Large cuts in the Denver and Calgary office. Significant amount of managers, directors, employees that have been with the company for 10+ years. Still waiting on the total % cut across the board. Very sad day for everyone within the company!
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Those of us who were cut still had access to email for the remainder of the workday. In the afternoon, Doug sent out an email saying it was a tough day but it was all over and that "we are now in a position to prosper". That, to me, was classless as we who were cut were able to read that. Nothing like realizing they considered us dead weight and that now that we are gone the rest of them can move forward and prosper while the rest of us face an economy with record unemployment. They were not generous with the severance and didn't cash out our stock awards. I have no love for that company, nor the industry. Can't wait to watch THEIR gravy train go away as the industry faces insurmountable challenges in the near future!!
It is unfortunate in the 7 year tenure Doug Suttles has had with Encana now known as Ovintiv - he has not to my knowledge taken a cut in pay but rather still seems to be in the top 10 of executives paid, In 2019 his pay rose 7% to make his annual salary over $12 million dollars and then you factor in Board pay, bonuses and yet each year people are laid off. Seems odd to me that the shareholders allow this behaviour and the company keeps going downhill.
Unfortunately 25% is not nearly enough. Still have 1,900 staff and 200 contractors across 3 costly offices all to run a handful of rigs. The cuts should have been significantly deeper and many more Senior Manager, Director and VP positions combined or eliminated. The structure remains top heavy and too costly. Big company egos. Small company reality.
25% total
US Land land Denver had around 10 let go.
Company has confirmed:
https://twitter.com/TaraNWeber/status/1273318150310776833
Say they'll release the number of employees affected tomorrow.