Suncor to cut 1,500 jobs by end of year, employees informed Thursday

Suncor Energy Inc. says it’ll lower 1,500 jobs by the tip of the 12 months in an effort to scale back prices and enhance the corporate’s lagging monetary efficiency.

Spokeswoman Sneh Seetal confirmed the cuts, saying they are going to be unfold throughout the group and can have an effect on each workers and contractors.

Seetal says workers have been knowledgeable of the cuts in a companywide electronic mail from Suncor CEO Rich Kruger earlier this afternoon.

Suncor has been underneath strain from shareholders – together with activist investor Elliott Investment Management – to enhance its monetary and share value efficiency, which has lagged its friends.

Kruger, the previous CEO of Imperial Oil Ltd., took the reins at Suncor earlier this spring and has been tasked with turning across the oilsands large.

Suncor employs individuals throughout the nation, within the U.S., and the U.Okay. Its company head workplace is situated in Calgary.

This report by The Canadian Press was first revealed June 1, 2023.