News

suncor layoffs

October 25, 2020

Suncor Energy , Canada's second-biggest oil company, said on Friday it would cut its workforce by up to 15% over the next year and a half, as pandemic travel restrictions crushed crude demand.

Suncor Energy informed employees Friday that the Calgary-based company will be cutting staff by as much as 15 per cent in the coming months. The company confirms that about 100 contractors will be laid off effective November 1, as they wrap up a round of preservation work.

When markets opened Friday, Suncor shares traded down with the tumble in global oil prices, but rebounded on news of the layoffs to rise 2.45 per cent to $15.88 on the Toronto Stock Exchange mid-day. Suncor CEO Mark Little. CALGARY – Oil and gas giant Suncor Energy Ltd. said it will eliminate as many as 1,930 jobs over the next 18 months as a result of cost-cutting to deal with low oil prices and market volatility.. Suncor announced it will eliminate up to 15 per cent of its approximately 13,000-person work force over the next 18 months. Investors …

Another round of layoffs is coming to the local offshore industry as Suncor prepares to take the Terra Nova FPSO quayside. News that Suncor has laid off 2,000 workers Friday drew an emotional response from Premier Jason Kenney who pleaded with Ottawa for economic help and to stop implementation of their second carbon tax. This follows news of layoffs …

Varcoe: Suncor layoffs signal more pain ahead for energy workers Back to video. The Suncor Energy stock might further plunge as the company prepares to streamline the workforce and implement a massive 15% layoff.

But the company is still trading at levels not seen in 17 years. Suncor Energy SU said that it will terminate 10-15% of its workforce in 12-18 months as the company copes with the impacts of the pandemic that has affected its …

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