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.
The compared with an earlier plan to spend $2.3 billion.
Get daily National news
Get daily Canada news delivered to your inbox so you'll never miss the day's top stories.
By providing your email address, you have read and agree to Global News' Terms and Conditions and Privacy Policy.
Pembina says it’s deferring the Phase VII, VIII and IX expansions of the Peace Pipeline and its Empress co-generation facility.
- Conservatives urge feds to release details of U.S. deal Canada walked away from
- Mystery man ‘Lucky’ found in Amsterdam is not missing person from B.C.: police
- The Bank of Canada’s worried about the rise of private credit. Here’s why
- Trump says Canada wants ‘benefit’ of U.S. state without being one as trade war escalates
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.
Comments
Want to discuss? Please read our Commenting Policy first.