Cenovus Energy cutting another 440 jobs as low oil prices continue to weigh

CALGARY — Cenovus Energy has begun to apply 440 job cuts due to low oil prices.

Spokesman Brett Harris says Cenovus has already cut 190 mostly contractor positions, while another 250 people from its Calgary head office and field operations will go within the coming weeks.

The company said in February that it was planning to cut operating and administrative costs by $200 million this season, partly through workforce cuts in addition to lower cash compensation because of its five highest-paid executives.

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Canada’s biggest oil producers are sitting on a near-record pile of cash amid price routCenovus Energy Inc slashes dividend, cuts spending and jobs as loss deepens a lot more than expected

At the time, Cenovus cut an additional $200 million to $300 million from its capital spending plans and slashed its dividend by 69 per cent as it announced a $641 million net loss for the fourth quarter.

The latest workforce cuts bring total staff cuts to around 1,600 because the end of 2014, leaving total staff numbers down 31 per cent at 3,600 employees.

The Canadian Association of Petroleum Producers estimates more than 41,000 direct jobs happen to be decline in the power sector, together with many more indirect jobs.