Looks like Toledo Refinery is being prepared for layoffs. A number between 20-30 has been suggested. Some individuals have already left although voluntarily. Any idea what groups will be targeted?
5 replies (most recent on top)
Any news on the strategy&planning layoffs planned for 1Q? Looks like only the planning lead has been “retired”.
Full and careful economics needs to be done on Toledo refinery with computations, i.e. what would include multi year cash flows less purchase price ≈US$370M after adjustments and future investments. Reuters reported Cenovus planning roughly US$1.5 billion of Ohio refinery investments over a multi-year period. Planned TAs were a downside for continuous cash flow. Officially, the company doesn't publish a public line-item for Toledo’s standalone free cash flow in regular financial statements.
@ef not sure if you understand refining but it’s our best performing US asset across safety, reliability and op costs. Not sure what isn’t good business about that.
@ef what does this mean
Not a good business there. Should've been sold long after Husky and BP deal