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Suncor to lay off another 1,000 workers
/ {1 x- v3 X* yLast Updated: Tuesday, January 12, 2010 | 06:03 PM EST
/ D [8 V- Y6 |% d gCanwest news service- L' e4 H+ C7 G- }
( N4 o% \3 o) O/ `/ \2 }# aCALGARY -- 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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! |1 y" C# Y- c% ~3 p0 KThe action, announced at an investor's conference in New York this afternoon, will double the staff reductions to 2,000.8 b0 n# F& U3 K5 c. M2 j
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"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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/ H9 a/ h" \. e' f1 u% x/ 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: u0 l y- y# Q8 d" b) u% [
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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.% c8 n: `) W2 f0 c3 Z' y
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) H. |; `/ V9 Y5 uSuncor 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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