At the end of 2022, the company had 16,558 full and part-time employees. Credit: Suncor Energy.

Canadian oil producer Suncor Energy is planning to axe 1,500 jobs by the end of this year to cut costs by $297.6m (C$400m), reported Reuters, citing two sources.

The layoff plan was announced in a staff memo and comes as the company looks to strengthen its financial performance while reducing costs.

Suncor Energy CEO Richard Kruger was quoted by CBC News as saying: “Staffing reductions will occur at all levels of the organisation and will be based on both performance and business need. As we do this, we will eliminate work, critically looking at what we do, why we do it, how we do it and the value it adds.

“I assure you that decisions like these, that affect people and their lives, are not easy to make or taken lightly. However, at this time, they are necessary to ensure the ongoing competitiveness of our company.”

At the end of 2022, the oil sands company had 16,558 full and part-time employees.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Offshore Technology.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

In March 2023, the company reported a profit of $2.05bn in the first quarter of 2023, a reduction from $2.949bn in the prior year quarter.

On an adjusted basis, the company’s operating earnings for Q1 stood at $1.81bn, a 34% drop year-over-year. This was due to increased operating expenses and decreased crude oil realisations, among others.

In April, Suncor agreed to acquire TotalEnergies’ oil sands assets in Canada for $4.1bn with potential additional payments of up to $450m.