Suncor cutting 1,000 jobs, taking $1 billion out of 2015 budget

Warrior Publications

Suncor tar sands 2CALGARY — Suncor Energy Inc. (TSX:SU), known for its huge presence in Alberta’s oilsands, is reducing its workforce by 1,000 and cutting $1 billion from its capital budget as the company grapples with plummeting crude prices.

Calgary-based Suncor says the job cuts will mainly affect contractors, but include some employee positions as well. In its most recent annual report, Suncor said it had 13,946 employees.

In November, Suncor predicted capital spending for 2015 would range between $7.2 billion and $7.8 billion. At the time, crude was around US$75 a barrel, and the OPEC oil cartel had not yet announced its intention to maintain its output rather than cut it to support prices.

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