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Cenovus Canada confirms job cuts ahead of earnings in this week

Cenovus Energy, a Canadian oil and natural gas company, has reduced the number of employees in its workforce ahead of this week's release of its earnings report for its first quarter.

In an email sent on Tuesday afternoon, the Calgary-based firm confirmed that it was cutting jobs.

Cenovus announced that it had reviewed certain team structures and as a result, some employees and contractors have left the company. The job cuts are part of the effort to make the business more competitive in all areas and also because a number projects were completed.

The company has not stated how many affected jobs there are. Cenovus has been underperforming analysts' expectations for most of the last 12 months. The company's profit fell in the fourth quarter 2024 due in part to the continued weakness of its U.S. refining division.

Cenovus shares closed Tuesday at $16.33 each, up 1.4%. However, they have fallen by more than 25% from the beginning of 2025.

Cenovus will report its earnings for the first quarter of 2025 on Thursday.

In an April research report, TD Cowen stated that a "more optimistic" outlook for Cenovus going into the second half will be crucial to reversing investor sentiment towards the heavily discounted stock.

(source: Reuters)