{"id":5706,"date":"2015-02-14T08:43:08","date_gmt":"2015-02-14T13:43:08","guid":{"rendered":"http:\/\/olduvai.ca\/?p=5706"},"modified":"2015-02-14T08:43:08","modified_gmt":"2015-02-14T13:43:08","slug":"layoffs-spending-cuts-permeate-albertas-oilpatch-on-quarterly-results","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=5706","title":{"rendered":"Layoffs, Spending Cuts Permeate Alberta&#8217;s Oilpatch On Quarterly Results"},"content":{"rendered":"<h3 class=\"title\"><a href=\"http:\/\/www.huffingtonpost.ca\/2015\/02\/13\/layoffs-alberta-oilpatch_n_6671954.html\" target=\"_blank\">Layoffs, Spending Cuts Permeate Alberta&#8217;s Oilpatch On Quarterly Results<\/a><\/h3>\n<p>CALGARY &#8211; There was a splattering of red ink in the oilpatch Thursday, as the steep drop in oil prices weighed on the bottom lines of some of the energy sector&#8217;s biggest names in the last three months of 2014.<\/p>\n<p>Oilsands producer Cenovus Energy Inc. (TSX:CVE) said it&#8217;s cutting its headcount by 15 per cent, mostly contractors, amounting to 800 positions. Husky Energy Inc. (TSX:HSE) also said there&#8217;s been a &#8220;small&#8221; reduction in its workforce, but declined to get more specific. And Precision Drilling Corp. (TSX:PD) said there&#8217;s not enough work these days to keep its crews busy.<\/p>\n<p>&#8220;I believe we are in for much greater volatility in oil prices for the foreseeable future and that&#8217;s why you&#8217;ve seen Cenovus preserve cash by moderating our growth and reducing our workforce,&#8221; Cenovus CEO Brian Ferguson said.<\/p>\n<p>&nbsp;<\/p>\n<p>Crude prices have been at around the US$50 a barrel mark for much of this year so far, after having hit US$107 a barrel last summer. The drop intensified toward the end of 2014.<\/p>\n<p>Cenovus posted a net loss of $472 million, widening from the previous year&#8217;s loss of $58 million.<\/p>\n<p>The results for the quarter included a $497-million charge related to its Pelican Lake oil project in Alberta due to the drop in oil prices and a slowing of the development plan for the project.<\/p>\n<p>Some expansion work at Cenovus&#8217; flagship Foster Creek and Christina Lake oilsands projects is winding down, though phases that are further along in development are continuing as planned.<\/p>\n<p>&nbsp;<\/p>\n<p>&#8230;click on the above link to read the rest of the article&#8230;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Layoffs, Spending Cuts Permeate Alberta&#8217;s Oilpatch On Quarterly Results CALGARY &#8211; There was a splattering of red ink in the oilpatch Thursday, as the steep drop in oil prices weighed on the bottom lines of some of the energy sector&#8217;s biggest names in the last three months of 2014. Oilsands producer Cenovus Energy Inc. (TSX:CVE) [&hellip;]<\/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":[2,3],"tags":[3537,2693,103,3538,3539,592,1775,3540,781],"class_list":["post-5706","post","type-post","status-publish","format-standard","hentry","category-economics","category-energy-2","tag-alberta-oilpatch","tag-calgary","tag-canada","tag-cenovus","tag-crude-oil-prices","tag-oil-price","tag-oil-price-collapse","tag-oilsands","tag-tar-sands"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5706","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=5706"}],"version-history":[{"count":1,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5706\/revisions"}],"predecessor-version":[{"id":5707,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/5706\/revisions\/5707"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=5706"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=5706"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=5706"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}