According to various news reports, about 800 employees have voluntarily left Enbridge Inc., which will help it to stave off layoffs as it works to trim costs in the current low oil price environment.
Last month the pipeline company shared its plan to defer $1 billion in 2020 capital spending and cut costs by $300 million. The plan included several steps, including salary reductions and voluntary staff departures. Enbridge is also shrinking base pay across its non-union workforce, directors, the CEO and executive vice-presidents.
The voluntary separation options included early retirement, severance, educational or personal leaves of absence or part-time work, according to news reports. The headcount reduction is roughly 7% of the company’s workforce as of year-end 2019 figures, with the majority in Canada.
Last month the company reported a $1.43-billion 1Q loss that included a $1.74 billion impairment on its investment in DCP Midstream.
To contact the author, email bertie.taylor@rigzone.com.
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