Alberta-based Cenovus Energy said last Friday it will cut 540 jobs just months after axing about 800 positions.
“The workforce reductions that we’ll see over the next few weeks are the reductions that we announced back in July, plus we did manage to identify some of our field reductions — that were not expected to happen until 2016 — a little bit earlier than expected,” Cenovus spokesman Brett Harris told CBC News.
Cenovus has not disclosed how the cuts will be distributed throughout its operations.
The company saw its net earnings drop to $126 million in the second quarter, down from $615 million during the same quarter of 2014, and reduced its dividend by 40 percent.
In its second quarter results, Cenovus said it had identified 300 to 400 positions it expected to cut at its Calgary offices before the end of the year.
“These positions are no longer required because of a decrease in work due to the continued low oil price environment,” Cenovus said in July.
Those cuts, plus other workforce efficiencies, are expected to save the company at least $100 million annually, although the full impact of the workforce savings was still being finalized when the results were issued.
The company axed 800 jobs in February, with those cuts primarily targeting contractor positions, the Calgary Herald said.
Cenovus will see its overall workforce shrink to about 3,900 employees at the end of this year from about 5,200 at the end of 2014, a 24 percent drop, Harris told the Calgary Herald