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.
FILE PHOTO: Suncor Energy facility is seen in Sherwood Park, Alberta, Canada August 21, 2019. REUTERS/Candace Elliott, 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.
The spread of the coronavirus has slowed economies worldwide, grounding flights and limiting road travel, resulting in weak oil prices. Canadian energy companies have also suffered from scarce capital due to chronic pipeline congestion and high emissions. Dirk Tolman, chair of a Unifor local representing Suncor workers, said Suncor Chief Executive Mark Little addressed employees and said the company would need to cut expenses because demand and Suncor’s stock had fallen.
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