"s": "FX_IDC:CADUSD", { CEO.CA members discuss high-risk penny stocks which can lose their entire value. } Savage said he believes some companies are voluntarily lowering executive salaries now in hopes of heading off the federal government, which could require reduced compensation practices for industries that want to qualify for COVID-19 bailout packages. { Energy giant Canadian Natural Resources Ltd. said last week its president would see a salary reduction of 20 per cent. Others companies are expected to take similar steps in the coming weeks. "s": "TVC:USOIL+NYMEX:WCW1! "width": "100%", “I can’t do anything about this (virus), nobody can do anything about this, but you’ve got to get people back employed. It’ll be around in three months.'”. He confirmed that Canadian Natural is also a committed shipper on the TransMountain expansion and Energy East oil pipelines but wouldn’t say how much it is set to ship on those lines. { Companies in this story: (TSX:CGX) (TSX:ESI) (TSX:CNQ) (TSX:RECP). "s": "INDEX:TXCX", "height": "700", Several other Canadian companies have made similar financial commitments in recent days that put temporary restraints on executive salaries, an effort partly to show employees that belt tightening isn’t just happening in the lower ranks. "plotLineColorGrowing": "rgba(61, 133, 198, 1)", The board committed to forgoing any pay for 90 days, while his senior teams have “taken somewhere up to a 50 per cent pay cut,” he said. Canadian Natural Resources Limited Completes the Acquisition of Painted Pony Energy Ltd. Canadian Natural Resources Limited Completes Acquisition of Painted Pony Energy Ltd. Court of Queen’s Bench of Alberta Approves Painted Pony’s Proposed Transaction with Canadian Natural Resources Limited, Painted Pony Receives Securityholder Support for its Acquisition by Canadian Natural Resources Limited, Kodiak Copper site visit: "It's a good start", Chakana Copper (PERU) - 23 Breccias and Counting. Other members of its management committee will see pay reduced by 15 per cent while vice-presidents and board members would see a smaller reduction of 10 to 12 per cent. "s": "USOIL", }, “The markets have changed, they’ve deteriorated, so people are concerned about it,” he said. EnergyNow is an online energy news and data media service dedicated to providing essential up to-date information on the Canadian oil & gas industry. The pipeline also faces a key regulatory hurdle in Nebraska where a state commission is expected to rule by late November on whether Keystone XL serves the public interest. “It makes economic sense to support Keystone and we support Keystone. "s": "OANDA:NATGASUSD", At Mullen Group, the CEO describes unique circumstances thrust upon his business that led to executive salary reductions. "d": "CDN Crude Index" }, Other Selected Commodities August 3, 2017. Oilpatch company Ensign Energy Services Inc. announced a pay cut for its top executives on Monday, lowering the salary of its president and chief operating officer by 20 per cent and its chair by 40 per cent. St. Joseph Communications uses cookies for personalization, to customize its online advertisements, and for other purposes. }, "d": "DOW JONES Index" { { { He said it was essential to start making plans for the company to sustain itself into the early summer. "s": "INDEX:DJI", Neo Lithium (NCL) - Why Lithium Supply Needs to Quadruple in 10-years. } "d": "WCS Heavy" Laut said it’s unclear if his company will need to use rail to ship its oil but, if it does, there is plenty of third-party rail capacity it can hire as it owns no rail cars or loading facilities. Cineplex Inc., for example, outlined changes to its leadership pay structure that will take place over a month, after it temporarily laid off part-time employees and closed all movie theatres through at least April 2. TransCanada has indicated it won’t make a final decision on whether to proceed with the US$8-billion project until late November or December, based on commercial support and regulatory approvals. "d": "WTI Crude" In the oil and gas industry, executives at Canadian Natural Resources and Ensign Energy Services Inc. were among the first Canadian operations to commit to lower salaries in the short term as part of broader reductions in capital spending. { Announces Closing of Previously Announced Strategic Light Oil Asset Acquisition and Updated 2017 Corporate Budget and Guidance, Activists seek to intervene in Nebraska Keystone XL review, Traverse Energy Ltd. "scaleFontColor": "#DADDE0", { But companies will find other ways to compensate their executives that aren’t directly tied to salary, Savage suggested, for example payment in shares in the company, preferred stocks, and promises made for when the pandemic is over. { "s": "INDEX:TTEN", For … Use of this site indicates acceptance of the. Nothing contained on the Website shall be considered a recommendation, solicitation, or offer to buy or sell a security to any person in any jurisdiction. We provide live feeds designed to help energy professionals, field personnel, business owners, and senior business leaders get the latest energy news and data, energy industry press releases and energy job and event listings. { “My primary objective is this: How do I make sure the business is strong so that I’m around when demand improves?” Mullen explained by phone from his home in Victoria, B.C. Cenovus-Husky deal creates new Canadian oil major, stokes hunger for deals, OPEC chief says rising infections may delay oil recovery, Topaz Energy Corp. Completes $230.5 Million Initial Public Offering, Oil Slumps Below $39 on Surging Virus and Stimulus Stalemate, Deal With Li Ka-shing’s Husky Gives Canadian Oil Giant a Biden Hedge, From Roughneck to CFO: One Métis Woman’s Unconventional Career Journey – Gregory John, Learn how to drastically reduce the time it takes you to complete manifests and manage waste data, 98% Uptime Sound Appealing? "symbolActiveColor": "#F2FAFE", This report by The Canadian Press was first published March 25, 2020. "symbols": [ TORONTO — Murray Mullen says he was focused on the bigger picture when he approached senior executives and directors at his trucking and logistics business about taking pay cuts in response to the COVID-19 crisis. "tabs": [ "belowLineFillColorFalling": "rgba(255, 74, 104, 0.05)", }, 1991 - Canadian Natural became a major natural gas producer in British Columbia through acquisition and drilling. Only risk what you can afford to lose. Others companies are … “Do I think (TransCanada) will get the support? "showChart": true, “I think it’s up to us as industry and the governments, municipalities, everyone, to work together to make sure all the issues are addressed and it gets put through,” said Laut in an interview following the release of second-quarter results.

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