{"id":18201,"date":"2016-02-24T13:29:58","date_gmt":"2016-02-24T18:29:58","guid":{"rendered":"http:\/\/olduvai.ca\/?p=18201"},"modified":"2016-02-24T13:29:58","modified_gmt":"2016-02-24T18:29:58","slug":"encana-to-cut-workforce-another-20-on-top-of-earlier-downsizing","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=18201","title":{"rendered":"Encana to cut workforce another 20% on top of earlier downsizing"},"content":{"rendered":"
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Encana to cut workforce another 20% on top of earlier downsizing<\/a><\/h3>\n<\/div>\n

Calgary-based oil and gas producer reports 4th-quarter losses of $612M<\/p>\n

\"Doug<\/p>\n<\/div>\n<\/div>\n

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Doug Suttles, CEO of Encana Corp., speaks to reporters in Calgary in 2013. The Calgary-based company announced on Wednesday it’s planning a further 20 per cent reduction in its workforce to achieve up to $250 million in additional cost savings this year. (Jeff McIntosh\/The Canadian Press)<\/p>\n<\/div>\n<\/div>\n

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Encana Corp.\u00a0says it’s planning a further 20 per cent reduction in its workforce as it works to achieve up to $250 million in additional cost savings this year, beyond what had previously been announced.<\/div>\n<\/div>\n<\/div>\n
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Details on how many jobs will be affected and when they’ll happen weren’t immediately available.<\/p>\n

But the company says\u00a0by the end of the year, its workforce will be half the size it was in 2013.\u00a0That works out to roughly 1,600 job cuts over three years.<\/p>\n

The Calgary-based oil and gas producer announced the cuts with its fourth-quarter financial report, which included a $612 million net loss or 72 cents per share \u2014 mostly the result of asset write downs and other non-operating items.<\/p>\n

Those were partly offset by 36 per cent increase in Encana’s liquids production since the fourth quarter of 2014, and previous cost-cutting measures that helped increase Encana’s cash flow despite lower commodity prices.<\/p>\n

Excluding $514 million in asset impairments and other items such as foreign exchange, Encana’s operating earnings in the fourth quarter were $111 million or 13 cents per share \u2014 up from $35 million or five cents per share a year earlier.<\/p>\n

Encana chief executive Doug Suttles said the company enters 2016 with a strong balance sheet, a high-quality portfolio of assets and improved efficiency that offset the impact of reduced capital spending and lower prices for its oil and gas.<\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Encana to cut workforce another 20% on top of earlier downsizing Calgary-based oil and gas producer reports 4th-quarter losses of $612M Doug Suttles, CEO of Encana Corp., speaks to reporters in Calgary in 2013. The Calgary-based company announced on Wednesday it’s planning a further 20 per cent reduction in its workforce to achieve up to […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[12597,103,3544,3000,12598,11569,1729,1775],"class_list":["post-18201","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-asset-impairment","tag-canada","tag-cbc","tag-cbc-news","tag-doug-scuttles","tag-encana","tag-oil-and-gas-industry","tag-oil-price-collapse"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18201","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=18201"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18201\/revisions"}],"predecessor-version":[{"id":18202,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/18201\/revisions\/18202"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=18201"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=18201"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=18201"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}