September 15, 2009 / 2:58 PM / 8 years ago

BRIEF-Suncor plans cuts, asset sales in gas business

Sept 15 (Reuters) - Suncor Energy Inc SU.TO Vice-President John Rogers at an investor conference in Toronto:

* says expects significant downsizing in natgas business

* company has not been happy with returns from its gas business or Petro-Canada’s

* will spend less on natgas than Suncor and Petro-Canada did combined before merger

* Suncor has a target price in mind for sale of natgas properties

* company will sell natgas properties “when the time is right”

* will detail growth plans after a November board meeting

* oil sands will be growth engine for the company

* company does not need additional refineries

* less likely to have large-scale hedging program than in the past (Reporting by Scott Haggett)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below