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Suncor delays wind project as part of major scale-back of capital spending

A major wind power project near Bow Island could be delayed up to two years, Suncor announced as it issued revised guidance to investors on Monday.

A major wind power project near Bow Island could be delayed up to two years, Suncor announced as it issued revised guidance to investors on Monday.

The major oilsands and energy producer slashed its forecast outlook in the face of the COVID-19 pandemic response and staggering low world oil prices touched off by a price war between Saudi Arabia and Russia.

“The simultaneous supply and demand shocks are having a significant impact on the global oil industry,” said Mark Little, president and chief executive officer. “We are adjusting our spending and operational plans to be prepared in the event the current business environment persists for an extended period of time.”

The company, whose stock price has dropped by two-thirds over two weeks, will suspend a stock-repurchase program and halt $1.5 billion in planned capital spending this year.

It also lengthened the development timelines for two key projects, including the $300-million Forty Mile Wind farm, to be located near the Hamlet of Whitla in the County of Forty Mile.

Announced last fall, the 50-turbine Forty Mile Wind facility was scheduled to move to construction phase in 2021.... more [truncated due to possible copyright]  

 

A major wind power project near Bow Island could be delayed up to two years, Suncor announced as it issued revised guidance to investors on Monday.

The major oilsands and energy producer slashed its forecast outlook in the face of the COVID-19 pandemic response and staggering low world oil prices touched off by a price war between Saudi Arabia and Russia.

“The simultaneous supply and demand shocks are having a significant impact on the global oil industry,” said Mark Little, president and chief executive officer. “We are adjusting our spending and operational plans to be prepared in the event the current business environment persists for an extended period of time.”

The company, whose stock price has dropped by two-thirds over two weeks, will suspend a stock-repurchase program and halt $1.5 billion in planned capital spending this year.

It also lengthened the development timelines for two key projects, including the $300-million Forty Mile Wind farm, to be located near the Hamlet of Whitla in the County of Forty Mile.

Announced last fall, the 50-turbine Forty Mile Wind facility was scheduled to move to construction phase in 2021.

Goodyear plants idled indefinitely

Goodyear has suspended manufacturing in North and South America through April 3. That is the date given by the global tire-manufacturer as a re-evaluation date regarding already closed plants of plant sites in several European counties.

The closures affect the sites in Medicine Hat, Napanee, Ont., across the United Stated, Mexico and Latin America.

Sugar production

Lantic Sugar, which operates the Roger’s beet processing facility in Taber, stated Tuesday that as an “essential part of the food supply chain,” it is increasing hygiene protocols and plans to maintain production.

“We are working closely with our customers to ensure that their product needs, and those of their customers, are fulfilled,” said John Holliday, the president of Lantic. “Clearly, our priority is to protect our employees and we have therefore introduced comprehensive and rigorous hygiene policies to ensure their health and safety.

“We are monitoring the situation daily and will make any required adjustments.”


Source: https://medicinehatnews.com...

MAR 26 2020
http://www.windaction.org/posts/51089-suncor-delays-wind-project-as-part-of-major-scale-back-of-capital-spending
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