“A few years ago, we began to talk about how we fundamentally change how we work,” Seetal said. “We always anticipated that this transformation would result in a smaller work force over time.”
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. But the company is still trading at levels not seen in 17 years.This week, Suncor’s share price plumbed new depths last seen in 2003.
In addition, Suncor is one of the higher cost oilsands mining companies and the cuts announced Friday should help bring the company’s operating costs per barrel into line, said New York-based Eight Capital analyst Phil Skolnick.
Source: Energy Industry News (energyindustrynews.net)
hey, they waited ample time after cashing the billion dollar check...they could have really put it to Kenny if they wanted to but he may be one of those career politicians you need in your back pocket.
I'm sure these high paying good jobs can be replaced easily by Trudeau's govt funded Green jobs like cleaning solar panels for minimum wage...
Yeah and Green party & Green Liberals rejoice at the job loss!
Lol, if Doug Ford was in charge this never would have happened
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