CNRL impliments salary cuts

[polak]

Originally Posted by username

Between this and the Alberta NDP's increase in personal taxes these guys are taking a huge hit. If the Liberals win the federal election it's an additional 4% on 200. A lot of people making over 125 are really going to get hit by the salary rollback and increase in taxes.

For only a dollar a day, you can make a difference and sponsor a CNRL manager. You can make a difference.

[Looch City]

Originally Posted by polak

For only a dollar a day, you can make a difference and sponsor a CNRL manager. You can make a difference.

[Insert picture of CNRL manager with flies in his face]

[EldrickOnIce]

First thing we do: we get rid of all those who can't spell implement.

[peter12]

Originally Posted by EldrickOnIce

First thing we do: we get rid of all those who can't spell implement.

I wanted to say it, but I thought the messenger was wrong.

[Hack&Lube]

Originally Posted by EldrickOnIce

First thing we do: we get rid of all those who can't spell implement.

Thanks with my complements.

[darklord700]

Bad move to cut workers' salaries because the company is losing money. CNRL should keep on spending to get out of this funk and hire Joe Ceci as their CFO.

[GullFoss]

Originally Posted by darklord700

Bad move to cut workers' salaries because the company is losing money. CNRL should keep on spending to get out of this funk and hire Joe Ceci as their CFO.

For context i think salaries at cnrl are maybe $1.5 per bbl of oil produced. So cutting salaries by 10% saves them maybe 15 cents per barrel. Even when oil is $55 cad that doesnt really register.

So not a bad move...but it hurts workers a lot more than it helps cnrl.

[Husky]

Originally Posted by GullFoss

For context i think salaries at cnrl are maybe $1.5 per bbl of oil produced. So cutting salaries by 10% saves them maybe 15 cents per barrel. Even when oil is $55 cad that doesnt really register.

So not a bad move...but it hurts workers a lot more than it helps cnrl.

You are most likely wrong. Salaries are typically spread between G&A, opex or capitalized. Its very hard to truly gauge salary per BOE. My guess is the impact is material enough to do it. Then factor in potential reduced share based comp etc.

[Northendzone]

Originally Posted by GullFoss

For context i think salaries at cnrl are maybe $1.5 per bbl of oil produced. So cutting salaries by 10% saves them maybe 15 cents per barrel. Even when oil is $55 cad that doesnt really register.

So not a bad move...but it hurts workers a lot more than it helps cnrl.

not the workers whose jobs were saved (for the short term) becasue everyone took a paycut. i don't work for CNRL; however, to me it sends a good message that my company is going to try and do somehting to save my job and everyone is in it together

the eI max is somewhere around $540 per week

[Hockeyguy15]

I would rather take a pay cut and not have to worry about being laid off, or see my friends be laid off.

[Hessen]

This is a pretty standard response to oil price reductions. My company instituted a mandatory 7% wage reduction across the board in May. In 2007 at my old company we took a 15% wage reduction, which was higher than most EPCM's, to show the clients we were willing to make sacrifices.

[DFO]

Originally Posted by Hockeyguy15

I would rather take a pay cut and not have to worry about being laid off, or see my friends be laid off.

My guess is that the salary reduction equates to 300+ positions in Calgary that didn't get laid off.

[Shazam]

CNQ's done this repeatedly over the years when downturns happen. They eventually get re-comped.

[Swarly]

Originally Posted by Northendzone

the eI max is somewhere around $540 per week

$524 before tax