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Suncor to lay off another 1,000 workers
' ]3 z* l4 _/ Z' VLast Updated: Tuesday, January 12, 2010 | 06:03 PM EST
5 A$ F3 P. v5 F+ xCanwest news service
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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.8 W! k& y- I! S- g9 [9 W/ b
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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.
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& C: S9 N) Q/ |5 [; ^% H"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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7 v! T4 Y! g5 Z0 C$ C( u% x/ 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.
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' S% ~! G8 @8 q9 X8 {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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