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Suncor to lay off another 1,000 workers
6 j; R: M4 y4 OLast Updated: Tuesday, January 12, 2010 | 06:03 PM EST! S/ H8 U3 b+ X u! g
Canwest news service3 v& U: R' ?/ U( ]% K: u8 b, `
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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." W* L! G0 P8 {2 q9 S! A; O
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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.- m4 a: o3 Z5 _- |
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/ M% G) ~) |+ H$ \/ R1 }; b% i3 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.; |3 S- m, w. [: W3 d2 ~2 v" X+ n4 j
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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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3 t$ G' ~# V& x2 ~9 iMr. 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.) U" r. |" @9 ^1 L% m1 ?
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Suncor 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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