(Dave Dormer – Calgary Sun)
From job cuts to wage freezes to lower than expected profits, the energy sector was hit with more negative economic news Thursday.
Cenovus Energy announced it expects to lay off up to 15% of its workforce — the majority being contractors — while implementing wage freezes and cuts to spending on things such as travel.
Husky Energy officials revised their economic outlook and said it plans to spend up to $3.1 billion this year, down from an earlier forecast of $3.4 billion, as part of measures aimed at increasing efficiencies. Click here to read more.