(Calgary) Oil and gas giant Suncor Energy plans to cut about 1,930 jobs over the next 18 months as part of an effort to cut costs to keep up with low oil prices and market volatility.
Posted Oct 2, 2020 at 1:45 PM
Company spokesman Sneh Seetal said on Friday that CEO Mark Little told employees in a conference call that the company wanted to reduce its workforce by 10% to 15% over the next 18 months. Within six months, 5% of the workforce will be eliminated.
The Calgary-based company had 12,889 employees at the end of 2019. If it reduced its workforce by 15%, 1,933 jobs would be lost. Ms. Seetal explained that the cuts will affect all parts of the company. Contract employees are not spared.
In March, Suncor halted its plans and cut its capital budget by $ 1.5 billion. It now hovers in the range of 3.9 billion and 4.5 billion.
Company in this story: (TSX: SU)