CALGARY, May 6 (Reuters) - Canadian oil and gas producer

Cenovus Energy ( CVE ) has reduced its employee headcount ahead

of the release of its first-quarter earnings report this week.

The Calgary-based company confirmed the job cuts in an email

to Reuters Tuesday afternoon.

"We have reviewed some team structures, which has led to

some employees and contractors leaving the company," Cenovus

said, adding the job cuts were part of an effort to be more

competitive across all areas of the business, and were also due

to the conclusion of a number of projects.

The company did not say how many jobs were affected.

Cenovus' profit has trailed analysts' estimates for much of the

past 12 months. In the fourth quarter of 2024, the company saw a

fall in profit in large part due to ongoing weakness in its U.S.

refinery division.

Cenovus' share price closed up 1.4% on Tuesday at $16.33 per

share, but has fallen more than 25% since the start of 2025.

Cenovus is set to report its first-quarter 2025 earnings on

Thursday.

TD Cowen said in an April research note that a more "upbeat"

outlook from Cenovus heading into the second half of the year

will be critical in order to reverse investor sentiment on the

heavily discounted stock.