It had been previously called Encana, one of Canada's oldest and largest energy companies.Ovintiv stock was up more than eight per cent on the Toronto Stock Exchange on Thursday, climbing to $14.56 a share.To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). It was estimated at the time that the move affected roughly 470 jobs.Thursday's news comes amid reports of layoffs across the oil and gas sector.The North American industry has been hammered by the economic impact of the COVID-19 pandemic, with demand for fuel plunging as an international price war flooded the market with cheap crude.The situation spurred oil and gas companies to slash both production and capital spending. Advertise With Us
June 18, 2020.
... July 28, 2020. Ovintiv, once among Canada’s largest companies, bought Texas-based Newfield Exploration Co for $5.5 billion last year to boost acreage in the United State, as it prepared to move away from Canada.
At that time, the company was planning to spend $2.7 bn over the year, with 80 pc allocated to oil-rich US basins and more than three-quarters earmarked for what the … Oil and gas producer Ovintiv — formerly known as Encana — says it has slashed its workforce by 25 per cent as it prepares for more modest growth in the energy sector.The company said its workforce will now total 2,100, including 1,900 employees and 200 contractors.
Wednesday, June 17, 2020 The layoffs are coming roughly equally from offices in Calgary, Denver and The Woodlands, Texas, as well as from field staff. It also led to job losses across North America, with Earlier this spring, Ovintiv announced it would cut second-quarter spending by $300 million and said it was prepared to further reduce capital investments throughout the year.The company has cut the number of rigs it operates in Canada and the U.S. — to seven from 23 — in a move it said reflected its expectation of future activity levels.Ovintiv announced last fall that it was moving its corporate headquarters from Calgary to the United States. Business; Layoffs at Ovintiv, surrenders to Enbridge, COVID-19 fallout continues. However, that vision was shattered as the pandemic eroded oil demand, while prices tumbled further after Saudi Arabia and Russia in March threatened to flood the market with more oil. Ovintiv Inc., the oil and gas producer that moved its headquarters out of Canada earlier this year, is laying off staff across North America as it reduces drilling activity.
Many shale producers have lately reduced their workforce, slashed budgets and cut dividends in efforts to save enough cash for survival as investors turn their backs on the industry.
Korean baseball organization demotes five referees for poor performance. Ovintiv Inc. is a leading North American exploration and production (E&P) company focused on developing its high-quality, multi-basin portfolio. 0. Please note that CBC does not endorse the opinions expressed in comments. It had been previously called Encana, one of Canada's oldest and largest energy companies.When the it announced the move in October, it said having a U.S. address would expose it to increasingly larger pools of investment in U.S. index funds and passively managed accounts.CEO Doug Suttles said at the time that the name and "corporate domicile" changes would not affect any Canadian staff, result in any layoffs, or divert investment strategies in oil and gas formations in Alberta and B.C.Since then, the impact of the COVID-19 pandemic has dramatically affected the fortunes of North American oil and gas producers, with dramatic reductions in capital spending and production.
"We expect our future activities also will be lower than prior expectations," Cindy Hassler told CBC News.
Oil and gas producer Ovintiv Inc. says it issued layoff notices to some of its 2,600 staff in Canada and the United States starting on Monday. ... June 17, 2020. 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. Ovintiv to Host its Second Quarter 2020 Results Conference Call on July 29, 2020. Ovintiv Nixing Jobs Across North America . ... 2020 at 3:26 pm Updated July 14, 2020 at 3:43 pm By Hamza Shaban The Washington Post. A company spokeswoman had earlier said the job cuts would be equally spread across its offices in Calgary, Denver and The Woodlands, Texas. Chevron Corp, the second-largest U.S. oil producer, and oilfield services providers Schlumberger NV and Halliburton Co are some of the biggest names among many that have announced job cuts. June 3, 2020 The pandemic isn’t finished with the U.S. labor market, threatening a second wave of job cuts—this time among white-collar workers. CALGARY — Fears of persistently lower demand for oil are hitting home for industry workers as the world economy slowly strengthens following the deepest disruptions of the COVID-19 crisis.
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