COST CUTTING
Husky Energy cutting spending by $1 billion this year
Mar 13, 2020 | 7:43 AM
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CALGARY – Husky Energy is cutting spending this year by $1 billion in the wake of the downturn in the global energy market.
The Calgary-based energy company says it is reducing its capital spending program for this year by $900 million and also find another $100 million in cost-saving measures.
The company expects its capital investments to total between $2.3 billion and $2.5 billion this year, down from its earlier plan for between $3.2 billion and $3.4 billion.
It says investment in resource plays and conventional heavy oil projects in Western Canada have been halted, with a focus on optimizing existing production and lowering costs.
