enbridge pay cuts

“Enbridge is a resilient company, but we are not immune to the unprecedented nature of the current crisis,” Semko said in an email.

Brent crude settled down 25 cents, or 0.6 per cent, at US$40.71 a barrel. On June 17, Enbridge announced that close to 800 employees took leaves of absence, moved to part-time, or accepted early retirement packages. With measures to slow the spread of the Covid-19 virus causing an unprecedented drop in oil demand, Enbridge said volumes on its Mainline crude network fell 400,000 barrels a day in April, a 14% drop from average throughput in the first quarter. Ovintiv Inc., the oil and gas producer that moved its headquarters out of Calgary earlier this year, is laying off staff across North America as it reduces drilling activity. The … Enbridge to cut salaries, offer 800 staff early retirement, severance. At the end of last year, the company employed 11,300 people, including 7,800 in Canada and 3,500 in the U.S. Enbridge spokesperson Jesse Semko said the company would not “need to pursue company-wide layoffs at this time” as a result of the cost-cutting measures.

Enbridge also is cutting C$300 million in operating costs through company-wide salary rollbacks, reductions to outside services and a voluntary workforce-reduction plan. This advertisement has not loaded yet, but your article continues below. Safety moves cause delay of $710 million in capital spending, Pay reductions, job cuts to trim $213 million in costs. If you don't see it please check your junk folder.

We ask you to keep your comments relevant and respectful. About C$1 billion ($710 million) of capital spending will be delayed as distancing measures change its construction schedules, the Calgary-based company said in a statement Thursday. The company last week struck a deal with shippers to use a section of an old oil pipeline running between Saskatchewan and Manitoba to temporarily store more than 900,000 barrels of crude starting in June.

The company didn’t specify how many jobs may be cut. Have a confidential tip for our reporters? Read more about cookies here.

With measures to slow the spread of the Covid-19 virus causing an unprecedented drop in oil demand, Enbridge said volumes on its Mainline crude network fell 400,000 barrels a day in April, a 14% drop from average throughput in the first quarter. Jun 17, 2020 • • 3 minute read Enbridge president and CEO Al Monaco will see his salary cut by 15 per cent, as will directors.

CALGARY – North America’s largest pipeline company, Enbridge Inc., is cutting non-union salaries and offering employees early retirement and severance packages in an effort … We apologize, but this video has failed to load.

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Enbridge president and CEO Al Monaco will see his salary cut by 15 per cent, as will directors. CALGARY (Bloomberg) --Enbridge Inc., North America’s largest pipeline operator, is cutting jobs, lowering executive pay and deferring some capital spending as measures to fight the Covid-19 virus reduce oil flows on its system and slow down construction. The company is also reducing base pay across its non-union workforce.

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Enbridge Inc., North America’s largest pipeline operator, is cutting jobs, lowering executive pay and deferring some capital spending as measures to fight the Covid-19 virus reduce oil flows on its system and slow down construction. Chief executive officer Doug Suttles said the move was meant to allow the company to access a broader pool of investors in U.S. markets.

Unauthorized distribution, transmission or republication strictly prohibited. The layoffs are coming roughly equally from the company’s offices in Calgary, Denver and Texas, as well as from field staff, said Cindy Hassler, a spokeswoman for Ovintiv. Company disclosures show Monaco’s compensation in 2019 totalled $14.7 million including the value of equity compensation. There was an error, please provide a valid email address. The company last week struck a deal with shippers to use a section of an old oil pipeline running between Saskatchewan and Manitoba to temporarily store more than 900,000 barrels of crude starting in June.

That’s a rare and large decline on a network that Enbridge said typically operates at or near its capacity.

Ovintiv cut its capital spending by US$300 million in the second quarter and reduced the number of rigs it has in the field from 23 to seven.

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Enbridge also is cutting $300 million in operating costs through company-wide salary rollbacks, reductions to outside services and a voluntary workforce-reduction plan. Across the border, American oil and gas companies are also looking to cut their head counts amid a severe price decline. As a result, Enbridge’s Mainline pipeline network is no longer in apportionment — meaning there is enough space on the system to move the oil being produced in Canada. • Email: gmorgan@nationalpost.com | Twitter: geoffreymorgan.

Oil prices settled lower on Wednesday on fuel demand worries due to an uptick in coronavirus cases, with emerging hotspots in China and the United States, and as U.S. crude stocks grew again, taking commercial inventories to another all-time high. Ovintiv earlier this year changed its name from Encana and moved its headquarters to Denver from Calgary, dealing a morale blow to the Canadian energy industry. The …

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