The company says its capital budget for this year is now set at
Imperial also says it has found opportunities to reduce operating spending by
It is the latest company in the oilpatch to slash its capital spending plan for this year as the price of oil has tanked due to the pandemic and a oil price war between
The company says the impact of COVID-19 and the current business environment on demand is expected to hurt its upstream production and downstream refinery utilization as well as product sales.
Imperial says the steps it is taking are designed to preserve its strong balance sheet, while allowing it to maintain its dividend. However, the company says it is suspending share repurchases.
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