Cenovus cuts jobs following quarterly loss

Cenovus cuts jobs following quarterly loss

Cenovus cuts jobs following quarterly loss Oil producer Cenovus has reported a quarterly loss of $472 million for the last three months of 2014, amounting to 62 cents per share. The huge drop has prompted the firm to announce that it is cutting 15 per cent of its workforce, mainly contractors, and also freezing wages. The Calgary company will also cut discretionary spending.