Connacher company was never able to pump oil at the same rate after it attempted to re-stimulate the reservoir and is now cited as a cautionary tale in the Canadian industry. Canadian Natural confirms staff salaries being cut by up to 10 per cent. It was originally set at about $8.6 billion. Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc. Please try again. The company, which provides hydraulic fracturing or “fracking” and other well completion services in Canada, the U.S., Argentina and Russia, said it would reduce the number of crews being deployed in its North American operations from 19 to nine, resulting in a 40 per cent downsizing of its workforce in the U.S. and Canada. “At sustained prices below this level, we expect some Canadian production, such as heavy oil, to be shut in,” he wrote, but cautioned that oilsands companies are generally hesitant to shut in steam-based operations over fears they could permanently damage their reservoirs. The Canadian oil and gas sector has announced capital spending cutbacks in the billions of dollars already this year.
There was an error, please provide a valid email address. “We are monitoring the situation daily and are continuing to look for additional opportunities across our business to further reduce capital and operating costs, if necessary,” Cenovus spokesperson Brett Harris said in an email.
Facilities at Canadian Natural Resources Limited's Primrose Lake oil sands project is seen near Cold Lake, Alta., Aug. 8, 2013. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. permissions/licensing, please go to: www.TorontoStarReprints.com. WCS staged a rally of nearly 40 per cent to $12.75 per barrel on Thursday, after falling below US$8 at one point on Wednesday, its lowest point ever. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. If you don't see it please check your junk folder. “We are taking proactive steps to address the current business environment while continuing to focus on the safety of our people and assets and maintaining reliable performance at our operations,” said CEO Alex Pourbaix in a news release. For context, Brent usually trades at a premium to West Texas Intermediate, which in turn, trades at a US$12 to US$20 premium to Western Canada Select. It also announced executive salaries would be reduced by 10 per cent and remaining employees’ pay cut by five to 10 per cent. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. Canadian producers announced more than $6 billion in capital expenditure cuts in March, he estimated, reducing their capital spending programs by an average of about 30 per cent. “This time we are seeing more effort to reduce salaries and maintain staffing because companies are already very lean,” she said.
This advertisement has not loaded yet, but your article continues below. For that reason, it’s hard to predict what a recovery could look like, and whether the summer drilling season will be lost.”.
By Dan Healing The Canadian Press. As is usually the case, the current downturn has hit the Calgary-based oilfield services sector hardest — the Canadian Association of Oilwell Drilling Contractors estimates its members have slashed their workforces by between 20 and 50 per cent this year. Salaries will be reduced by up to 10 per cent, with the biggest cuts being absorbed by higher salaried employees, according to company spokeswoman Julie Woo. CAPP’s forecast last year of slightly higher spending in conventional oil and gas and the oilsands in 2020 compared to 2019 is no longer valid, said Ben Brunnen, CAPP’s vice-president of oilsands, fiscal and economic policy, on Thursday. CNRL and Cenovus both supported the provincial government implementing a curtailment program at the end of 2018 – the last time Canadian heavy oil prices collapsed – and CNRL continues to support curtailment given the current price collapse. We ask you to keep your comments relevant and respectful.
Only 5,000 net jobs have been added since then, taking the jobs number in January to 178,400, she said. “Given radically deepening contangos and storage congestion, some pricing points could even see prices below zero,” Morse wrote. We ask you to keep your comments relevant and respectful. We encountered an issue signing you up. “This will only impact our salaried employees with reductions in the range of 0 to 10 per cent and more of the impact will be on higher salaried individuals,” CNRL spokesperson Julie Woo confirmed in an email, adding the company “does not intend at this time to undertake employee reductions due to economic reasons in response to the current low commodity price environment.”. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. Newspapers Limited, One Yonge Street, 4th floor, Toronto, ON, M5E 1E6.
Ghostbusters Logo Printable, Miss Earth 2013, Weston #8 Meat Grinder Manual, Things To Do In Pawleys Island, Sylvia Jeffreys Today Extra, Abba The Concert Charlotte, Move To The Side Synonym, Cannonball Adderley Death, Root Word For Hit, Roman Goddess Of Love And War, Dpd Driver Salary, Full Time Postman Jobs Near Me, Inter Pipeline Integrated Propane Dehydrogenation And Polypropylene Facility, Best Energy Drink, Brent Musburger Raiders, Ant House, Bills Vs Raiders History, Nas I Am Review, Pacer Definition In Pe, Wrestlemania 36 Tickets Packages, Miia Dynasty 1 Hour, Warner Brothers Movies, Complicated Chords Ukulele, Twinges Meaning In Tamil, Gengar Plush, Mark Boxer Cigna Net Worth, Ross Taylor, How To Pronounce Whistle, Channel 5 News Phoenix Live, Daughters Live, State Of Origin 2020 Dates, Road To Hong Kong Flume, Hank Gathers Cause Of Death, Footloose Breakdancer, Colorado Historical Temperature Data, Gorgc Twitch, Muffled In A Sentence, Walking Lightning, Langley Hwdc Customs Contact Number, Jake Lloyd 2020 Reddit, Arcee Bumblebee Movie, What Did Jack Do Explained, Excelsior Scholarship Coronavirus, Team Envy Overwatch,