Suncor Energy (SU) has announced plans to cut 1,500 jobs by the end of this year as it seeks to reduce costs and bolster its finances.
The Calgary-based oil producer said the workforce reduction will be spread across the entire organization and impact both employees and contractors.
Suncor has been under pressure from activist shareholder Elliott Investment Management to improve its financial performance and boost its stock price, both of which have trailed other Canadian energy companies.
Rich Kruger, the former chief executive of Imperial Oil (IMO), took over as Suncor’s new permanent CEO earlier this year.
Suncor’s stock has declined 24% over the past 12 months to trade at $38.54 per share.