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Husky Energy Inc. revealed Friday it has chopped 1,400 jobs as of Sept. 30, representing 22 per cent of its worldwide staff, an action described by chief executive Asim Ghosh as a “bitter pill” necessitated by structural change in the oil and gas price environment.

The integrated Calgary-based major announced it will continue to downsize its workforce while identifying legacy western Canadian assets to sell. It said it will continue a salary freeze implemented last year.

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The company controlled by Hong Kong billionaire Li Ka-Shing also said it will pay its next dividends with shares instead of cash. Its stock closed down $2.60 or 13 per cent at $17.67 in Toronto on heavy volume of five million shares. Its 52-week high was $29.48.

Husky’s job cut announcement comes one day after fellow thermal oilsands producer Cenovus Energy Inc. confirmed it had parted with 1,500 staff and contractors so far this year. Suncor Energy Inc., Canada’s largest oil company, said this summer it had made 1,300 job cuts.