The fallout from the merger of two oilpatch majors — Cenovus Energy and Husky Energy — is expected to land in downtown Calgary today as workers begin to receive layoff notices. The majority of the layoffs of 1,720 to 2,150 positions were expected to take place in Calgary, where the two firms are headquartered. In October, the companies told analysts about $400 million of the savings are expected to come from "workforce optimization," along with savings from IT and procurement. The merger combines Cenovus production of about 475,000 barrels of oil equivalent per day (boe/d) with Husky's 275,000 boe/d. The combined company will operate as Cenovus Energy and remain headquartered in Calgary.

Source: CBC News January 26, 2021 15:41 UTC