Suncor cuts jobs and spending as price rout rattles oil sands

Calgary

SUNCOR Energy Inc, Canada's largest oil company, says it will cut 1,000 jobs, lower its 2015 capital budget by about 13 per cent and delay projects to weather collapsing prices.

The company will spend C$1 billion (S$1.12 billion) less this year than originally forecast lasts November, following Canadian Natural Resources Ltd in revising its budget lower this week. Suncor also plans to reduce operating expenses by C$600-800 million in two years, according to a company statement on Tuesday.

"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," Steve Williams, Suncor's chief executive officer, said in the statement. "In today's low- crude-price environment, it's essential we accelerate this work.…