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Cenovus cuts salaries and capital spending

Cenovus Energy logo at the company's annual meeting in Calgary, Wednesday, April 25, 2012. Oilsands producer Cenovus Energy Inc. says it will aim to achieve "net zero" greenhouse gas emissions by 2050, joining a cavalcade of oil companies attempting to improve their environmental reputations. THE CANADIAN PRESS/Jeff McIntosh

Cenovus Energy is cutting salaries and its capital spending plan as global oil prices have plummeted due to the COVID-19 outbreak and a Saudi-Russia price war.

It’s reducing capital spending by another 150-million dollars on top of a 450-million cut announced on March 9th.

It’s also suspending its quarterly dividend and forecasting operating and general and administrative cost reductions totalling 150-million dollars.

C-E-O Alex Pourbaix’s annual base salary is also being cut by 25 per cent as of May 1st, with graduated cuts of 15 to 12 per cent for other executives and employees.