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Suncor to lay off another 1,000 workers( T5 q: M) ~8 F4 ~* `% }: Y
Last Updated: Tuesday, January 12, 2010 | 06:03 PM EST
A. s2 N& Q( J$ m! YCanwest news service
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) I5 \1 R& \ J% G' |5 YCALGARY -- 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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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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7 G a/ k! r/ x8 g4 _"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."# ?9 Y; g+ P v" o) m+ H8 B
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7 n4 b. ^; r. X& J. Y1 A8 r$ UMr. 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.- B( c3 a" w. J2 G, {
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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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