Cenovus to begin layoffs in wake of Husky merger – CTV News

Cenovus Energy Inc. is expected to terminate more than 2,000 employees over two months starting Jan. 26 in the wake of its merger with Husky Energy Inc, according to a report from Canadian television network CTV News.

The initial round of job cuts will be followed by two additional phases over the course of February or March, the network said on its website, citing an unnamed source. An internal memo obtained by CTV said the majority of workers being terminated will receive termination notices by telephone because of a work-from-home mandate in Calgary, Alberta, where both Cenovus and Husky are headquartered.

The two companies agreed to merge in October 2020 to become Canada's third-largest oil producer. The companies said at the time that the post-merger entity would reduce its combined workforce of approximately 8,600 by 20% to 25%. The stock-and-assumed-debt transaction closed earlier this month.