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)

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