Crescent Point Energy to cut employees, sell assets to reduce debt

crescent point energy
On Monday, Crescent Point Energy named Criag Bryska as its new president and chief executive, replacing former CEO Scott Saxberg.  Company photo.

On Monday, Crescent Point Energy named Criag Bryska as its new president and chief executive, replacing former CEO Scott Saxberg.  Company photo.

Crescent Point Energy to cut 17 per cent of workforce

Crescent Point Energy said it will cut 17 per cent of its work force and may sell some of its infrastructure assets in an effort to cut its debt by over $1 billion by the end of next year.

The announcement came on the same day that the Calgary-based company reported it had named Craig Bryksa as the new president and chief executive, replacing long-time CEO Scott Saxberg.

Saxberg left the Crescent Point in May.

According to the company, the job cuts will lower expenses by over $50 million annually.  Crescent Point did not say how many people would be impacted by the cuts.

The company says that the restructuring of its executive team should also cut yearly compensation for its highest-paid executives by 20 per cent compared to last year.

“This restructuring is difficult, however we needed to adjust the organization to match our current business needs,” Bryksa said in a statement.

“We are all focused on executing our transition plan and are excited about Crescent Point’s future.”

At the end of December, there were 1,085 permanent employees at the company, including 462 at its head office.

The company says it is also reviewing the sale of some of its infrastructure assets.

Crescent Point says it will focus on its Viewfield, Shaunavon and Flat Lake operations as well as continue to advance its emerging and early-stage plays in the Unita Basin and East Shale Duvernay regions.

Also on Wednesday, Crescent Point announced that Bob Heinemann will replace Peter Bannister as chairman of the board of directors.

 

 

 

 

 

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