Canadian Natural bosses take double-digit pay cut, as Alberta readies aid [Financial Post (Toronto, Ontario, Canada)]
Canadian Natural Resources Limited (CNQ)
Last canadian natural resources limited earnings: 3/5 05:00 am
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Source: Financial Post
Canadian Natural bosses take double-digit pay cut, as Alberta readies aid The first part of a relief plan set to be announced Friday morning Canadian Natural Resources Ltd., the country’s largest oil and gas producer by volume, is asking its management and employees to take a pay cut while it slashes spending by $1 billion and implements a hiring freeze to cope with rock-bottom crude prices. Late Wednesday, Canadian Natural announced it would cut its budget by over $1 billion to $2.96 billion in planned spending for the year – but it planned to implement those cost reductions without reducing overall production for the year, which is still expected to be between 1.14 million barrels of oil equivalent per day and 1.2 million boed per day. The Financial Post has also learned that the company implemented a hiring freeze, is cutting salaries across the company and asking its suppliers to cut fees. Canadian Natural president Tim McKay’s salary is being cut 20 per cent, other members of the
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