Canadian oil producer Cenovus Energy Inc. is cutting 440 jobs in Canada so far this year, according to the Calgary Sun. The company has already eliminated 190 contractors, and 250 positions at the company’s Calgary and field office locations will be eliminated this month.
The layoffs represent a 31% reduction in headcount since the end of 2014. Once the cuts are complete, Cenovus will have 3,600 remaining contractors and employees.
The current workforce reductions are part of the company’s initiatives to cut operating and administrative costs by $200 million this year. Another part of this initiative includes lowering cash compensation for its five highest-paid executives.