Canadian Natural Resources Ltd plans royalty business spinoff as profit almost triples – National Post
March 5, 2015
CALGARY – Canadian Natural Resources Ltd. continued in its quest to cut and save in the face of collapsed oil prices, announcing Thursday further spending cuts, the possibility of spinning off its Alberta royalty lands, and that its own management will be taking a pay cut.
CNRL, the largest oil and gas producer in Canada, said its management committee agreed to a 10% salary cut, effective March 1, and the board agreed to cut its annual cash retainer by 10%.
“We’re not going to reduce salaries for the rest of the staff, just the senior leadership,” CNRL president Steve Laut said in an interview.
Mr. Laut, whose 2013 base salary was $620,000, added that CNRL won’t be laying off staff in an attempt to reduce costs. “We don’t believe we’re over staffed, so we’ll stick with the team we have,” he said.
