The forecast could change if there’s a second wave of the coronavirus and could also be influenced if consumers turn to alternative forms of energy, he conceded. to colleagues, clients or customers, or inquire about The executives and managers of the company have also agreed to take salary cuts of between 10 and 15%. Ovintiv lays off 25 per cent of staff as fears rise for delayed oil industry recovery. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. In May, the PetroLMI Division of Energy Safety Canada reported more than 7,700 oil and gas sector jobs were lost in April in Canada, with 6,500 of the lost jobs from the oilfield services sector. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). The three companies’ refining and retail operations have traditionally supported their oil producing divisions when commodity prices fall, but that hasn’t happened this time as the pandemic also reduced demand for refined fuels, said DBRS senior vice-president Victor Vallance on Thursday. Copyright owned or licensed by Toronto Star Newspapers Limited. Please note that CBC does not endorse the opinions expressed in comments. It is a priority for CBC to create a website that is accessible to all Canadians including people with visual, hearing, motor and cognitive challenges. The executives and managers of the company have also agreed to take salary cuts of between 10 and 15%. Earlier this spring, Ovintiv announced it would cut second-quarter spending by $300 million and said it was prepared to further reduce capital investments throughout the year. We also use third-party cookies that help us analyze and understand how you use this website. The company, which moved its headquarters from Calgary to Denver last year and changed its name from Encana Corp., has also dramatically reduced activity in the field to address fossil fuel demand destruction and the oil price collapse caused by the pandemic, she said. The company said it is not providing regional breakdowns of any layoffs. The unprecedented velocity of the oil market crash in March makes forecasting a recovery unreliable at best, especially if there’s a second wave of COVID-19, said Kevin Birn, a Calgary-based oil market analyst at IHS Markit. Moody’s Investors Service, meanwhile, warned in a report Thursday that recessionary forces and weaker long-term growth expectations will reduce corporate and household demand for oil at the same time that consumers embrace increasing use of biofuels, electric vehicles and improved engine efficiency. Audience Relations, CBC P.O. The company said its workforce will now total 2,100, including 1,900 employees and 200 contractors. Ovintiv Inc. has cut its work force by a quarter to cope with what it sees as a new era of lower production growth in the midst of the COVID-19 ... which eliminated the need for companywide layoffs. But opting out of some of these cookies may have an effect on your browsing experience. By Dan Healing The Canadian Press. DH. This category only includes cookies that ensures basic functionalities and security features of the website. In the first, demand doesn’t return to 2019 levels until at least 2025, and the full recovery takes even longer in the second. These cookies will be stored in your browser only with your consent. Oil and gas producer Ovintiv — formerly known as Encana — says it has slashed its workforce by 25 per cent as it prepares for more modest growth in the energy sector. “Both 2019 and 2020 may be poor predictors of where we end up in 2021 and even 2022.” he said. To order To order copies of Earlier this week, it confirmed Suncor’s credit rating but downgraded Imperial and Husky, while leaving them at investment grade. Enbridge reported a first quarter loss of $ 1.4 billion due to a number of non-cash charges, including the writedown of the company’s investment in DCP Midstream, a joint venture headquartered in Denver. Ovintiv announced last fall that it was moving its corporate headquarters from Calgary to the United States. Save my name, email, and website in this browser for the next time I comment. It is mandatory to procure user consent prior to running these cookies on your website. “I think everyone agrees that this pandemic is going to change the way people travel. Thu., June 18, 2020 timer 3 … But he said he does expect a recovery, pointing out that even at the height of the lockdowns and transportation bans, the world was still consuming over two-thirds of the 100 million barrels per day it needed before the outbreak. 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