Cenovus Energy, a Calgary-based oil and gas producer, has reduced its workforce ahead of its first-quarter 2025 earnings report, though the company did not disclose the number of jobs affected. Cenovus described the cuts as part of a broader effort to streamline operations, improve competitiveness, and adjust team structures following the conclusion of several projects.

The company has faced profit challenges over the past year, including a decline in its U.S. refinery division in late 2024. Despite these difficulties, Cenovus’ share price rose slightly on Tuesday but remains more than 25% lower than at the start of 2025. Analysts say a positive outlook in the second half of the year will be critical to restoring investor confidence.

For the Canadian job market, these layoffs underscore the ongoing volatility in the energy sector, where companies are balancing cost-cutting and efficiency measures against fluctuating global oil prices and market pressures, affecting both direct employment and contractor positions.

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Amanda Stephenson’s original article, “Canada's Cenovus confirms job reductions ahead of earnings this week” was published in Reuters News on May 6, 2025. Read the Full Reuters News story.