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Second quarter reports reveal more job cuts in energy sector

More layoffs were announced amongst Canadian energy companies Thursday. On top of 800 jobs that were cut earlier this year, Cenovus Energy announced that they are eliminating another 400 positions because of continued low oil prices.

The cuts are expected to save the company $100 million annually, meanwhile, Cenovus benefits, perks, and compensation policies are also being reviewed in search of more ways to save money.

Another 400 people have been laid off by Shell. Those jobs were a combination of field positions in Fort McMurray and office jobs in Calgary.

On the other side of things, Suncor Energy revealed massive earnings in their second quarter results, however the company has had to cut their capital spending for a second time this year by $400 million dollars.

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