Pseudonyms will no longer be permitted. Ovintiv Restructures Crude Oil Derivatives to Provide Additional Downside Protection; Company Now Plans to Reduce Second Quarter 2020 Investments by $500 Million
“Oil demand may take a long time to recover to 2019 levels due to the combination of weaker economic growth, decarbonization trends and behavioural shifts, increasing the possibility that demand peaked in that year,” said James Leaton, vice-president and senior credit officer at Moody’s, in a news release. The credit rating agency considered two scenarios where oil demand is either three or five per cent lower than 2019 levels going into 2021.
Star Newspapers Limited and/or its licensors. So more at maintenance activity levels.”.
Enbridge reported a first quarter loss of $ 1.4 billion due to a number of non-cash charges, including the writedown of the company’s investment in DCP Midstream, a joint venture headquartered in Denver. Ovintiv Inc., the oil and gas producer that moved its headquarters out of Canada earlier this year, is laying off staff across North America as it reduces drilling activity. We reserve the right to close comments at any time. “Both 2019 and 2020 may be poor predictors of where we end up in 2021 and even 2022.” he said. The company has cut the number of rigs it operates in Canada and the U.S. — to seven from 23 — in a move it said reflected its expectation of future activity levels. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). It’s going to change the way they live their lives and some of that will demand more energy and some of it will demand less,” he said in an interview. Layoffs at Ovintiv, surrenders to Enbridge, COVID-19 fallout continues. Ovintiv stock was up more than eight per cent on the Toronto Stock Exchange on Thursday, climbing to $14.56 a share. “The new model we feel going forward will combine free cash generation, stronger balance sheet and modest growth. In February, 2019, Encana announced it had cut its total workforce by 15 per cent and reduced its ranks of executives by 35 per cent. The executives and managers of the company have also agreed to take salary cuts of between 10 and 15%. The forecast could change if there’s a second wave of the coronavirus and could also be influenced if consumers turn to alternative forms of energy, he conceded. The decision affects roughly 650 jobs. Ovintiv announced its original capital-spending plan for 2020 on 20 February, the same day most North American stock indices peaked and just before the economic impact of the Covid-19 pandemic bec a me apparent.
“We think by 2022 there will be balance in the market, not only supply-demand, but this large overhang of inventory that was built up with the collapse in demand and oversupply, that will be drained by that time,” he said. These cookies do not store any personal information. To order Republication or distribution of this content is All Thursday's news comes amid reports of layoffs across the oil and gas sector. Ovintiv Inc. has cut its work force by a quarter to cope with what it sees as a new era of lower production growth in the midst of the COVID-19 ... which eliminated the need for companywide layoffs.
“Even if oil was at 2015 levels, the amount of investment globally (and) the opportunity that Canada has in the future is immense.”.
Yesterday, the President & Chief Executive Officer of Ovintiv (OVV – Research Report), Douglas James Suttles, bought shares of OVV for $17.5K.Following Douglas James Suttles’ last OVV Buy transaction on March 11, 2020, the stock climbed by 7.2%. It's the second major workforce reduction by the company in a little over a year. Copyright owned or licensed by Toronto Star Newspapers Limited. Oil and gas producer Ovintiv — formerly known as Encana — says it has slashed its workforce by 25 per cent as it prepares for more modest growth in the energy sector. expressly prohibited without the prior written consent of Toronto In the first, demand doesn’t return to 2019 levels until at least 2025, and the full recovery takes even longer in the second.
It had been previously called Encana, one of Canada's oldest and largest energy companies. Moody’s Investors Service, meanwhile, warned in a report Thursday that recessionary forces and weaker long-term growth expectations will reduce corporate and household demand for oil at the same time that consumers embrace increasing use of biofuels, electric vehicles and improved engine efficiency. Oil and gas producer Ovintiv, formerly known as Encana, says it has slashed its workforce by 25 per cent as it prepares for more modest growth in the energy sector. This copy is for your personal non-commercial use only.
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