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Suncor to lay off another 1,000 workers
/ ?/ B! \0 e% K4 G7 VLast Updated: Tuesday, January 12, 2010 | 06:03 PM EST
5 v: ]$ R a- @& \Canwest news service
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9 b% A+ s9 G. l$ a' O; o6 eCALGARY -- Calgary-based Suncor Energy plans to lay off another 1,000 workers this year as it continues to digest the assets of Petro-Canada picked up in a merger last fall.
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: q/ K. N' {4 {* _0 p3 hThe action, announced at an investor's conference in New York this afternoon, will double the staff reductions to 2,000.
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4 m8 W' e2 u- g+ r" m& R"Where most of the synergies are coming from are reduction and workforce," said John Rogers, vice-president of investor relations, during a presentation to the BMO Capital Markets Unconventional Resource Conference.
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9 k9 h1 ]. I# m"To date, we've laid off about 1,000 people. By the end of this year, 2010, we would expect we'd lay off an additional 1,000, which will bring us to a total of about 2,000 people laid off through the merger."+ B$ \9 p, s( H( W7 g
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Mr. Rogers also said the company is doing a "total relook" at the Fort Hills oil sands project, a Petro-Canada project which at one time was estimated to cost more than $25-million.
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& \+ V7 P( e' V' f. r kSuncor recently announced the sale of a half-billion dollars worth of U.S. gas assets and expects this year to sell $2-billion to $3-billion worth of Canadian assets producing 360 million cubic feet per day of natural gas. |
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