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06-01-2023, 06:02 PM
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Join Date: Nov 2007
Location: Alberta
Posts: 1,247
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Quote:
Originally Posted by csimps
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Ha ha ha. Are you serious?
Probably more related to the increase in carbon tax. Keep voting NDP and that will likely increase in the future.
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06-01-2023, 06:04 PM
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Join Date: Dec 2009
Posts: 10,226
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Do you actually believe that corporate tax cuts are responsible for these layoffs?
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Alberta Fish and Wildlife Outdoor Recreation Policy -
"to identify very rare, scarce or special forms of fish and wildlife outdoor recreation opportunities and to ensure that access to these opportunities continues to be available to all Albertans."
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06-01-2023, 06:31 PM
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Join Date: Jul 2017
Posts: 3,733
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^ I think a better question is whether corporate tax cuts are responsible for job creation (or retention)?
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06-01-2023, 06:44 PM
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Join Date: Dec 2010
Location: My House
Posts: 13,463
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Quote:
Originally Posted by csimps
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Kevin? Is that you, Kevin??
I couldn’t help myself 
I would suggest that a corporate tax decrease would not fit well into a cause / effect analysis of why this decision was made.
Last edited by sns2; 06-01-2023 at 06:51 PM.
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06-01-2023, 06:59 PM
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Join Date: Jul 2010
Location: North of Cochrane
Posts: 6,674
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Boy this is tough for the employees
Wow the company makes 2.75 Billion in the 4th quarter and as soon as the election is over they announce something like this. You can bet that there will be a spin off effect too on companies that provide services to Suncor.
Well we live in a global economy whether we like it or not, and things like this are not always any government's fault.
What would have been the effect if this had been announced before the election? My guess both sides would have put their own spin on it for the bennefit of their supporters.
I feel very sorry for those people who lose their jobs.
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"The well meaning have done more damage than all the criminals in the world" Great grand father "Never impute planning where incompetence will predict the phenomenon equally well" Father
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06-01-2023, 07:10 PM
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Join Date: Dec 2014
Location: Alberta
Posts: 259
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They have a pretty bad safety record over there. I can’t think of a recent oilfield death that wasn’t at Suncor
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06-01-2023, 07:14 PM
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Join Date: Nov 2008
Posts: 11,369
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Businesses are in business to make money, why are people surprised they do what they think is best for their share holders?
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“One of the sad signs of our times is that we have demonized those who produce, subsidized those who refuse to produce, and canonized those who complain.”
Thomas Sowell
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06-01-2023, 07:31 PM
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Join Date: Mar 2009
Posts: 241
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Share Holders Own Corporations
Suncor is owned by individual share holders like myself. Suncor has been a part of my RRSP portfolio for many years and has done me well. I had to work hard for the money needed to purchase Suncor and many other corporate company shares. There has been and continues to be a level of risk when owing corporate shares. I have taken adjustments from time to time but quality corporate shares do recover if one is patient. I want my corporate company shares to be profitable and that is why I have them.
There likely isn't a pension plan that isn't funded to a great extent by the increasing value of corporate shares and the dividends that they produce.
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06-01-2023, 07:37 PM
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Join Date: Jul 2017
Posts: 3,733
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Just to put a bit if reality into the discussion, there were no cuts to corporate tax rate recently. I’ll write more later when I have time and if I still feel like it, lol.
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06-01-2023, 08:00 PM
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Join Date: Dec 2009
Posts: 10,226
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Quote:
Originally Posted by fishnguy
^ I think a better question is whether corporate tax cuts are responsible for job creation (or retention)?
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No it's not. Maintain a line of thought here.
I questioned the OP directly on his insinuation.
I doubt I'll get an answer, which in itself will say enough.
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Alberta Fish and Wildlife Outdoor Recreation Policy -
"to identify very rare, scarce or special forms of fish and wildlife outdoor recreation opportunities and to ensure that access to these opportunities continues to be available to all Albertans."
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06-01-2023, 08:18 PM
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Join Date: Mar 2008
Location: Caroline
Posts: 7,271
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Meh. Conocco is investing in Alberta once again....so that's a positive.
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Two reasons you may think CO2 is a pollutant
1.You weren't paying attention in grade 5
2. You're stupid
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06-01-2023, 08:20 PM
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Join Date: Jul 2014
Posts: 1,906
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How many of those 1500 were “working” from home since covid?
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06-01-2023, 08:32 PM
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Join Date: Jun 2007
Location: Fort Saskatchewan
Posts: 620
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Elliot Investment Management is calling the shots. They pulled Kruger out of retirement to be the "axeman". They want the share price going up at all costs.
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06-01-2023, 09:25 PM
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Moderator
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Join Date: Aug 2012
Location: Strathmore
Posts: 5,625
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Quote:
Originally Posted by MountainTi
Meh. Conocco is investing in Alberta once again....so that's a positive.
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And NE BC. Big time. They have their token green thing somewhere no one can remember, but spending 100's of millions on oil & gas. Man, that's a dumb company.
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If you're not a Liberal when you're young, you have no heart. If you're not a Conservative when you're old, you have no brain. Winston Churchill
You can, you should, & if you're brave enough to start, you will. Stephen King
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06-01-2023, 10:00 PM
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Join Date: Sep 2008
Location: in the woods , finally !
Posts: 1,412
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hopefully its 1500 out of province fly in workers , hopefully from toronto.
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06-01-2023, 10:19 PM
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Banned
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Join Date: Mar 2017
Posts: 863
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Quote:
Originally Posted by coolpete1
hopefully its 1500 out of province fly in workers , hopefully from toronto.
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Hopefully it’s 1500 people that were ndp supporters.
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06-01-2023, 10:28 PM
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Join Date: Sep 2021
Posts: 3,793
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Quote:
Originally Posted by coolpete1
hopefully its 1500 out of province fly in workers , hopefully from toronto.
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Seems to me a lot are Maritimers, especially Newfies. It's become a way of life for them, they work here but never develop any permanent ties to the province.
Grizz
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Woe unto them that join house to house, that lay field to field, till there is no place, that they be alone in the midst of the Earth.
Isaiah 5:8
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06-01-2023, 11:54 PM
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Join Date: Jan 2015
Posts: 48
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Suncor to cut 1,500 jobs by end of year
Tongue in cheek here folks. Suncor’s new CEO has been under pressure to make changes. This was unfortunately inevitable and I’m sure has little or nothing to do with politics. I feel for the people that will be impacted by this. Never fun.
And for the record I’m cheering for the UCP to win the Stanley cup…teams these days right? Where do we get the jerseys?
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06-02-2023, 06:04 AM
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Join Date: Jan 2018
Location: West Central Alberta/Costa Rica
Posts: 1,114
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Quote:
Originally Posted by roper1
And NE BC. Big time. They have their token green thing somewhere no one can remember, but spending 100's of millions on oil & gas. Man, that's a dumb company. |
Second only to BP LOL!! It's amazing Companies like them and Imperial make money in spite of themselves.
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06-02-2023, 06:17 AM
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Join Date: Dec 2012
Location: At the end of the Thirsty Beaver Trail, Pinsky lake, Alberta.
Posts: 24,607
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Quote:
Originally Posted by Grizzly Adams1
Seems to me a lot are Maritimers, especially Newfies. It's become a way of life for them, they work here but never develop any permanent ties to the province.
Grizz
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Some have and never went back....if they were not here working then who would? The Oil/gas industry is about extreme highs and lows with very little time in between.
Hope the best for those getting laid off.
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Be careful when you follow the masses, sometimes the "M" is silent... 
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06-02-2023, 06:38 AM
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Join Date: Oct 2009
Location: Sherwood Park Ab
Posts: 6,281
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Suncor strings together a few months without fatalities and the employees get rewarded with some layoffs.
My Father was with them for 35 years and for the most part Suncor always staved off lay offs even during the the hard times. Definitely feel for those that will be affected.
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An awful lot of big game was killed with the .30-06 including the big bears before everyone became affluent enough to own a rifle for every species of game they might hunt.
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06-02-2023, 06:42 AM
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Join Date: Dec 2008
Location: Camrose
Posts: 45,139
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Quote:
Originally Posted by Grizzly Adams1
Seems to me a lot are Maritimers, especially Newfies. It's become a way of life for them, they work here but never develop any permanent ties to the province.
Grizz
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Having worked in the oilsands for 35 years, a lot of those people that came from the Atlantic provinces, now live here, and support the industry on and off the job. But yes, many still fly in to work, and don't add anything to the local community or the local economy. And even some that did live and work in Alberta, move back east after they retire, and then vote for the liberals, who are trying to destroy the industry that pays the pensions of these people.
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Only accurate guns are interesting.
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06-02-2023, 07:12 AM
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Join Date: Nov 2007
Location: Edmonton
Posts: 236
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Quote:
Originally Posted by pikergolf
Businesses are in business to make money, why are people surprised they do what they think is best for their share holders?
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Bingo! You hit the nail on the head. Trickle down economics doesn't work, most of the money trickles down into the greedy guys pocket and we get pennies.
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06-02-2023, 07:22 AM
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Join Date: Aug 2008
Location: CNP
Posts: 3,760
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Quote:
Originally Posted by Moe
Bingo! You hit the nail on the head. Trickle down economics doesn't work, most of the money trickles down into the greedy guys pocket and we get pennies.
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You get pennies when you accept pennies.
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You are what you do, not what you say.
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06-02-2023, 09:09 AM
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Join Date: May 2016
Location: Parkland County
Posts: 2,382
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The way they waited till days after the election to announce this is priceless.
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And unlike the clock on the wall at your momma house, I do not have time to hang.
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06-02-2023, 09:26 AM
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Join Date: Sep 2012
Posts: 6,269
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Laying workers off and pressuring Alberta Government to keep your taxes low always works to bring your stock price up. We Have "****ed Away" our Alberta Oil booms with bad management of our province. Our grand Children will pay the price for our incompetence.
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06-02-2023, 11:43 AM
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Join Date: Jul 2007
Posts: 1,076
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1500, you don't say...I doubt they'll even notice this headcount loss. I have several friends in SU and to say the outfit is bloated is an understatement. I'm guessing they could go a lot deeper and still not feel it.
They have made a few amazing decisions, like canning the Voyageur project twice, well over a billion lost, Buying (or trying to) a pile of garbage assets from Total (Surmont was the only valuable asset).
The safety record speaks for itself, I've always looked at this as a barometer to how the business is run and leadership engagement. Kruger is brought in to do what others couldn't and he will clean house as he is a new face.
I'm sorry for the folks losing their jobs, the saddest part is that the shoddy leadership (at all levels) are usually the ones that remain. There are a few other large O&Gs that might be doing this next.
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06-02-2023, 01:52 PM
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Join Date: Jan 2008
Location: Calgary Perchdance
Posts: 18,888
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Report says they have 16,558 so a 9% reduction in employees.
Not a lot of exploration going on relative to years past.
How many will want a retirement package.
How many will be forced to take an early retirement package due to age and be stuck trying to find a job.
Wonder if senior management will take a pay decrease to show they are impacted also.
I 100% agree companies need to be profitable and carbon taxes and problems associated with moving project through federal approval is hard.
Future risk of government intervention relative to investment decisions of today is the less mentioned issue.
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It is not the most intellectual of the species that survives; it is not the strongest that survives; but the species that survives is the one that is able best to adapt and adjust to the changing environment in which it finds itself. Charles Darwin
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