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Low oil prices that are threatening the Alberta economy have prompted Suncor Energy Inc. to eliminate 1,000 people from its workforce of about 14,000 and cut its 2015 capital spending budget by $1 billion.

Despite trimming its capital plan to between $6.2 billion and $6.8 billion from the $7.2 billion-$7.8 billion it announced in November, it said Tuesday after markets closed it will maintain its production forecast of an average of 540,000-585,000 barrels of oil equivalent per day in 2015.

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“Cost management has been an ongoing focus, with successful efforts to reduce both capital and operating costs well underway before the decline in oil prices,” said Steve Williams, president and chief executive, in a news release.

“However, in today’s low crude price environment, it’s essential we accelerate this work. Today’s spending reductions are consistent with our commitment to spend within our means and maintain a strong balance sheet. We will monitor the pricing environment and take further action as required.”

The news came as Alberta Premier Jim Prentice rejected a Conference Board of Canada report suggesting Alberta is headed for a recession because of falling oil prices. Benchmark West Texas Intermediate has dropped from over $100 US per barrel last summer to Tuesday’s $45.89 close, the lowest point since April 2009.