April 28, 2009 / 1:34 PM / 8 years ago

Petro-Canada lowers capex and Fort Hills estimate

CALGARY, ALBERTA, April 28 (Reuters) - Petro-Canada PCA.TO said it expects to cut capital spending by 15 percent this year as it looks to cope with low commodity prices.

The company said it will spend C$3.4 billion ($2.8 billion) this year, down from its planned C$4 billion budget.

Petro-Canada said that falling material and labor prices have helped shave its cost estimate for the planned Fort Hills oil sands mine to about C$10 billion from C$14 billion. ($1=$1.22 Canadian) (Reporting by Scott Haggett; Editing by Jeffrey Hodgson)

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