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Suncor Reins in Spending Amid Slump, but Revives Major NGCC Project
Industry Segment: Production | Word Count: 931 Words
SUGAR LAND--February 5, 2021--Researched by Industrial Info Resources (Sugar Land, Texas)--Suncor Energy Incorporated (NYSE:SU) (Calgary, Alberta) continues to tighten its belt as the global Oil & Gas Industry expects little relief in the near future. Suncor slashed its full-year capital expenditures to C$3.8 billion (US$2.96 billion) in 2020, a 33% drop from 2019, and has no plans to hike capital spending this year, despite a steady increase in oil prices. Industrial Info is tracking more than US$20 billion in active projects from Suncor, more than 95% of which is attributed to projects in Alberta.
Within this article: Details on some of the highest-valued projects from Suncor, including an NGCC unit addition at one of its major facilities, a large-scale windfarm, and capacity expansions at key refineries.
Other companies featured: Imperial Oil Limited (TSX:IMO), China Petroleum & Chemical Corporation (Sinopec), China National Offshore Oil Corporation (CNOOC)
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