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Suncor to lay off another 1,000 workers
3 Y! _3 e; \# PLast Updated: Tuesday, January 12, 2010 | 06:03 PM EST
7 R/ V! q# n& r& x7 Z) F7 kCanwest news service% q; K; J2 U5 X5 u2 T5 U
2 Z5 l: T/ t; ~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.0 w) ?* b2 O- F L9 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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"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. q+ ?+ Q3 s: q q" x0 w$ n+ I3 v, S
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" i' z' u, I& E" f# d: {"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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0 Q! H( }/ b0 n) {3 H3 H0 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 $25-million.# H0 G0 m% C7 b6 v
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6 J% b1 J$ P0 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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