Has anyone heard of more layoffs on the horizon lately with the decline of WTI. Suncor just finished so I suspect we are next.
21 replies (most recent on top)
Layoffs are scheduled for January 23, 2024.
Cenovus got bigger, hired a lot of people. Every department. Lots of people from Suncor, which is bad. Suncor people is a "dead weight", so is former Husky's people.
Do not take food from the fat man
Jsau+1puxJA0W - Jon is way harder than Alex. He won't hesitate to cut if he sees even a sliver of advantage for his bonus or options.
The 2024 Capital Guidance for downstream is a mere 750 - 850 Million. Divide that between five refineries and two ethanol plants.
Jon is weak. He won’t do layoffs.
He doesn’t want to run the place like Alex did
Cenovus hired a lot of people in 2023. Too much too fast. Layoffs will be brutal if oil price will tank again like in the past
Layoffs? Would love to know where you are getting your intel from?? Currently Lots of job postings...
@Gvnw+1puzJA0W is correct. Downstream.
Rumour is Cenovus will lay off “Project People” in January.
No kidding. My manager attends all the technical meetings with his team and the rest of the time su-ks up to his senior manager. Waste of G&A adding no value whatsoever.
If anything, I could see them rethinking the whole extra layer of middle management they have created in the last 2-3 years. Completely pointless, and I have no idea what most of these people do all day. Totally unnecessary layer of “management” with bloated salaries, mostly consisting of people that couldn’t hack it in their individual contributor role.
$60 WTI does it
Suncor had a very corrupt hiring process. They hired a bunch of “golf lovers”, “models” and “speech writers” to do the work. The result is what we see now.
What’s funny is a lot of the people at Suncor came from past Cenovus layoffs. They went to work over there.
Big ask to HR: don’t hire anyone from Suncor. That company is horrible and people working there have created a bad corporate culture that no one would want to have.
There is always an axe hanging over your head at Cenovus. You don’t need “layoffs”
WTI price is good so far. Cenovus keeps posting more and more jobs. Most people come from Suncor but Suncor is “rotten tomatoes “
You’d see a hiring freeze first. They seem to be loading up on employees at the moment.
Lol not even close to where the price would be to trigger any discussion of layoffs.
CVE's breakeven price is strong. Suncor's layoffs were not related to WTI, they were tied to restore suncor and new CEO targets. I haven't heard anything.