CALGARY, Alberta, Jan. 13 (UPI) -- Suncor Energy of Calgary, Alberta, will lay off a second round of 1,000 jobs this year to increase profits and pay down debt, company officials told analysts.
John Rogers, Suncor vice president of investor relations, told the conference in New York the company wants to reduce its total debt from $13 billion to $10 billion by the end of the year, the Calgary Herald reported.
When Suncor merged with Petro-Canada last year, there was a combined workforce of 12,886 employees, which created inefficiencies in operation, Rogers said.
"We have a number of systems from the merger that do not tie together very well, do not talk to each other very well (and) we do not have a centralized purchasing area within the company," he said.
He said Suncor would refocus its profit goals on oil sands development in Alberta and during the next four to five years seek to increase its asset base in the sands to 65 percent from its current 50 percent.