Husky Energy Inc. cumulative redeemable preferred T.HSE.PR.B

Staff Cuts Coming

[Dogsbreakfast4U]

There are reports this morning that Husky will announce significant staff cuts. I am not sure if the company will make the public announcement before thursday but we should get more details then for sure.

[KnottyOyster]

This is great for shareholders. They were grosly overstaffed in a lot of areas, so its nice to see them trimming the fat. Definitely gives me more confidence to hold over the longer term. Sucks for those who were let go, but these are the callenges industry faces.

[onec007]

Thinking the same... it is definitely disappointing and sad for the staff, but given the current environment it's not unexpected.  I am hoping that these cuts will ensure that the dividend is maintained and stable.

[oilandgasmick]

The word is that its 400, a pretty big number in a city where oil jobs have already become very scarce. Its always the same in the corporate world--senior management goes out and makes very serious mistakes but are rewarded with big bonuses and promotions while the little guy packs his stuff into a box and heads home wondering what's next for his family. This company had so many advantages

[onec007]

WOW! If you are right about that number then it's quite sad for the workers because 400 is a large number to just let go. Granted many are probably contractors, but still they all have responsibilities and bills to pay. Assuming a min. of $100K per employee we are looking at $40 million in savings per year. Feel bad for the employees, but definitely we are in a difficult time in the market

[mrbb]

husky is not into contracting out in calgary HQ, where this laid off mostly happen

[Seppelt]

Here is one article, no numbers mentioned: 10/22/2019 | 07:30pm BST Calgary-based Husky Energy Inc. is confirming it is laying off staff but won't say how many. The company controlled by Hong Kong billionaire Li Ka-Shing says the reductions are a result of steps taken to align its workforce with its capital plan and strategy. In a regulatory filing

[Seppelt]

I wonder if timing has anything to do with election results, probably upcoming press release on Thursday, 24th. Here is more from by broker (not much): Market Chatter on COMMODITIES: Husky Confirms Layoffs; Sources Say Hundreds of Jobs Affected 04:52 PM EDT, 10/22/2019 (MT Newswires) -- Hundreds of workers at Husky Energy Inc. (HSE.TO) are believed to be affected

[Seppelt]

And this is by Reuters: 10/22/2019 | 07:16pm BST CALGARY, Alberta (Reuters) - Canadian oil and gas producer Husky Energy Inc laid off a number of employees on Tuesday, a company spokeswoman said, the latest sign of how Canada's energy sector is struggling with declining capital investment and sluggish growth. Calgary, Alberta-based Husky declined to say how many jobs were

[Kootenay123]

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[pablo87]

The pounding the Governing Liberal party took in many ridings surely did not go unnoticed by TPTB. 

[firstworld]

Spineless entitled Canadians too fearful to take to the streets like HK, NL, FR and elsewhere....deserve everything we get from the communists. Just jam the highways with trucks....doubt the military will be sent in since indiginos hold them off forever with a single chain LOL.

[Scottie99]

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[pablo87]

Its mickey mouse to do a mass layoff and not reveal how many people lost their jobs.

[Eigen337]

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[Scottie99]

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[onec007]

The company has about 5,157 perm employees at the end of 2018. Some have circulated that up to 400 people left the organization which would yield approx $40 mil in annual savings if we assume $100K is the avg salary.  I think we should get more info on Thursday regarding the layoffs and hopefully reiteration on dividends and return to shareholder. LKS is probably annoyed that the company has

[mrbb]

that's correct, husky cut less staff compared to its peers after 2015.