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The Financial Post reported that Suncor Energy Inc. (TSX:SU,NYSE:SU) incurred a “surprise” $2-billion loss during 2015’s fourth quarter. In order to ride out the prolonged downturn in oil prices, the company will have to curtail its spending further moving forward.
The Financial Post reported that Suncor Energy Inc. (TSX:SU,NYSE:SU) incurred a “surprise” $2-billion loss during 2015’s fourth quarter. In order to ride out the prolonged downturn in oil prices, the company will have to curtail its spending further moving forward.
As quoted in the market news:
Suncor now plans to spend between $6 billion and $6.5 billion through 2016, compared with an initial budget of between $6.7 billion and $7.3 billion.
Despite the reduction in planned spending, [President and CEO Steve] Williams said he doesn’t expect Suncor to lay off more staff.
Suncor planned to cut 1,000 jobs last year, but Williams said the company “significantly overachieved” and ended up cutting 1,700 positions over the course of 2015.
Commenting on the situation, Williams said:
It’s not a crash diet, it’s a change in lifestyle.