Article content

CALGARY – Canadian oil sands giant Suncor Energy Inc. said Tuesday it’s axing 1,000 jobs and $1-billion in capital spending in response to crashing oil prices.

The layoffs are the largest yet announced in Canada’s oil patch as oil prices continue their downward spiral, the result of a war for market share instigated by Saudi Arabia.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or Suncor Energy Inc cuts 1,000 jobs, reduces capital spending by $1 billion amid oil price rout Back to video

U.S. crude closed down US18¢ at US$45.89, after touching an April 2009 low of US$44.20, when the Alberta-based sector last struggled with major adversity as a result of the global financial crisis. That downturn pushed Suncor to merge with PetroCanada.

In a late afternoon statement, Suncor said the cuts include a $1-billion decrease in its capital spending program, as well as operating expense reductions of $600 million to $800 million to be phased in over two years.

We apologize, but this video has failed to load.

tap here to see other videos from our team. Try refreshing your browser, or

Calgary-based Suncor said Nov. 18 it was planning to invest $7.2-billion to $7.8 billion in 2015.