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Suncor cut 1,700 jobs in 2015, ‘overachieved’ on cost cutting

Suncor CEO Steve Williams also announced $2-billion net loss for last three months of 2015


 

CALGARY – The CEO of Canada’s biggest oilsands player says about 1,700 jobs were shed over the past year or so — far surpassing its original target.

Suncor’s Steve Williams says the company significantly overachieved when it came to the cost-cutting.

Just over a year ago, Suncor announced it would be cutting 1,000 jobs because of the sharp downturn in crude prices.

Williams made his remarks on a conference call to discuss Suncor’s fourth-quarter results, which included a $2-billion net loss for the last three months of 2015.

Suncor launched a hostile takeover for Canadian Oil Sands in October, but the two companies reached a friendly deal in January that’s worth $6.6 billion, including the target company’s debt.

On the call, Williams did not rule out trying to buy more oilsands players, like MEG Energy or Cenovus, but says there are no specific plans in the works.


 

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