Calgary-based Enbridge Inc. is undergoing a restructuring that will see it eliminate hundreds of positions, including senior management.Sources tell The Western Standard up to 700 positions were cut Wednesday, including front office executives.The cuts are likely to be detailed ahead of an investor information meeting in Calgary on March 6 to outline its strategic plan, business priorities and financial outlook.The company had previously announced in January that it would be cutting 650 positions effective March 1, by reducing vacant positions, contract positions and company-wide redeployment of workers.At the time the company said it did not have specifics on how business units and regions would be affected but notices reportedly went out on Wednesday.On February 9, Canada’s largest oil pipeline operator reported record earnings of $5.8 billion for the full year 2023, up 50% from $2.6 billion in 2022 and hiked its dividend 3.1% to 92 cents per share — the 29th consecutive year it has done so.The company's asset portfolio includes the Canadian Mainline system, regional oil sands pipelines and natural gas pipelines. Enbridge also operates a regulated natural gas utility and is Canada's largest natural gas distribution company. Additionally, the firm has a small but growing renewables portfolio, focusing on wind energy projects.
Calgary-based Enbridge Inc. is undergoing a restructuring that will see it eliminate hundreds of positions, including senior management.Sources tell The Western Standard up to 700 positions were cut Wednesday, including front office executives.The cuts are likely to be detailed ahead of an investor information meeting in Calgary on March 6 to outline its strategic plan, business priorities and financial outlook.The company had previously announced in January that it would be cutting 650 positions effective March 1, by reducing vacant positions, contract positions and company-wide redeployment of workers.At the time the company said it did not have specifics on how business units and regions would be affected but notices reportedly went out on Wednesday.On February 9, Canada’s largest oil pipeline operator reported record earnings of $5.8 billion for the full year 2023, up 50% from $2.6 billion in 2022 and hiked its dividend 3.1% to 92 cents per share — the 29th consecutive year it has done so.The company's asset portfolio includes the Canadian Mainline system, regional oil sands pipelines and natural gas pipelines. Enbridge also operates a regulated natural gas utility and is Canada's largest natural gas distribution company. Additionally, the firm has a small but growing renewables portfolio, focusing on wind energy projects.
