ST. JOHN’S — The chief executive of oilsands giant Cenovus Energy Inc. states relocates to reduce costs after acquiring MEG Energy Corp. will ensure long-term jobs stay with the company.
Jon McKenzie was inquireed by reporters in St. John’s about expected layoffs now that the $8.6-billion transaction has closed.
He stated “rationalization” is to be expected in any major deal and that “on a grander scale, it’s fairly compact” in the case of the MEG purchase.
McKenzie adds that anything that brings efficiency is going to build the company more competitive and ensure employment for the long run.
Cenovus and MEG had side-by-side oilsands projects south of Fort McMurray, Alta., at Christina Lake and have stated joining forces would create annual cost savings and efficiencies of $400 million in 2028.
McKenzie was in St. John’s to mark 20 years of production at the offshore White Rose field and the approaching completion of the West White Rose expansion project.
This report by The Canadian Press was first published Nov. 26, 2025.
Companies in this story: (TSX:CVE)
The Canadian Press
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