Layoffs in the Oil Patch 3

[Lubicon]

Originally Posted by Julio

'Sorry' to interject some positive news into the thread: Suncor is moving their downstream offices to Calgary from Ontario. Several hundred jobs affected.



https://www.cbc.ca/news/canada/calga...xtlzUI_Qf7S9s0

Came in here to past this too. Good news (relatively) for Calgary as it shifts some of the job losses announced a few weeks ago from Calgary to Ontario. They won't all be here. And I highly doubt everyone offered a transfer to Calgary would accept it so there might be some opportunities for those otherwise affected by the Suncor layoffs to pick up some of these job positions as they transfer west.

[RedHot25]

Tara Weber
@TaraNWeber
Cenovus confirms that 20-25% of combined staff will be cut after deal with Husky closes. Currently, there are 8600 positions between the two companies.
#abpoli #OOTT #oil $CVE $HSE

[Slava]

Originally Posted by RedHot25

Tara Weber
@TaraNWeber
Cenovus confirms that 20-25% of combined staff will be cut after deal with Husky closes. Currently, there are 8600 positions between the two companies.
#abpoli #OOTT #oil $CVE $HSE

I guess they clarified and said that the 8600 includes contractors. Not that this will be any better...

[Nyah]

Yikes. That's a hell of a hit.

[Yoho]

https://twitter.com/user/status/1321117219057786880

[Manhattanboy]

Trudeau you can just go F yourself.

[iggy_oi]

Originally Posted by Manhattanboy

Trudeau you can just go F yourself.

I mean, yeah I can see what you’re saying in principle, but what does that have to do with the cenovus/husky deal?

[curves2000]

Originally Posted by iggy_oi

I mean, yeah I can see what you’re saying in principle, but what does that have to do with the cenovus/husky deal?

I don't think political leaders are 100% responsible for layoffs or job reductions when it comes to an M&A deal. Companies merge and buyout companies all the time and than take advantage of synergies and cost effectiveness and do so all the time, in good and bad times.

That all being said, it's extremely clear that the federal government and even provincial government's in Canada across all political spectrum's have done unimaginable damage to Canada's #1 industry.

Canada's largest contributor to GDP, taxes and one of the largest sectors of private employment directly and indirectly is definitely in the ICU. There are a lot of people trying to keep it alive and some of the medicine that is being administered is having some extremely bad side effects.

Canadian's of all stripes need to start asking some very very tough questions about our leaders, our future depends on it. If there is one thing we know is that a national plan needs to occur with regards to our ENERGY policy. How do we combine our fossil fuel industry with the changing landscape of "green or clean tech" or whatever we want to call it. We can't just kill our #1 industry without having a plan for how to grow the next best thing that people keep saying is coming. How do we come up with the responsibility to develop and nurture that? How much is the ENERGY industry responsible for, how much is government? Energy industry being the key word due to technical knowledge. This isn't a problem that is going to be solved by some app in downtown Toronto.

I have always said for many years and it's becoming more clear by the day, Canadians and Canada really isn't that smart of a nation. I would argue we have traditionally been the really sexy dumb blonde compared to the other G7 gals at the global party. Blessed with good looks, natural resources and the most powerful economic engine the world has ever seen next door to us.

What will happen to our beautiful looks after make poor choices across the board over a long period of time? If you don't have beauty anymore, you really are going to need a lot of brains in a post Covid world.

[Rutuu]

When ever I read the above I do a find and replace for Canada with Alberta and Canadians for Albertans.

Canada has a lot going for it...and not just things it was gifted but things it works for.

[bizkitgto]

Originally Posted by Rutuu

When ever I read the above I do a find and replace for Canada with Alberta and Canadians for Albertans.

Canada has a lot going for it...and not just things it was gifted but things it works for.

Care to elaborate more?

[iggy_oi]

Originally Posted by curves2000

Lots of words...

I don’t necessarily disagree with what you’re saying but I don’t see how any of that connects Trudeau to the job losses resulting from the merger. There’s lots of real things we can blame Trudeau for so I guess I just don’t see the point in making things up. Companies do this sort of thing all the time, funny how nobody brings it up though when discussing the merits of giving more money to profitable companies in the form of tax breaks. They always say they’ll invest the savings in creating jobs and pretend as if job losses resulting from spending that extra profit on mergers such as this one are an anomaly.

[Ozy_Flame]

Originally Posted by curves2000

What will happen to our beautiful looks after make poor choices across the board over a long period of time? If you don't have beauty anymore, you really are going to need a lot of brains in a post Covid world.

In the tech world, talent is leaving the U.S. and coming to Canada to set up companies in Vancouver, Montreal, and Toronto. This is due to Canada's growing tech reputation, the ability to get a work visa, and the dire political situation down south. Fast-tracking highly-skilled individuals for a modern competitive economy and letting them flex their entrepreneurial chops is about the best thing we can be doing for our country going forward.

Energy is a very important industry in the Canadian landscape. But energy's nominal GDP contribution for Canada is 10.2%. Additionally, only 4.4% of total employment in Canada was in the Energy sector. Real Estate, Manufacturing, Construction, Finance/Insurance, Public Administration and Healthcare all contribute more.

It's important as an industry, but I am not sure I would call it Canada's #1 industry. That label needs some specifics.

[puckedoff]

Obviously there are some inter-related effects as a the 10.2% for Energy will drive an increase in jobs in Finance, Construction, etc. but I think it does Albertans a disservice to always call it the #1 industry to the rest of Canada. There is a certain arrogance or hubris that gets communicated when we say "Look we're the best" while complaining about equalization or politics.

[Locke]

Originally Posted by curves2000

I don't think political leaders are 100% responsible for layoffs or job reductions when it comes to an M&A deal. Companies merge and buyout companies all the time and than take advantage of synergies and cost effectiveness and do so all the time, in good and bad times.

That all being said, it's extremely clear that the federal government and even provincial government's in Canada across all political spectrum's have done unimaginable damage to Canada's #1 industry.

Canada's largest contributor to GDP, taxes and one of the largest sectors of private employment directly and indirectly is definitely in the ICU. There are a lot of people trying to keep it alive and some of the medicine that is being administered is having some extremely bad side effects.

Canadian's of all stripes need to start asking some very very tough questions about our leaders, our future depends on it. If there is one thing we know is that a national plan needs to occur with regards to our ENERGY policy. How do we combine our fossil fuel industry with the changing landscape of "green or clean tech" or whatever we want to call it. We can't just kill our #1 industry without having a plan for how to grow the next best thing that people keep saying is coming. How do we come up with the responsibility to develop and nurture that? How much is the ENERGY industry responsible for, how much is government? Energy industry being the key word due to technical knowledge. This isn't a problem that is going to be solved by some app in downtown Toronto.

I have always said for many years and it's becoming more clear by the day, Canadians and Canada really isn't that smart of a nation. I would argue we have traditionally been the really sexy dumb blonde compared to the other G7 gals at the global party. Blessed with good looks, natural resources and the most powerful economic engine the world has ever seen next door to us.

What will happen to our beautiful looks after make poor choices across the board over a long period of time? If you don't have beauty anymore, you really are going to need a lot of brains in a post Covid world.

Couldnt agree more.

I know a lot of people constantly drone on about 'Diversification' and 'Clean Energy' but it seems as though they've either grossly been mis-informed about how this can come about and hilariously misled about potential timelines.

You know what companies are driving the bus towards alternative energy sources? Take a guess.

We see 'Big Bad Oil Companies' as raping the land and selling toxic tar-like sludge. But in truth they are 'Energy Companies.'

They're in the business of selling energy. Who do we think is going to be the Vanguard into better and cleaner energy?

But they have to make money to do it.

[curves2000]

If we do a deep dive into the Canadian economy and be really honest with ourselves, we can see where the issues really are. The reason why I say Canada and Canadian's aren't really that smart of a nation is that a lot of people don't do a deep analysis of our economy.

Generally speaking we have natural resource extraction amongst all sources. Oil, gas, coal, mining, forestry and others. We have some stable finance, insurance and banking sectors that are very protected industries and we can throw in some telecommunication that are also protected. That's kind of about it on a grand scale.

Add in trade with the USA and the amount of people and business being done by Canadians for American companies who have offices and operations here and the truth is we don't much else of any meaningful significance on the global stage.

We literally have millions and millions of Canadian's who are employed in above with giant sized ego's thinking they are the top cats.

Don't believe me? Go look at the listing on the TSX 60 and see how many of these companies are powerhouses internationally, sure a few may be strong players.

Go look at other G7 nations top 60 or 100 companies and see how many of them are global recognizable powerhouses and the list will shock you.

There is going to be an economic war that will come out of Covid, every single country who has been drastically affected will need the jobs, the taxes and the technical knowhow to excel.

[bizkitgto]

Originally Posted by curves2000

If we do a deep dive into the Canadian economy and be really honest with ourselves, we can see where the issues really are. The reason why I say Canada and Canadian's aren't really that smart of a nation is that a lot of people don't do a deep analysis of our economy.

Generally speaking we have natural resource extraction amongst all sources. Oil, gas, coal, mining, forestry and others. We have some stable finance, insurance and banking sectors that are very protected industries and we can throw in some telecommunication that are also protected. That's kind of about it on a grand scale.

Add in trade with the USA and the amount of people and business being done by Canadians for American companies who have offices and operations here and the truth is we don't much else of any meaningful significance on the global stage.

We literally have millions and millions of Canadian's who are employed in above with giant sized ego's thinking they are the top cats.

Don't believe me? Go look at the listing on the TSX 60 and see how many of these companies are powerhouses internationally, sure a few may be strong players.

Go look at other G7 nations top 60 or 100 companies and see how many of them are global recognizable powerhouses and the list will shock you.

There is going to be an economic war that will come out of Covid, every single country who has been drastically affected will need the jobs, the taxes and the technical knowhow to excel.

It's a bitter pill to swallow, but Canada just isn't that exceptional... our primary experience used to be in resource extraction (and still is) but it's being beaten out of us by progressive politics....

[TSXCman]

Anybody recommend a personal health insurance company? Blue Cross or Manulife?


30-something, newly laid-off guy here with minimal/no prescriptions needed. Would be smart to have coverage for emergency ambulance/air lift when boarding this year.

[Weitz]

Originally Posted by TSXCman

Anybody recommend a personal health insurance company? Blue Cross or Manulife?


30-something, newly laid-off guy here with minimal/no prescriptions needed. Would be smart to have coverage for emergency ambulance/air lift when boarding this year.

Was just looking at our insurance and it doesn't cover emerg. airlift as far as I could tell. I just bought insurance for a Heliski trip I am doing because of it.

Make sure you read all the fine print if you go that way.

[ComixZone]

Originally Posted by bizkitgto

It's a bitter pill to swallow, but Canada just isn't that exceptional... our primary experience used to be in resource extraction (and still is) but it's being beaten out of us by ideologically driven politics that don’t add up financially....

fyp.

Alberta is just ahead of the curb on the pain scale right now I feel. As time moves forward, the deep economic damage that has been caused by negligent politicians will be felt by all provinces from coast to coast to a much worse degree than they are already dealing with. I feel they’ll blame COVID, when really the ground work for pain was being put in place years before.

[you&me]

Agree a lot with the last few posts.

The naivety demonstrated by a large number of Canadians is both stunning and baffling. The general thinking seems to be that the world is full of countries broadly similar to Canada that are willing to 'play nice'. That couldn't be further from the truth. This was the case before Covid and, as rightly pointed out, it's going to get cranked to 11 post-Covid as the world fights for economic scraps on the road to recovery.

The disconnect most Canadians seem to have between the quality of life they enjoy and how those things are paid for is troubling, but not at all surprising.