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CALGARY — Experts say 1,500 recently announced job losses at Suncor Energy Inc. are an example of the type of "collateral damage" that can occur when an activist investor comes calling. The Calgary-headquartered oil company — which has operations in Canada, the U.S., and internationally — confirmed the job reductions Thursday, less than two months after new CEO Rich Kruger took the reins at Suncor with a mandate to reduce costs and improve the company's lagging financial performance. Kruger, the
TORONTO — Some of the most active companies traded Friday on the Toronto Stock Exchange: Toronto Stock Exchange (20,024.63, up 352.38): Suncor Energy Inc. (TSX:SU). Energy. Up 71 cents, or 1.84 per cent, to $39.25 on 22.5 million shares. Enbridge Inc. (TSX:ENB). Energy. Up $1.55, or 3.18 per cent, to $50.26 on 9.0 million shares. Crescent Point Energy Corp. (TSX:CPG). Energy. Up 32 cents, or 3.67 per cent, to $9.03 on 7.6 million shares. Canadian Natural Resources Ltd. (TSX:CNQ). Up $1.45, or $1
The Toronto Stock Exchange's S&P/TSX composite index ended up 352.38 points, or 1.8%, at 20,024.63, its biggest advance since November 2022. U.S. stocks also rallied after a labor market report showed moderating wage growth in May, indicating the Federal Reserve may skip a rate hike in two weeks, and as investors cheered a Washington deal to lift the U.S. debt ceiling, avoiding a catastrophic default. "It is all these little factors that the market is holding on to, looking for any reason to be bullish and they're finding it," said Philip Petursson, chief investment strategist at IG Wealth Management.
In a staff memo announcing the layoffs, Suncor also told employees it was seeking C$400 million ($297.64 million) in cost savings, according to one of the sources. In November, Suncor announced it would reduce its contractor workforce in the mining and upgrading business by 20%. Rival Imperial Oil also cut the number of contractors working at its Kearl oil sands site in northern Alberta as part of cost-saving measures this year.
Suncor (SU) is set to cut 1500 jobs by the end of the year in an attempt to reduce expenses and address its sluggish financial performance.
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Canada's second-biggest oil producer Suncor Energy Inc will cut 1,500 jobs by the end of this year, aiming to reduce costs and improve its financial performance, the Globe and Mail reported on Thursday, citing details from the Canadian Press. A Suncor spokeswoman confirmed to the Canadian Press that the job cuts would be spread across the organization and would affect both employees and contractors, the Globe and Mail reported. "Suncor is always looking for opportunities to drive value and improve performance in our business, cost reduction is one of those opportunities," Suncor told Reuters, without providing further details on the job cuts.
CALGARY — Suncor Energy Inc. will cut 1,500 jobs by the end of the year, as new CEO Rich Kruger forges ahead with his mandate to reduce costs and improve the company's lagging financial performance. Employees were given the news Thursday afternoon, in a companywide email from Kruger, Suncor spokeswoman Sneh Seetal said. She confirmed the job reductions are new, and not part of the company's previously announced plan to reduce the size of its contractor workforce by 20 per cent in an effort to im
A Suncor spokeswoman confirmed to the Canadian Press that the job cuts would be spread across the organization and would affect both employees and contractors, the Globe and Mail reported. "Suncor is always looking for opportunities to drive value and improve performance in our business, cost reduction is one of those opportunities," Suncor told Reuters, without providing further details on the job cuts. In May, Suncor CEO Rich Kruger said in his first call with analysts that he would look to cut costs, improve efficiency and simplify operations.
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NORTHAMPTON, MA / ACCESSWIRE / June 1, 2023 / Suncor Energy The morning was calm and quiet when Mike climbed into the passenger's seat of a truck to make the commute to his worksite south of Fort McMurray, Alta. Both he and the driver were Suncor ...
Suncor (SU) is set to reassess its deal to acquire TotalEnergies' Canada operations after ConocoPhillips exercises its right of first refusal.
Suncor Energy stock's additional 10.6% dividend raise in 2023 is doubtful. Canadian Natural Resources stock may outperform despite a current dividend disadvantage. The post Better Dividend Buy: Suncor Energy or Canadian Natural Resources Stock? appeared first on The Motley Fool Canada.
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Down 26% from 52-week highs, Suncor stock offers you a dividend yield of 5.3%. But is this TSX energy stock a buy right now? The post Suncor Stock: How High Could it Keep Going? appeared first on The Motley Fool Canada.
NORTHAMPTON, MA / ACCESSWIRE / May 30, 2023 / Suncor Energy Volunteering is a big part of our culture, which makes us and our communities stronger. Last year, employees tracked over 105,000 volunteer hours in SunCares, Suncor's employee giving ...
Readers hoping to buy Suncor Energy Inc. ( TSE:SU ) for its dividend will need to make their move shortly, as the stock...
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CALGARY — U.S. oil company ConocoPhillips said Friday it will exercise its right of first refusal and purchase TotalEnergies' 50 per cent stake in the Surmont oilsands project for $4 billion. The Houston-based oil company is currently the operator and the 50 per cent owner of the in situ oilsands asset near Fort McMurray, Alta. In a news release, ConocoPhillips' CEO Ryan Lance said Surmont is an important asset within the company's diverse, low-cost portfolio. "We look forward to leveraging our
(Bloomberg) -- ConocoPhillips exercised its right to acquire TotalEnergies SE’s 50% stake in the Surmont oil-sands field for as much as $3.33 billion, giving it full control of the Canadian operation and thwarting efforts by Suncor Energy Inc. to buy into the site.Most Read from BloombergEmerging US Debt Deal Would Raise Limit, Cap Spending for Two YearsEurope’s Economic Engine Is Breaking DownCathie Wood’s ARKK Dumped Nvidia Stock Before $560 Billion SurgeCredit Suisse Loses Singapore Case Agai
Calgary, Alberta--(Newsfile Corp. - May 26, 2023) - Suncor Energy (TSX: SU) (NYSE: SU) ("Suncor") announced that it has been notified that ConocoPhillips Canada ("ConocoPhillips") has elected to exercise their right of first refusal with respect to TotalEnergies' 50% working interest in the Surmont asset. Suncor's agreement to close the transaction to acquire TotalEnergies' Canadian operations was conditional upon ConocoPhillips waiving its right of first refusal in respect of the Surmont workin
As a mechanical engineer and the General Manager of Maintenance and Reliability for Suncor's Base Plant Upgrading in Fort McMurray, Alta., Isabelle Varney knows firsthand what can be accomplished when women working in male-dominated roles and sectors, like energy, band together to share their successes.
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