Posted on September 10, 2015 by Grace Montealegre
Canadian Natural Resources Ltd, the country's largest independent oil producer, is cutting salaries by up to 10 percent for all its staff in Calgary, Alberta, and Aberdeen, Scotland, the company said on Wednesday.
CNRL spokeswoman Julie Woo said the salary reduction is a response to low global oil prices, and would be steeper for higher-salaried individuals. "The challenges facing our industry are significant," Woo said. "In this environment, Canadian Natural is taking additional actions to further reduce costs and to protect the robustness of the company by implementing a salary reduction of up to 10 percent for all Calgary and Aberdeen staff."
In the first quarter, CNRL's board of directors and senior executives took a 10 percent salary cut, while vice presidents took a 5 percent decrease. The senior executive and vice presidents were included in the additional cuts announced on Wednesday. The salary cut is the latest step taken by Canadian oil and gas producers to rein in costs and weather a prolonged period of low global oil prices, which have tumbled nearly 60 percent since June 2014.
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