Parkland Fuel Corp. is cutting its 2020 capital spending budget by 52 per cent and trimming executive salaries in response to the uncertain economic impact of the novel coronavirus.
The Calgary-based company, which sells fuel through more than 2,600 service stations throughout Canada and in the United States and Caribbean, says it plans to spend $275 million this year, down from its earlier guidance of $575 million.
Parkland says it has already spent about $130 million of the budget in the first quarter, which ends Tuesday. [ Sign up for our Health IQ newsletter for the latest coronavirus updates ] It says starting that Wednesday, president and CEO Bob Espey will take a 35 per cent salary reduction while other members of the leadership team