Canadian Natural Resources cuts staff salaries in Calgary, Aberdeen - Action News
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Canadian Natural Resources cuts staff salaries in Calgary, Aberdeen

Canadian Natural Resources Limited said it is cutting salaries for all of its staff in Calgary and Aberdeen in Scotland as it grapples with low commodity prices.

Employees will see pay reduced by up to 10% as oil prices continue to slump

CBC News
(Timothy Fadek/Bloomberg)
Canadian Natural Resources Limitedsaid itis cutting salaries for all of its staff in Calgary and Aberdeen inScotlandas it grapples with low commodity prices.

Salaries will be reduced by up to 10 per cent, with the biggestcuts being absorbed by higher salaried employees, according tocompany spokeswoman Julie Woo.

AltaCorp energy analyst Nick Lupicksays a decision by CNRLto cut salaries for staff makes sense onmany levels.Investors will be reassured by the move and there are other advantagestoo, he said.

"It keeps morale high as well within in the company and that's something management teams are having to balance at this time as well," saidLupick, calling CNRL an already lean operation.

Itsfuture is alsobrighter than some because of itsHorizonoilsandsprojectexpansion,set to come on stream soon, is expected to boostthe company's cash flow.

CNRL has not reduced its workforce thisyear, unlike many oil and gas producers who have resorted to masslayoffs in the face of plummeting oil prices.

"The additional measures taken today were in order to help thecompany address the current challenges without reducing ourworkforce," Woo said in anemail.

CNRL has more than 7,600 employees across itsoperations in North America, Europeand Africa.

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