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Suncor to lay off another 1,000 workers4 u$ {$ f( v% A* B" X! F7 g, L1 P
Last Updated: Tuesday, January 12, 2010 | 06:03 PM EST
4 Q3 r9 X7 ~: E! O: r2 |Canwest news service
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1 ~- s, L% j1 ~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.5 h/ h# h( q5 _; L2 L* w4 c
& ?/ h. @0 L' M KThe 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.
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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.") B# k! @! g4 W! n2 a& q
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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.2 w B, p' p, J' A5 P0 E
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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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