{"id":4503,"date":"2015-01-14T06:45:43","date_gmt":"2015-01-14T11:45:43","guid":{"rendered":"http:\/\/olduvai.ca\/?p=4503"},"modified":"2015-01-14T06:51:13","modified_gmt":"2015-01-14T11:51:13","slug":"4503","status":"publish","type":"post","link":"https:\/\/olduvai.ca\/?p=4503","title":{"rendered":"Suncor to cut 1,000 jobs in response to low oil prices"},"content":{"rendered":"<div class=\"story-headline\">\n<h3 class=\"story-title\"><a href=\"http:\/\/www.cbc.ca\/news\/business\/suncor-to-cut-1-000-jobs-in-response-to-low-oil-prices-1.2899726\" target=\"_blank\">Suncor to cut 1,000 jobs in response to low oil prices<\/a><\/h3>\n<\/div>\n<h4 class=\"story-deck\">Energy firm to cut $1B from capital spending, delay work on some projects<\/h4>\n<p>Oilsands giant Suncor Energy says it will cut approximately 1,000 jobs and reduce its 2015 spending plans in response to lower oil prices.<\/p>\n<p>The job cuts will primarily affect contract workers, but will also\u00a0involve a reduction in employee positions,\u00a0according to Suncor\u2019s announcement, made in a press release today. The Calgary-based company also said it will implement a hiring freeze \u201cfor roles that are not critical to operations and safety.\u201d<\/p>\n<p>\u201cCost management has been an ongoing focus, with successful efforts to reduce both capital and operating costs well underway before the decline in oil prices,\u201d said Suncor CEO Steve Williams in the press release.<\/p>\n<p>\u201cHowever, in today&#8217;s low crude price environment, it&#8217;s essential we accelerate this work. Today&#8217;s spending reductions are consistent with our commitment to spend within our means and maintain a strong balance sheet.\u201d<\/p>\n<p>Suncor says it will cut $1 billion from its capital spending program, and reduce sustainable operating expenses by between $600 million and $800 million over two years. It will defer expansion\u00a0of its MacKay River project in Alberta\u2019s oilsands, in addition to delaying work on the White Rose Extension oilfield off the coast of Newfoundland and Labrador.<\/p>\n<p>Suncor said its Fort Hills oilsands project will continue as planned, as well as work on the Hebron oil field located approximately 350 kilometres southeast of St. John\u2019s.<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Suncor to cut 1,000 jobs in response to low oil prices Energy firm to cut $1B from capital spending, delay work on some projects Oilsands giant Suncor Energy says it will cut approximately 1,000 jobs and reduce its 2015 spending plans in response to lower oil prices. The job cuts will primarily affect contract workers, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[3],"tags":[103,2661,1996,2660,2341],"class_list":["post-4503","post","type-post","status-publish","format-standard","hentry","category-energy-2","tag-canada","tag-capex","tag-capital-expenditures","tag-layoffs","tag-suncor"],"_links":{"self":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4503","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=4503"}],"version-history":[{"count":2,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4503\/revisions"}],"predecessor-version":[{"id":4505,"href":"https:\/\/olduvai.ca\/index.php?rest_route=\/wp\/v2\/posts\/4503\/revisions\/4505"}],"wp:attachment":[{"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=4503"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=4503"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/olduvai.ca\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=4503"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}