Additional steps are in response to the ongoing low global oil price environment.
Will be down about $100 million across lumber operations compared with 2019.
Lowering to $48 million, compared with earlier expectations for $95 million.
Anticipating a revised 2020 capital budget of between $1.2 billion and $1.4 billion.
Value of Canada’s top energy companies has been cut almost in half over the past week.
Forecasted spending allocates bout $1.71 billion to Horizon, down from $2.74 billion forecast for this year.
Also cuts shareholder dividend by about 78%.
Oil sands producer aims to spend between $6.7 billion and $7.3 billion next year.
To cut a further $75 million from capital spending budget; suspends dividend.
Cheaper access could come at a much higher cost down the road.
Central bank widely expected to cut growth expectations in Q2 following a pullback by the economy in April
Manufacturers plan to increase spending by 2.7% to $17.5 billion.
Energy producer says it has increased production and cut costs in response to the lower prices.
Proceeds from the sale of 67.5 million shares will fund the company’s $1.8-billion to $2-billion capital expenditures for 2015.
Job cuts will mainly affect contractors, oil sands giant says.