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Suncor to lay off another 1,000 workers
5 u. k& Y! D) ~Last Updated: Tuesday, January 12, 2010 | 06:03 PM EST
% D6 h, O7 e, z/ J9 `( j9 qCanwest news service
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( Q4 ?- l/ R( [8 F9 x+ p; V% [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.% f. s9 ~* ^; [) B! x
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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., U) t! ^( o) ]# E
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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.8 Q2 C: ]' R. J8 T x5 A4 S; a% q
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"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."
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" @" S" K( ]8 K* \. {8 {( |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 $25-million.$ ?! t" g+ w) q$ w% o
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7 N2 w+ l" O) s, W$ mSuncor 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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