spending, Chief Executive Officer Brian Ferguson said during a conference call with analysts on Thursday.