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It seems Alberta is in for more cuts.
According to the CBC, Huskey Energy CEO Rob Peabody revealed on a conference call Monday that his firm will be cutting 370 jobs this year as it looks to reduce spending.
“What we’re seeing is that (the reductions) will generate forward savings of about $70 million … per year,” said Peabody, adding the company will take a charge against earnings of $70 million in the fourth quarter to account for the cuts.
“We’re going to continue those efforts to capitalize on the fact we’ve created a more focused and a simpler company.”
While these cuts will provide roughly $70 million in savings, overall spending for 2020 and 2021 will be cut $500 million due to worsening market conditions.
The split will be heavier in 2021, with over $400 million coming in cuts.
Huskey stock has fallen by over 40% in the last year.