“The dual challenge of COVID-19 and the global oil price shock is impacting our company, particularly with decreased volumes in our liquids business.”. Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc.

Company disclosures show Monaco’s compensation in 2019 totalled $14.7 million including the value of equity compensation. This advertisement has not loaded yet, but your article continues below. 'Enbridge is a resilient company, but we are not immune to the unprecedented nature of the current crisis'. The dual challenge of COVID-19 and the global oil price shock is impacting our company. Hassler declined to immediately provide a number of how many jobs were cut.

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Unauthorized distribution, transmission or republication strictly prohibited. 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.

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. 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.

Jun 17, 2020 • • 3 minute read Enbridge president and CEO Al Monaco will see his salary cut by 15 per cent, as will directors.

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Safety moves cause delay of $710 million in capital spending, Pay reductions, job cuts to trim $213 million in costs. The … The company is reducing chief executive officer Al Monaco’s salary by 15 per cent, directors’ pay by 15 per cent and executive vice-presidents’ salaries by 10 per cent. Enbridge also is cutting $300 million in operating costs through company-wide salary rollbacks, reductions to outside services and a voluntary workforce-reduction plan. 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. 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.
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. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments.

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. We apologize, but this video has failed to load.

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. On June 17, Enbridge announced that close to 800 employees took leaves of absence, moved to part-time, or accepted early retirement packages. That’s a rare and large decline on a network that Enbridge said typically operates at or near its capacity. “Enbridge is a resilient company, but we are not immune to the unprecedented nature of the current crisis,” Semko said in an email. The … Disclosures from Enbridge show that at the end of 2019, 1,700 Enbridge employees, or 15 per cent of its staff, were under collective bargaining agreements but they were set to expire at the end of 2020. 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. 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 to cut costs. 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. The company didn’t specify how many jobs may be cut. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. Enbridge president and CEO Al Monaco will see his salary cut by 15 per cent, as will directors. Before it's here, it's on the Bloomberg Terminal. If you don't see it please check your junk folder. The International Energy Agency said in a report this week that Canadian oil production fell by 530,000 barrels of oil per day to reach 5.1 million bpd in April as companies shut in uneconomic production to survive the dramatic collapse in crude markets. Please try again. 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. 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. Visit our Community Guidelines for more information and details on how to adjust your email settings. Enbridge Calls for Pay Cuts, Early Retirement to Cut $300 Million May 13, 2020 Enbridge says it's asking employees to take voluntary early retirements and pay cuts as part of its plan to cut $300 million from its budget. 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. Across the border, American oil and gas companies are also looking to cut their head counts amid a severe price decline. We encountered an issue signing you up. One in 4 Alberta CEOs says they don’t know if their business can survive this crisis, North America’s largest pipeline company aims to pivot to natural gas and renewable energy, Latest U.S. court decision on Keystone XL a fresh, ‘frustrating’ setback for oilpatch, tap here to see other videos from our team. All material subject to strictly enforced copyright laws Please read our Terms & Conditions, Cookies Policy and Privacy Policy before using the site. Enbridge said in an email Wednesday that roughly 800 employees – or about seven per cent of the company’s workforce — have accepted voluntary early retirement packages, severance, educational or personal leaves of absence or part-time work. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. 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 … Enbridge operates the largest oil pipeline network exporting Canadian crude to the U.S. Midwest and to Central Canada. The company is also reducing base pay across its non-union workforce. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. 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. North America’s oversupply of crude has opened some new opportunities for Enbridge as well. Comments may take up to an hour for moderation before appearing on the site.

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. 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. © 2020 World Oil, © 2020 Gulf Publishing Company LLC. • Email: gmorgan@nationalpost.com | Twitter: geoffreymorgan. North America’s oversupply of crude has opened some new opportunities for Enbridge as well. 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. Have a confidential tip for our reporters? That’s a rare and large decline on a network that Enbridge said typically operates at or near its capacity. We ask you to keep your comments relevant and respectful. 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. U.S. West Texas Intermediate fell 42 cents, or 1.1 per cent, to US$37.96 a barrel. “It is deeply unfortunate, but we had to right-size the organization to align with expected future activity levels,” Hassler said in an interview. S&P 500 Tumbles Most in a Month on Virus Spread: Markets Wrap, Europe Steps Closer to Lockdown-Level Curbs in Italy and Spain, WHO Says Europe Can Still Avert National Lockdowns: Virus Update, The 2021 Ferrari Roma Is the Most Perfect Ferrari on the Road Today, Apple Developing Smaller AirPods Pro, Revamped Entry-Level Model. Enbridge cuts jobs, defers capex spend as falling demand limits oil flows, Oil prices slip below $39 as Libya ramps up production, Cenovus hedges against a possible Biden win with Husky Energy deal, Canada’s Cenovus Energy to buy Husky Energy in all-stock sale, Alberta ends OPEC-style curbs after Covid-led oil sands retreat, Oil declines further with Libyan output set to rise coming weeks, Harold Hamm projects $6 gasoline under Joe Biden’s energy regime, Applying ultra-deep LWD resistivity technology successfully in a SAGD operation, Adoption of wireless intelligent completions advances, Majors double down as takeaway crunch eases, What’s new in well logging and formation evaluation, Qualification of a 20,000-psi subsea BOP: A collaborative approach, ConocoPhillips’ Greg Leveille sees rapid trajectory of technical advancement continuing, ADNOC pursues onshore field operations efficiencies with $324 million contract, Libya set to open last oil field in push to 1 MM barrel daily output, LWD dual-physics imager for OBM applications enables real-time geological characterization, Despite a challenging environment, the OFS sector has a major role in energy’s future, Identifying reservoir opportunities using automated well selection and ranking, World Oil editorial: Time for Trudeau regime to lend help to Newfoundland and Labrador’s offshore industry, Impact of Covid-19 on oil supply, demand and price to 2030, Oil and Gas Prices, Production, Rig Counts.

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