Canadian Natural Resources Ltd. (CNLR) said Wednesday that weak oil prices have prompted it to cut some staff salaries by up to 10 percent.
According to Reuters, the Calgary-based company will slash salaries for all staff members at its Aberdeen, Scotland and Calgary, Alberta operations by as much as 10 percent.
The salary reductions will be larger for those employees with higher salaries.
“The challenges facing our industry are significant. In this environment, Canadian Natural is taking additional actions to further reduce costs and to protect the robustness of the company by implementing a salary reduction of up to 10 percent for all Calgary and Aberdeen staff,” a CNLR spokesperson told the news wire.
The cut follows a 10 percent salary cut taken by the company’s board of directors and senior executives and a five percent cut taken by the company’s vice presidents in the first quarter.
Both senior executes and vice presidents will be included in Wednesday’s salary cuts, Reuters added.
CNLR employees more than 7,600 employees with operations in Canada, the North Sea and offshore West Africa.
The company did not disclose how many employees will be affected by the salary decreases.
CNLR beat analysts expectations in the second quarter, reporting adjusted earnings of 16 Canadian per share, about 6 cents higher than analysts targets, Reuters noted.
The company booked a net loss of C$405 million in the second quarter, down from a profit of C$1.07 billion during the same period last year.
