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Pembina Pipeline cuts capital spending plan by up to $1.1 billion

The corporate logo of Pembina Pipeline Corp. is shown in this undated handout photo. Pembina Pipeline Corp. says its share of the cost of a $4.5-billion petrochemical project near Edmonton has risen by about $200 million from original expectations. THE CANADIAN PRESS/HO, Pembina Pipeline Corp. *MANDATORY CREDIT*.
The corporate logo of Pembina Pipeline Corp. is shown in this undated handout photo. Pembina Pipeline Corp. says its share of the cost of a $4.5-billion petrochemical project near Edmonton has risen by about $200 million from original expectations. THE CANADIAN PRESS/HO, Pembina Pipeline Corp. *MANDATORY CREDIT*. THE CANADIAN PRESS/HO, Pembina Pipeline Corp.

Pembina Pipeline Corp. is cutting its capital spending plan for this year by up to $1.1 billion due to the COVID-19 pandemic and the plunge in oil prices.

The company now expects its revised 2020 capital budget to between $1.2 billion and $1.4 billion.

READ MORE: Calgary-based energy firm withdraws permit application for controversial Oregon pipeline

The compared with an earlier plan to spend $2.3 billion.

Pembina says it’s deferring the Phase VII, VIII and IX expansions of the Peace Pipeline and its Empress co-generation facility.

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It is also deferring its Prince Rupert terminal expansion and its investment in an integrated propane dehydrogenation plant and polypropylene upgrading facility.

Pembina says the deferred projects were expected to come into service largely in 2021 through 2023.