Skip to main content

Canadian oil and gas producer Imperial Oil Ltd said on Tuesday it would cut its full-year capital spending by 30 per cent or $500 million and will suspend share buybacks to cushion the impact of a plunge in oil prices.

The company now expects a capital spend of $1.1 billion to $1.2 billion for 2020, from the previous forecast of $1.6 billion to $1.7 billion.

Your time is valuable. Have the Top Business Headlines newsletter conveniently delivered to your inbox in the morning or evening. Sign up today.

Report an editorial error

Report a technical issue

Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 13/11/24 4:15pm EST.

SymbolName% changeLast
IMO-T
Imperial Oil
+0.2%101.88

Follow related authors and topics

Authors and topics you follow will be added to your personal news feed in Following.

Interact with The Globe