News Job Cuts
Suncor takes restructuring charge of $275 million related to plans to cut 1,500 jobs

Suncor Energy Inc. says it earned $1.88 billion in the second quarter of 2023, down from approximately $4 billion in the same period last year when oil prices were higher.

The Calgary-based energy giant says it took a $275-million restructuring charge in the quarter related to its previously announced plans to cut 1,500 jobs by the end of the year.

As a result of this restructuring charge, Suncor says its adjusted funds from operations for the three months ended June 30, 2023, amounted to $2.7 billion or $2.03 per share, compared to $5.3 billion or $3.80 per share in the prior year’s quarter.

Suncor’s total upstream production increased year-over-year due to fewer planned maintenance activities, to 741,900 barrels of oil equivalent per day in the second quarter of 2023 from 720,200 in the second quarter of 2022.

Refinery crude throughput was 394,400 barrels per day and refinery utilization was 85 per cent in the second quarter of 2023, compared to 389,300 barrels per day and 84 per cent in the prior year’s quarter.

The company suffered a high-profile cybersecurity incident in June but says the breach did not have an effect on its financial results for the quarter.