Layoffs at Ovintiv, surrenders to Enbridge, COVID-19 fallout continues

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Spokesperson Tracie Kenyon, said in an e-mail redemptions average Enbridge not to prosecute the company-wide layoffs at this time. The executives and managers of the company have also agreed to take salary cuts of between 10 and 15%.

Enbridge reported a first quarter loss of $ 1.4 billion due to a number of non-cash charges, including the writedown of the company’s investment in DCP Midstream, a joint venture headquartered in Denver.

The company has also committed to reducing operating costs by $ 300 million, including reductions in senior management and board of directors compensation, as well as the deferral of approximately $ 1 billion due in 2020 capital expenditures to the light of COVID-19.“Enbridge is the resilience of the business, but we are not immune to the unprecedented nature of the current crisis,” Kenyon said. “The double challenge of COVID-19 and world oil price shock has an impact on our society, particularly with the lower volumes in our liquids business.”

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Twitter: @AmandaMsteph



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