Calgary-based pipeline giant Enbridge is slashing 6% of its workforce in the face of what it says are “increasingly difficult business conditions.”In a memo, the company said it would cut about 650 positions effective March 1. “Reducing our operating costs and strengthening our competitiveness will enable us to weather near-term challenges,” it said in a statement.It all amounts to job cuts in downtown Calgary at a time when the country’s largest oil pipeline operator is struggling to keep up with the so-called ‘energy transition.’ Enbridge also operates one of the country’s largest gas utilities in Ontario..The company presently has 12,000 employees, primarily in the US and Canada, according to its website.Enbridge is set to release its fourth-quarter and full-year 2023 financial results on February 9 and has made a number of significant business moves in recent months including several multi-billion acquisitions stateside. During the third quarter of last year, Enbridge reported profits of $1.27 billion, down from $1.37 billion during the same period in 2022.Enbridge said it would look to reduce vacancies and contract positions, as well as move staff. The company did not provide specifics on which individual business units or regions would be most affected..While strong dividend yields are attractive from an investor’s point of view, it also points to a lack of investment opportunities both at home and abroad — which is consistent with the so-called ‘net-zero’ narrative of declining oil and gas throughput..“The company could be more focused on returning cash to shareholders, but this could indicate that growth opportunities are few and far between,”Simply Wall St..In the meantime, it announced it would be increasing its dividend to 91.5 cents a share starting March 1, or 7.6% which is well above industry average.While strong dividend yields are attractive from an investor’s point of view, it also points to a lack of investment opportunities both at home and abroad — which is consistent with the so-called ‘net-zero’ narrative of declining oil and gas throughput.Enbridge’s earnings aren’t tied to price per se, although oil and gas prices are both off their post pandemic peaks. Rather, it’s all about volume.In that regard, full-year earnings per share are forecast to rise about 136% over last year but analysts said future growth could be lacking.“The company could be more focused on returning cash to shareholders, but this could indicate that growth opportunities are few and far between,” wrote Simply Wall St. “While it is great to have a strong dividend yield, we should also consider whether the payment is sustainable.“.This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
Calgary-based pipeline giant Enbridge is slashing 6% of its workforce in the face of what it says are “increasingly difficult business conditions.”In a memo, the company said it would cut about 650 positions effective March 1. “Reducing our operating costs and strengthening our competitiveness will enable us to weather near-term challenges,” it said in a statement.It all amounts to job cuts in downtown Calgary at a time when the country’s largest oil pipeline operator is struggling to keep up with the so-called ‘energy transition.’ Enbridge also operates one of the country’s largest gas utilities in Ontario..The company presently has 12,000 employees, primarily in the US and Canada, according to its website.Enbridge is set to release its fourth-quarter and full-year 2023 financial results on February 9 and has made a number of significant business moves in recent months including several multi-billion acquisitions stateside. During the third quarter of last year, Enbridge reported profits of $1.27 billion, down from $1.37 billion during the same period in 2022.Enbridge said it would look to reduce vacancies and contract positions, as well as move staff. The company did not provide specifics on which individual business units or regions would be most affected..While strong dividend yields are attractive from an investor’s point of view, it also points to a lack of investment opportunities both at home and abroad — which is consistent with the so-called ‘net-zero’ narrative of declining oil and gas throughput..“The company could be more focused on returning cash to shareholders, but this could indicate that growth opportunities are few and far between,”Simply Wall St..In the meantime, it announced it would be increasing its dividend to 91.5 cents a share starting March 1, or 7.6% which is well above industry average.While strong dividend yields are attractive from an investor’s point of view, it also points to a lack of investment opportunities both at home and abroad — which is consistent with the so-called ‘net-zero’ narrative of declining oil and gas throughput.Enbridge’s earnings aren’t tied to price per se, although oil and gas prices are both off their post pandemic peaks. Rather, it’s all about volume.In that regard, full-year earnings per share are forecast to rise about 136% over last year but analysts said future growth could be lacking.“The company could be more focused on returning cash to shareholders, but this could indicate that growth opportunities are few and far between,” wrote Simply Wall St. “While it is great to have a strong dividend yield, we should also consider whether the payment is sustainable.“.This is what the Western Standard is up againstThe Trudeau government is funding lies and propaganda by directly subsidizing the mainstream media. They do this to entrench the powerful Eastern, woke and corrupt interests that dominate the political, social and economic institutions in Canada. Federal authorities are constantly trying to censor us and stop us from publishing the stories that they don’t want you to read. Ottawa may weaponize our taxes and police against us, but we’ve got a powerful ally on our side.You. Free men, and free women. We need you to stand with us and become a member of the Western Standard. Here’s what you will get for your membership:Unlimited access to all articles from the Western Standard, Alberta Report, West Coast Standard, and Saskatchewan Standard, with no paywall. Our daily newsletter delivered to your inbox. .Access to exclusive Member-only WS events.Keep the West’s leading independent media voice strong and free.If you can, please support us with a monthly or annual membership. It takes just a moment to set up, and you will be making a big impact on keeping one the last independent media outlets in Canada free from Ottawa’s corrupting influence.
