CALGARY — 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.
Pembina says it’s deferring the Phase VII, VIII and IX expansions of the Peace Pipeline and its Empress co-generation facility.
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.
This report by The Canadian Press was first published March 18, 2020.
Companies in this story: (TSX:PPL)
The Canadian Press