And I’m still hauling water, have been for 12 years now (the gov’t hauled water for me for two years prior to that), thanks to Encana/Ovintiv breaking the law, intentionally frac’ing my community’s drinking water aquifers, with all authorities coddling the law-violating company and breaking the law trying to shut me up. I had a fabulous, high volume producing well with excellent soft water – a highly valued treasure on the high plains.
Hauling water is enraging; it reminds me of how nasty Encana/Ovintiv is, how corrupt the AER is (controlled by Encana), how evil the Alberta govt is (regardless of whether PC, NDP or UCP), and how Encana/Ovintiv shits on families it brags it’s “good neighbours” to.
A few comments on Reddit:
Ardal Valley Ridge
Ovintiv sounds more like a nasal spray than O&G company. Anyway, this must have been expected by all as soon as they fucked off down south.
Tried to post this news on Monday before it was public. Mods wouldn’t allow it. It’s been a bloodbath at Ovintiv. There are many office teams with 50% losses and higher. Field staff were 50% in GP and in Utah. Layoffs continue today.
Do you know which teams were hit hardest? Engineering? Land? Finance?
All of them. It’s been a bloodbath. Major cuts across the board. The only one that was minimal was the midstream marketing team.
Alberta hit harder than B.C.
Ovintiv, formerly Encana, is cutting its work force by 25 per cent by Jeffrey Jones, June 18, 2020, The Globe and Mail
… Ovintiv, formerly Encana Corp., said it laid off 640 staff this week. They worked in all field locations and in its three main offices in Woodlands, Tex., Denver and Calgary. Staff cuts comprised workers at all levels, including executives, the company said. It now has a work force of 1,900 employees.
“Even though we are a little less than halfway through the year, it has clearly been one to remember, or maybe forget,” Ovintiv chief executive Doug Suttles said in an internal memo to staff. “We’ve all faced many challenges and incredible uncertainty. The decisions we implemented this week were difficult but necessary, but they are now behind us.”
Early this year, the renamed company moved its corporate headquarters to the United States, with the aim of attracting more investment from U.S. index funds. Within weeks, oil prices collapsed in response to a plunge in fuel demand brought on by the global pandemic lockdowns. The market was further hit by a price war between Saudi Arabia and Russia. That prompted investors to dump Ovintiv’s shares, along with those of most other energy producers.
The cuts are part of efforts to save US$200-million in costs this year, Ovintiv said in a corporate presentation.
“This is a significant reduction and the impact was felt at every level and in every corner of the company. Now as we look ahead, I believe we are positioned to prosper,” How often has Encana boasted that for years now, only to keep diving mostly down. Investors see the crap that Encana/Ovintiv is; they hear company execs swear at them and see the company’s law violations, callous disdain for environment and communities, and see the company refusing to make things right for families, farms, and communities harmed.Mr. Suttles said in the memo. …
Ovintiv shares fell to as low as $2.95 in early March, but have since rebounded to close at $14.56 on the Toronto Stock Exchange on Thursday. …
Ovintiv lays off 25% of workforce after oil demand slumps by Reuters, June 18, 2020, Calgary Herald
Ovintiv Inc. said Thursday it laid off 25 per cent of its total workforce this month….
The company said it now has around 2,100 employees and contractors. Ovintiv, formerly known as Encana, completed a change of base from Calgary to Denver in January, which chief executive Doug Suttles had reasoned would allow the company access to a deeper capital market. … Many shale producers have lately reduced their workforce, slashed budgets and cut dividends in efforts to save enough cash for survival as investors turn their backs on the industry.
Ovintiv’s shares have more than halved in value so far this year….
… Ovintiv, once among Canada’s largest companies, bought Texas-based Newfield Exploration Co. for $5.5 billion last year to boost acreage in the United State, as it prepared to move away from Canada. Greed like Encana’s has consequences, which Encana appears unwilling to learn. How many months ’til Ovarytits goes belly up along with the rest of the evil frac’ers causing harm to so many?
Ovintiv cutting jobs in Calgary, Denver and Texas as drilling slows by Bloomberg News, June 17, 2020, Calgary Herald
Ovintiv Inc., the oil and gas producer that moved its headquarters out of Canada earlier this year, is laying off staff across North America as it reduces drilling activity.
The layoffs are coming roughly equally from the company’s offices in Calgary, Denver and The Woodlands, Texas, as well as from field staff, said Cindy Hassler, a spokeswoman for Ovintiv. Hassler declined to immediately provide a number of how many jobs were cut.
… Ovintiv cut its capital spending by US$300 million in the second quarter and reduced the number of rigs it has in the field from 23 to seven.
“It is deeply unfortunate, but we had to right-size the organization to align with expected future activity levels,” Hassler said in an interview.
Ovintiv earlier this year changed its name from Encana and moved its headquarters to Denver from Calgary, dealing a morale blow to the Canadian energy industry. Chief Executive Officer Doug Suttles said the move was meant to allow the company to access a broader pool of investors in U.S. markets.
Layoffs at Ovintiv, buyouts at Enbridge as fallout from pandemic, oil price shock continues by Amanda Stephenson, June 17, 2020, Calgary Herald
Energy sector job losses are taking place in Calgary this week as a result of the ongoing fallout from the COVID-19 pandemic and the global oil price shock. Encana/Ovintits was trashing workers, and automating and shredding jobs long before covid-19, while clutching billions in cash, like the greedy illegal aquifer-frac’ing sods that they are.
Ovintiv, the exploration and production company formerly known as Encana — which moved its corporate domicile from Calgary to Denver earlier this year and changed its name — confirmed layoffs Wednesday, though spokeswoman Cindy Hassler said the exact number of job losses will not be made public until Thursday afternoon.
Hassler said the layoffs are taking place across all of the company’s operations and locations, and affect corporate office staff as well as field workers. Ovintiv has corporate offices in Calgary, Denver and Woodlands, Texas.
“We’re facing a really challenging and unprecedented time in the history of our industry,” Hassler said in an interview. “The COVID-19 pandemic has reduced global demand and obviously the oil price collapse has created a need for a dynamic response.” Acting out on typical Encana/Ovintiv/Cenovus greed while blaming a pandemic to shit on workers is particularly nasty, even for Encana when it was led by Gwyn Morgan.
In the first quarter of this year, Ovintiv announced plans to immediately reduce second quarter 2020 capital investments by $300 million and full-year cash costs by $100 million. It also announced it would drop its total number of operated rigs from 23 to 7, leaving just three rigs in the Permian, two in the Anadarko and two in the Montney.
“Looking forward, we expect our future activity will also be lower than prior expectations,” Hassler said. “We felt like we had to take steps to rightsize the organization based on our expected future activity levels.”
Also on Wednesday, Calgary-based pipeline company Enbridge confirmed about 800 employees have agreed to take voluntary buyouts in the form of early retirement, severance, educational or personal leaves of absence, or part-time work.
Spokeswoman Tracie Kenyon said in an email the buyouts mean Enbridge will not pursue companywide layoffs at this time. Executives and managers at the company have also agreed to take pay cuts of between 10 and 15 per cent.
Enbridge reported a first quarter loss of $1.4 billion due to a number of one-time non-cash charges, including the writedown of the company’s investment in DCP Midstream, a joint venture headquartered in Denver.
The company also committed to reducing operating costs by $300 million, including reductions to senior management and board of directors’ compensation, as well as the deferral of approximately $1 billion of planned 2020 capital spending in light of COVID-19.
“Enbridge is a resilient company, but we are not immune to the unprecedented nature of the current crisis,” Kenyon said. “The dual challenge of COVID-19 and global oil price shock is impacting our company, particularly with decreased volumes in our liquids business.”
Oil and gas company Ovintiv, formerly Encana, laying off workers across North America, Job cuts come as company reduces its drilling activity in Canada and U.S. by Tony Seskus, June 17, 2020, CBC News
… “We expect our future activities also will be lower than prior expectations,” Cindy Hassler told CBC News. “So because of that, while deeply unfortunate, we did take steps to right-size our organization and aligned that with our expected future activity levels.” …
Hassler said the company sees the industry transitioning to lower on production growth, in general, and to a model that is more focused on free cash generation, stronger balance sheet and a modest growth. She said these decisions were made partly because of that longer-term view.
Ovintiv announced last fall that it was moving its corporate headquarters from Calgary to the U.S. It had been previously called Encana, one of Canada’s oldest and largest energy companies. When the it announced the move in October, it said having a U.S. address would expose it to increasingly larger pools of investment in U.S. index funds and passively managed accounts.
CEO Doug Suttles said at the time that the name and “corporate domicile” changes would not affect any Canadian staff, result in any layoffs, Mr. Suttles is known for lying to investors and media or divert investment strategies in oil and gas formations in Alberta and B.C. …
Refer also to:
2020: 016 18: Vatican urges Catholics to drop investments in fossil fuels, arms
The Vatican urged Catholics on Thursday to disinvest from the armaments and fossil fuel industries and to closely monitor companies in sectors such as mining to check if they are damaging the environment. The calls were contained in a 225-page manual for church leaders and workers to mark the fifth anniversary of Pope Francis’ landmark encyclical “Laudato Si” (Praised Be) on the need to protect nature, life and defenseless people. … The manual’s section on finance said people “could favor positive changes … by excluding from their investments companies that do not satisfy certain parameters.” It listed these as respect for human rights, bans on child labor and protection of the environment.
Called ‘Journeying Towards Care For Our Common Home’, one action point called on Catholics to shun “shun companies that are harmful to … the environment, such as fossil fuels.” Another section called for the “stringent monitoring” of extraction industries in areas with fragile ecosystems to prevent air, soil and water contamination. Last month, more that 40 faith organizations from around the world, more than half of them Catholic, pledged to divest from fossil fuel companies.
2020: The biggest con ever? Millions of abandoned wells enabled by politicians, regulators & courts. Oil, gas ‘n frac industry rapes, profits ‘n runs, hangs the public with clean up, a climate menace & endless health harms & cruelty
2020: Norges Bank blacklists CNRL, Cenovus (split from Encana – now Ovinvtiv – after Ernst lawsuit filed), Suncor and Imperial Oil from Gov’t Pension Fund Global for unacceptable carbon emissions in Alberta’s tarsands. Updated with tar-pimping by Ms. Southern and Alex Pourbaix, CEO Cenovus.
2020: The Alberta gov’t and oil & gas industry are partners in a money laundering scheme. Just another massive subsidy ($100 million this time) to a multi-$billion profiting, horrifically abusive, lying, polluting, job decimating (by automation & greed) industry.
Before Covid-19 was declared a pandemic:
2020 02: Frac industry is damaging the oil & gas economy. When flipping for a profit fails, frac companies file for bankruptcy, which in turn deters lenders. “Wall Street has basically completely turned its back on the industry right now.” Is there anything frac’ing doesn’t damage?
2020 02: Bank in Quebec, Caisse Solidaire, offers Oil-Free RRSPs! 250 professors, including from Calgary, ask Canadian universities to divest from petroleum industry. Laure Waridel: “One of the ways to put the economy at the service of the planet is to review the way we invest.”
2020 01: Ovintiv/Encana, Chevron, Exxon et al deeply deserve this! CNBC’s Jim Cramer: “I’m done with fossil fuels … they’re just done. We’re starting to see divestment all over the world. … It’s going to be a parade that says, ‘Look, these are tobacco and we’re not going to own them.’ … Younger people don’t want to own them. The dividends are great…but you can tell that the world’s turned on them. It’s actually happening really quickly.”
2019: Encana fleeing Canada in Scheer desperation? Shares drop 9.2%! Illegal aquifer-frac’er, caprock buster, poisoning bully of families and briber/divider of communities running to USA, changing its spots to Ovintiv Inc. Erectile Dysfunction drug or cross between Ovaltine in vintage container and a vagina?
2019: Ovindictive Ovintiv! Investors not happy with your scardy cat run to the USA. Canadian investment firm Letko, Brosseau & Associates Inc. (manages about $27 Billion in assets), publicly slams Encana’s plan to flee Canada, says it’s “highly discriminatory” against Canadian investors.
2019: Analyzing Alberta’s “gooey delusion of perpetual oil revenue.” Robyn Allen: Globe and Mail columnist Robyn Urback sends wrong message characterizing Albertans as helplessly bullied, “Jobs are disappearing because oil producers have accelerated their strategy of displacing workers with technology.” … “Big Oil seems to have decided Alberta’s males are disposable. “
“Merriest fossil fuel stories” of 2019 show frac industry melting down. Roaring 20s speed into “tragedy on the horizon” where investments could “go to zero quickly.” Vital warning for AIMCo by Bank of England Governor Mark Carney: Pension funds could be hit by ‘worthless’ fossil fuels
2019: BlackRock, world’s largest fund manager with nearly $7 trillion in investments, plans to offer new funds that shun fossil fuel-oriented stocks, could put pressure on other large money managers to follow suit. It’s strictly business.
2019: Look out Albertans whose pensions Kenney gave to AIMCo. Crazy Days in Alberta: The Poison Wells File. The province let oil and gas firms create a $100-billion disaster. New example? Shell Pieridae Briko Ikkuma Alberta Foothills Sour Gas Marriage financed by AIMCo and about $10Billion in liabilities.
2019: Chevron biting frac ‘n LNG dust? Bites 400 more staff in Pennsylvania after cutting 150 staff there in 2014. Frac’ing is going the way Arthur Berman said it would – down into the gutter with tens of billions of dollars in losses; Banks, investors, investment firms running for frac-free hills.
2019: “Effectively, the shale boom is over.” Colorado’s 8 largest public oil & gas producers spent $27 Billion more than they made in past 5 years. Is that why Alberta gov’t wants our pensions? To feed the bleed via AIMCo?
2019: Another oil company punts workers, scurries away under AER’s armpits and our courts. Houston Oil & Gas, Calgary-based, put into receivership, leaves 1,300 wells, 41 facilities, 251 pipelines to be cleaned up by Santa Claus at cost of over $81.5M (Take the money from Kenny’s $30M War Room and Steve Allen’s $2.5M Witch Hunt, etc)
2019: Where did AER’s Executive VP Mark Taylor go? He was Encana manager when the company illegally frac’d Rosebud’s drinking water aquifers, then lied about it to 200 concerned community members, promising Encana would only frac far below fresh water zones (same lie touted by frac’ers everywhere), after area water wells had already gone bad, and were being investigated by – of course – the criminal, with regulator and govt blessings.
2019: Where did all those promises of endless frac riches & jobs go? Two of Canada’s biggest frac companies report double-digit percentage revenue declines: Calgary-based Trican (36 per cent fall) and Calfrac (21 per cent fall)
2019: In Texas, energy companies cut nearly 6,000 jobs over past four months. In western Canada, Husky cutting hundreds of jobs, most cuts in Calgary. Kenney’s $4.5 billion in corporate tax cuts obviously not enough to feed the greed.
2019: Jason Kenney’s (CAPP et al’s) War Room swamped by fightin’ mad Albertans falling for lies & propaganda instead of looking honestly at industry’s greed-induced “de-manning” killing jobs & causing their suffering
2019: Yet another frac’er bites sweet dust: Weatherford facing more than $10Billion in debt files for bankruptcy protection. US court order accepts restructuring plan, which includes Weatherford getting $2.2Billion in magic money; Stockholders to receive proportionate shares of the company’s **new stock** while operations continue as “normal.”
2019: Another frac’er bites the dust? Houston-based Nine Energy shares slumped by -70.98% year to date; Lays off 70 employees, closes operations in Calgary, Red Deer and Grand Prairie, leaves Canada. Will they clean up on their way out?
2019: “A Murderer’s Row: Maturities are coming year after year.” Bankruptcies rising in U.S. oil patch as Wall Street’s disaffection with frac’ers reverberates through industry. 26 producers file for bankruptcy so far in 2019; 28 filed in all of 2018. Bankruptcies expected to rise, “Debt levels are just too high and they’re going to have to take their medicine.”
2019: Quintana Energy Services Inc., oil field services company (went public in Feb 2018) cuts over 130 jobs, assets, C-level position to reduce costs; many companies dealing with “shifting investor expectations” and “crushing” debt
2019 07: U.S. Shale Is Doomed No Matter What They Do: “More bankruptcies are all but certain as oil and gas borrowers must repay or refinance **several hundred billion dollars** of debt over the next six months”
2018 Report: Shale Oil Drilling Largely *Still* Not Profitable, Costs are Rising, Drillers are Pursuing “Irrational Production.” Average return on asset for U.S. shale companies “is still a measly 0.8 percent”
2017 09 05: Cheapskate Bully Aquifer-Fracker Encana, sitting on $Billions, kills $50,000.00 annual “corporate partnership” funding to Rosebud Theatre, blames economy. Greed & nastiness more likely reasons
2016: Another greedy frac’er falls, hard, with nearly $1.2 Billion worth of debt: Lightream Resources, was Petrobakken (heavily frac’d the Lochend, NW of Calgary) latest to seek creditor protection. Where’s the protection for the many Lochend families harmed by frac’ing?
2016: What does Encana pay for illegally frac’ing Rosebud’s drinking water aquifers in 2004? Nothing. Does the government, AER & Alberta Environment stop Encana from fracing fresh water zones after contaminating the community’s drinking water supply? No.
2015: Does it get any more terrifying than this? Encana dumping frac water wars on Canadian pensioners? Encana sells troubled Colorado assets for nearly $1 Billion US to entity 95% owned by Canada Pension Plan Investment Board
2015: As unconventional ponzi scheme implodes, Are Encana’s greedy law violations taking the company down? Sure looks like it, from my view of Ovintits in 2020.
2012: The Natural Gas ‘Ponzi Scheme’ Yup, Art Berman sure called it.
If you want to know the true blood of Gwyn Morgan/Encana/Ovintits/Cenovus, read Andrew Nikiforuk’s Governor General Award winning Saboteurs