Suncor Energy Inc. (Suncor) board has approved a revised 2009 capital spending plan of $3 billion, with about one third of the budget targeted to growth projects and the rest for spending on base business operations. The previous plan, approved in October 2008, had targeted spending of $6 billion. With the revised plan, construction on the Voyageur upgrader and Firebag Stage 3 will be wound down and the projects placed in a safe mode pending resumption of expansion work.
At this time, construction restart and completion targets for these projects, and start up and completion targets for all other expansion projects, have not been determined. Capital growth plans will be reviewed on a quarterly basis in light of market conditions and updates provided as details are known.
“With market conditions limiting our growth capital spending in 2009, we will be tightly focused on getting full value from our existing assets,” said Rick George, president and chief executive officer. “Safe, reliable, cost-effective and environmentally responsible performance will be the keys to weathering the current downturn and ensuring we are well positioned for a market recovery. We have some of the most experienced employees and contractors in the industry and, going forward, I expect everyone to be lined up behind these priorities.”