Cenovus Energy, a major Canadian oil and gas producer based in Calgary, has confirmed job reductions ahead of its first-quarter earnings release. The layoffs, affecting both employees and contractors, are aimed at improving efficiency and managing costs as the company faces fluctuating oil prices and environmental regulations. At least 50 workers were laid off at one Alberta location, and the Alberta government has expressed concern over the job losses, offering support to affected workers. In its first-quarter results, Cenovus reported lower quarterly profit but managed to beat profit estimates due to higher production. The company's shares have dropped nearly 30% over the past six months, and its net earnings fell from $4.1 billion in 2023 to $3.1 billion in 2024. Occidental Petroleum reported first-quarter adjusted earnings per share of $0.87, with diluted EPS at $0.77 and total revenue of $6.80 billion. The company produced an average of 1.39 million barrels of oil equivalent per day, generated $3 billion in operating cash flow before working capital, and $1.2 billion in free cash flow. Occidental reduced its capital expenditure guidance by $200 million and will wait until the second quarter before making any further adjustments to its full-year guidance. ConocoPhillips posted a first-quarter profit beat, reporting adjusted earnings per share of $2.09, reported EPS of $2.23, and adjusted net income of $2.7 billion. The company returned $2.5 billion to shareholders and generated $5.5 billion in cash from operations. Production rose 5% year-over-year, aided by the Marathon Oil acquisition, and second-quarter production is expected between 2.34 million and 2.38 million barrels of oil equivalent per day. ConocoPhillips trimmed its 2025 capital expenditure outlook to $12.3–$12.6 billion amid lower oil prices and warned that a prolonged crude price environment in the low $50s could trigger industry-wide activity reductions. CFO Bill Bullock will retire after 39 years with the company. Other North American energy companies reported mixed first-quarter results. Sempra posted adjusted earnings per share of $1.44 on revenue of $3.8 billion. Cheniere Energy reported earnings per share of $1.57, revenue of $5.44 billion, adjusted EBITDA of $1.9 billion, and net income of $350 million, with 168 LNG cargoes exported in the quarter. Chevron announced plans to lay off dozens of Denver employees as part of broader cost-cutting efforts. Despite falling oil prices, U.S. and Asian refiners reported strong first-quarter earnings, supported by higher refining margins. However, some companies, such as Marathon Petroleum and Valero Energy, experienced profit declines due to maintenance and weaker renewable diesel margins. The overall sector remains cautious amid ongoing price volatility and uncertain global demand.