Suncor Energy is massively cutting its 2020 budget due to COVID-19.
The oil company announced on Monday they were reducing their capital program by $1.5 billion.
They’re now expecting to spend around $3.9 and $4.5 billion, down from the previously projected $5.4 to $6.0 billion.
This represents a 26 per cent drop.
“We are adjusting our spending and operational plans to be prepared in the event the current business environment persists for an extended period of time,” said Mark Little, President and CEO.
“Our business model and financial strategy are designed to withstand volatile environments.”
The Syncrude / Suncor interconnecting pipelines and deployment of autonomous haul trucks at Fort Hills, north of Fort McMurray, will continue to be funded and proceed on schedule.
The timeline on the Cogeneration Facility at Base Plant is also being extended for up to two years.