Cenovus plans on having 440 positions cut within the next few weeks, bringing the total number of jobs dropped by the companu in the last two years to 1,600.
On Friday, spokesperson Brett Harris said 190 workers have already left, most of them contractors. An additional 250 positions in Calgary and field office locations will be eliminated later this month.
Harris did not have an exact breakdown available of how different locations will be affected, but confirmed it was a mix of contractors and full-time employees.
“These are really difficult decisions to make, but absolutely necessary to keep a workforce in line with the economic environment,” he said.
Once the cuts are complete, Harris says Cenovus will have a total staff of 3,600 contractors and employees - a 31 per cent reduction in staffing since the end of 2014.
The layoffs were originally announced in February, after Cenovus lowered capital spending to between $1.2 billion to $1.3 billion, cutting between $200 million and $300 million.
The company’s net loss widened to $641 million during the fourth quarter of 2015, an increase from $472 million during the same period one year earlier. First quarter dividend has been reduced by 69 per cent. Last year, its dividend was cut by 40 per cent.
In 2015, Cenovus responded to low oil prices by cutting staff by 24 per cent. Cenovus also plans to cut operating, general and administrative costs, including for its workforce, by $200 million.
Planned capital budget restrictions for 2016 include lowering spending at the company’s in situ operations at Foster Creek and Christina Lake, both located south of Fort McMurray.
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