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Suncor to lay off another 1,000 workers
5 L6 d) T- y, D& X5 j- _Last Updated: Tuesday, January 12, 2010 | 06:03 PM EST
7 {; t) {( J* S" I4 f5 y1 f0 PCanwest news service
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9 a# `6 i: @: P4 [% u) e5 ?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.
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U% X$ a0 B& w' r; z$ G" fThe action, announced at an investor's conference in New York this afternoon, will double the staff reductions to 2,000.
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! t* Q) q! c7 |6 }"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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) \+ q( r% T+ [2 l, ]"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."0 f! x& c" G, M' I* E+ ?
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3 b, ?7 M, D1 u! ^9 p, }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." N- m4 [' z/ }4 f4 w# k9 n. i5 W7 V) l9 w
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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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