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At the same time, Precision Drilling Inc. And Husky Energy Inc. Also cited the hit from the collapse in crude prices. 'The decline in oil prices over the past eight months has been severe and swift and the energy industry is rapidly adjusting to a lower oil price environment,' said Kevin Neveu, Precision's chief executive officer. 'The clearest picture of this adjustment is in the reported North America industry rig count declines, which we expect will continue in the near term,' he added, warning that 2015 is 'likely to be the most challenging year our industry has experienced this decade.'

As The Globe and Mail's Justin Giovannetti reports, this came just a day after the government of Alberta Premier Jim Prentice announced a 9-per-cent cut to programs. Cenovus, which twice now has cut its spending plans as crude continued to slump, posted a loss of $472-million, or 62 cents a share, compared to the loss of $58-million or 8 cents a year earlier. Excluding one-time hits, its profit rose to $590-million or 78 cents from $212-million or 28 cents. 'These are challenging times for the oil and gas industry,' said chief executive officer Brian Ferguson. 'Cenovus is taking steps to ensure we remain strong during this market downturn,' he added as he announced plans to cut jobs, largely from its contract work force.

Black cat air compressor bc2502 manual. Pay hikes have been 'suspended for 2015' while Cenovus also cuts 'discretionary spending, including spending on travel, conferences, offsite meetings and information technology upgrades,' the company said. Precision Drilling, in turn, lost $114-million in its fourth quarter, or 39 cents a share, tumbling from a profit of $68-million or 24 cents a year earlier.

'Industry downturns are difficult for all, but they affect our rig crews more than anybody else,' said Precision's Mr. 'Each one of our active rigs is crewed by 20 or 25 skilled and trained Precision field hands and at this time last year we had nearly 250 rigs running and today we have less than 200.'

Husky, meanwhile, cut its spending plans today, trimming its budget to about $3-billion from $3.4-billion 'primarily related to the rescheduling of discretionary activities in Western Canada and other initiatives.' Husky also tumbled to a quarterly loss of $603-million, or 65 cents a share, diluted, from a profit of $177-million or 18 cents a year earlier. Excluding one-time hits, profit was $147-million. 'In addition, about $400-600 million in operating cost efficiencies has been targeted, in large part through procurement and contract savings to be realized over the course of the year,' Husky said. 'This will include more effective partnering with suppliers, consolidation and standardization in services.'