said it is on track to cut its contractor work force by 20 per cent by mid-2023, in an attempt to cut costs and address safety issues, as it announced it earned $2.74-billion in the fourth quarter of 2022, a 76-per-cent increase from the $1.55-billion it earned in the same three months of 2021.
The contractor cuts are part of Suncor’s response to a spate of worker fatalities and injuries at its sites – a safety record targeted by U.S.-based activist investor Elliott Investment Management LP, which last springMark Little resigned Suncor has said that a permanent replacement for Mr. Little would be announced in mid-February. Mr. Smith said Wednesday he wasn’t in a position to make that announcement, but added he expects the decision will be made “very soon.”Mr. Smith has implemented a range of changes to try and improve safety since he was named interim CEO eight months ago, including plans for new collision awareness systems at Syncrude’s Aurora mine and across all of Suncor’s oil sands sites.
Along with safety issues, Elliott publicly expressed frustration last spring at what it called a recent decline in performance at the energy producer.
Profit posted! As Canada's largest oil company announce's letting go smaller Canadian companies! Bootlicking O&G supporters look on stupefied.