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Suncor to lay off another 1,000 workers
1 O6 K+ {& X" u0 ?Last Updated: Tuesday, January 12, 2010 | 06:03 PM EST
% A, d# Y* W" Q7 j6 ICanwest news service
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CALGARY -- 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.5 z: C- I+ e1 @5 G* s; V; N
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The action, announced at an investor's conference in New York this afternoon, will double the staff reductions to 2,000.
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3 ~) X5 G1 c# f) Z0 ]"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.& u; v% o9 R( B+ Z( H5 l% N
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N `: j# f4 V) h9 W"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."( m9 r1 W" r$ J! W7 P
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% C3 |: D) T' E# k. z% KMr. 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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2 E# y4 V7 c3 [/ {; g* qSuncor 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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