Canada's Enbridge Says 800 Workers Take Voluntary Buyouts
(Reuters) — Enbridge Inc, Canada's largest pipeline operator, said on Wednesday about 800 employees have opted for voluntary buyouts, as the company tries to reduce costs to tackle the COVID-19 crisis and the global oil price shock.
In an email response to Reuters, Calgary-based Enbridge said it was offering employees the option to voluntarily select early retirement, severance, leaves of absence or part-time work.
"As a result of these actions, we won't need to pursue company-wide layoffs at this time," a company spokesperson said.
Enbridge is reducing base pay across its non-union workforce, with the board of directors and CEO Al Monaco taking a 15% cut and the company's executive vice presidents taking a 10% cut.
A recent plunge in global crude prices due to a pandemic-driven drop in demand and excess supply has battered Canada, the world's fourth-largest crude producer.
Last month, Enbridge said it has deferred C$1 billion ($737.57 million) in capital spending and cut costs by C$300 million ($220 million), including salary cuts and retirements.
Related News
Related News
- Phillips 66 to Shut LA Oil Refinery, Ending Major Gasoline Output Amid Supply Concerns
- FERC Sides with Williams in Texas-Louisiana Pipeline Dispute with Energy Transfer
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- ConocoPhillips Eyes Sale of $1 Billion Permian Assets Amid Marathon Acquisition
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
- U.S. Appeals Court Blocks Kinder Morgan’s Tennessee Pipeline Permits
- Malaysia’s Oil Exports to China Surge Amid Broader Import Decline
- U.S. LNG Export Growth Faces Uncertainty as Trump’s Tariff Proposal Looms, Analysts Say
- Marathon Oil to Lay Off Over 500 Texas Workers Ahead of ConocoPhillips Merger
- Valero Considers All Options, Including Sale, for California Refineries Amid Regulatory Pressure
Comments