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Company News

Imperial Oil cuts 2020 spending by 30% amid plunge in oil prices

March 31 (Reuters) - Canadian oil and gas producer Imperial Oil Ltd said on Tuesday it would cut its full-year capital spending by 30% or C$500 million ($351.00 million) and will suspend share buybacks to cushion the impact of a plunge in oil prices.

The company now expects a capital spend of C$1.1 billion to C$1.2 billion for 2020, from the previous forecast of C$1.6 billion to C$1.7 billion. ($1 = 1.4245 Canadian dollars) (Reporting by Shanti S Nair in Bengaluru; Editing by Ramakrishnan M.)

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