Canadian oilsands giant Suncor Energy Inc. will slash 1,000 jobs amid $1 billion cuts in capital spending, including up to $800 million operating costs by 2017 in a weak market, officials announced. Contractors and employees “not critical to operations and safety,” they added, will be impacted.
“Cost management has been well under way,” said Calgary-based CEO Steve Williams. “In today’s environment, it’s essential we accelerate work; our model and balance sheet have positioned us well for the downturn.”
Expansion of Alberta’s MacKay River 2 project will see delays, with work on the White Rose Extension field off the Newfoundland and Labrador coasts, officials added. The Fort Hills project work, however, will continue alongside the Hebron oil field 350 km southeast of St. John’s.