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CS - Imperial Oil cutting $1B, with $500MM coming from capex - April 2020

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Imperial Oil is cutting its 2020 capex by $500 million, from $1.6-1.7 billion to $1.1-1.2 billion, in response to falling commodity prices brought on by the coronavirus pandemic and Saudi-Russian price war. The company said it will cut an additional $500 million from operating expenses, for total savings of $1 billion. The company will reduce the scope of its planned Q2 turnaround of the Sarnia facility, and a planned coker turnaround at Syncrude (25%......
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