- Ovintiv (NYSE:OVV) says it is cutting an unspecified number of jobs across North America as it tries to cope with the effects of COVID-19 and the oil demand shock.
- The company says the layoffs will come roughly equally from its offices in Calgary, Denver and The Woodlands, Tex., as well as from field workers.
- Meanwhile, Enbridge (NYSE:ENB) says ~800 employees, or 7% of its workforce, will accept buyouts it offered in May, mitigating the need for company-wide layoffs for now.
- Enbridge, which also says executives and board members will take pay cuts of 10%-15%, adds the buyouts are spread out across the company, which previously employed 11,500 workers in Canada and the U.S.