It also cut its quarterly dividend in May. The Calgary-based company had 12,889 staff at the end of 2019. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. With benchmark U.S. oil prices sinking to US$37.05 a barrel on Friday and the S&P/TSX Capped Energy Index dropping 56 per cent this year, it’s not a shock that job losses are now occurring in the Canadian oilpatch.

A rebound in oil demand this summer spurred expectations the situation was getting better. Please try again. The other piece of the puzzle is companies are moving to take some control and cut costs to weather an uncertain future.

© 2020 Calgary Herald, a division of Postmedia Network Inc. All rights reserved. We apologize, but this video has failed to load. RBC Capital Market analysts expect Suncor to re-establish momentum on several fronts in the quarters ahead, and maintained its outperform recommendation on the company stock … Many producers have been holding on for months, hoping conditions would improve. “Everybody was holding off on any layoffs because they really didn’t know the outcome of COVID and how that would affect demand. About 700 people currently work at … Jerilyn Wright and Association, Connection to Plus 15" above-ground walkway system, Underground parking facility for 849 vehicles, On-site management with 24/7 building access and security, 1990: BOMA Building of the Year Award 1M Sq Ft or Greater Category. Unauthorized distribution, transmission or republication strictly prohibited.

Of the organizations with an annual revenue of over $1 billion considered, Suncor ranked 34th. There’s also been a recent improvement in Canadian natural gas prices.

“I don’t think any of us should be surprised if there are additional layoffs from other companies that are hemorrhaging cash right now.”.

It detailed their concerns with the “deeply flawed” direction of the incoming regulations for the new standard, which is designed to lower the carbon intensity of all fossil fuels.

Concerns about a second wave of COVID-19 loom over the economy, adding greater uncertainty to the mix. Yet Suncor’s share price has fallen since June. On Friday, Suncor did just that, joining a steady parade of large oil and gas companies looking to respond by shrinking their workforce.

“I don’t think the Suncor layoffs are a lack of confidence in oil or in Canada, per se. : Analysts, execs react to Cenovus-Husky pact. Suncor Energy Centre 111 - 5th Avenue SW, Calgary, Alberta, T2P 3Y6, Canada. The ranking was compiled by Corporate Knights, and results were recently released. We ask you to keep your comments relevant and respectful. Not all positions will move as some need to remain close to customers or businesses, while some employees may choose not to move, says Sneh Seetal, Suncor's director of communications.

Canada's biggest oilsands producer announced it will trim up to 15 per cent of its workforce in the next 18 months. And with ongoing concerns about low prices, capital constraints, peak demand and the federal commitment to net-zero emissions by 2050, the pressure is intensifying.

Suncor Energy is transitioning positions from its offices in Mississauga and Oakville to Calgary in the coming year, a company spokesperson said Monday. The Calgary-based company had 12,889 staff at the end of 2019.

Suncor Energy Centre in downtown Calgary on Friday, Oct. 2, 2020. “You are going to see more of this coming in the fall,” said oilpatch veteran Brian Schmidt, CEO of Tamarack Valley Energy. Job losses struck the oilfield services sector first as oil markets collapsed in April amid a global price war between OPEC and Russia, and as the COVID-19 pandemic undercut energy demand.

Suncor Energy to layoff 10-15% of workforce over next 1.5 years Click to return to homepage.

There was an error, please provide a valid email address. Kenney called on the federal government to ease off some actions, such as not pressing ahead with the national clean fuel standard.

Suncor Energy Centre in downtown Calgary on Friday, Oct. 2, 2020.

It’s about becoming more efficient so they can be more competitive through the cycle,” said Masson. A company spokesman says the shift is part of efforts by the oilsands and retail fuel giant to remain competitive by integrating the downstream business with the rest of Suncor to be more efficient. Petro-Canada

They all have the same price signals,” added Richard Masson, an executive fellow at the University of Calgary’s School of Public Policy and former CEO of the Alberta Petroleum Marketing Commission.

The downstream operations are largely PetroCanada refineries through to retail and wholesale sales, PetroCanada and Petro-Pass. CALGARY - Suncor Energy Inc. is moving its PetroCanada head office to Calgary from two offices in Ontario next year, affecting about 700 workers.

Drilling companies saw activity plunge this spring while Canadian oil and natural gas producers carved more than $8 billion out of their capital spending plans. “They are not going to be the only ones that we see doing that … as long as oil prices continue to be where they are, and stock prices continue to be doing what they are doing.”. Last month, Suncor CEO Mark Little was part of a group of seven energy sector leaders who sent a letter to the prime minister. , The Canadian Press. Photo by THE CANADIAN PRESS/Jeff McIntosh, tap here to see other videos from our team.

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Pipeline giant TC Energy eliminated an unspecified number of jobs in its Canadian gas operations this week, followed by Friday’s grim news Suncor Energy will cut up to 15 per cent of its workforce — almost 2,000 positions across the country — within the next 18 months. Canadian cannabis sector still growing despite supply glut two years after legalization, Aphria shares tumble after disappointing Q1 results, Aphria expected to report strong recreational cannabis sales growth in Q1, Suncor said to study sale of North Sea oil and gas fields, Cenovus plans to cut up to 25% of jobs after Husky deal, 'Ideally suited' or 'weird' fit? This advertisement has not loaded yet, but your article continues below. “It just continues to go on in the sector,” said analyst Phil Skolnick at Eight Capital in New York. Lowering costs is one of the few options at their disposal. Suncor Energy, which had chopped more than 1,000 jobs in 2015 during an earlier price downturn, entered this year expecting to spend between $5.4 billion and $6 billion; it now anticipates spending around $3.8 billion.

“My experience is when one company does it, you know that every company is looking at it. Major layoffs have been rippling through the global oil and gas business for weeks, with big cuts announced at big companies like BP, Chevron Corp., Marathon Petroleum Corp. and Royal Dutch Shell. “We need to send a message to the whole country that this really is a national economic crisis,” Premier Jason Kenney said Friday.

Perhaps the only surprise is that it took this long to arrive at some companies. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. To be clear, it’s not like the industry has avoided painful cuts this year.

CALGARY - Suncor Energy Inc. is moving its PetroCanada head office to Calgary from two offices in Ontario next year, affecting about 700 workers.

Five per cent would equate to 644 positions and 15 per cent would equal 1,933. Canada's biggest oilsands producer announced it will trim up to 15 per cent of its workforce in the next 18 months. With cash flow levels plunging precipitously, producers need to become more efficient. That picture became a little more clear through July and August,” said Schmidt. A company spokesman says the shift is part of efforts by the oilsands and retail fuel giant to remain competitive by integrating the downstream business with the rest of Suncor to be more efficient. This announcement comes about three weeks after Suncor said it will eliminate 10 to 15 per cent of its workforce or 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.

Many analysts now fear the initial recovery has stalled. The company is moving its PetroCanada head office to Calgary from …

Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc. Finally, while supermajors like BP and Shell indicate they’re planning to shift away from fossil fuels in the future, Suncor hasn’t signalled any such steps. Compared to the negative crude prices seen briefly in April, oil markets have stabilized since the spring. “Most oil companies are resigned to the fact that demand is going to hurt for at least until mid-next year.”. Delaying or altering these rules might help in the future, but it won’t change the underlying problem confronting the sector right now — the steep decline in oil prices and the unprecedented destruction of energy demand triggered by the pandemic. 365 Bloor Street East, Toronto, Ontario, M4W 3L4. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. The Suncor Energy Centre building in downtown Calgary. Visit our Community Guidelines for more information and details on how to adjust your email settings. Varcoe: Suncor layoffs signal more pain ahead for energy workers. A welcome email is on its way.

> Connection to Plus 15" above-ground walkway system, > Underground parking facility for 849 vehicles, > On-site management with 24/7 building access and security, > 1990: BOMA Building of the Year Award 1M Sq Ft or Greater Category, Webb Zerafa Menkes Housden Partnership The next issue of Calgary Herald Headline News will soon be in your inbox. The information you requested is not available at this time, please check back again soon. CALGARY — Suncor Energy Inc. is moving its PetroCanada head office to Calgary from two offices in Ontario next year, affecting about 700 workers.. A company spokesman says the shift is part of efforts by the oilsands and retail fuel giant to remain competitive by integrating the downstream business with the rest of Suncor to be more efficient.

Chris Varcoe is a Calgary Herald columnist. Suncor's oilsands base plant in Fort McMurray Alta, is shown on Monday, June 13, 2017. However, the integrated producer has been embarking on a technical transformation, turning to big data, robotics, artificial intelligence and remote sensing technology to lower costs in the oilsands, part of a process Little has called the shift to Suncor 4.0.

Read more about cookies here. In Canada, 23,600 positions disappeared in the energy industry in the April-to-June period as prices for oil and refined petroleum products plunged with fewer people commuting to work or flying. Suncor has once again earned a place among the Best 50 Corporate Citizens in Canada.

Suncor, which posted a first-quarter loss of $3.5 billion, followed by a $614-million loss in the April-to-June period, has seen its share price tumble 63 per cent this year.

Many can’t raise outside capital.

Building Description + Comprising two office towers connected by a 4-storey atrium, Suncor Energy Center is one of the most striking office complexes clad in stunning Taivassalo granite imported from Finland.

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