Pembina Pipeline Corp. is cutting its capital spending plan for this year by up to $1.1 billion due to the COVID-19 pandemic and the plunge in oil prices.
The company now expects its revised 2020 capital budget to between $1.2 billion and $1.4 billion. The compared with an earlier plan to spend $2.3 billion.
Pembina says it’s deferring the Phase VII, VIII and IX expansions of the Peace Pipeline and its Empress co-generation facility.
It is also deferring its Prince Rupert terminal expansion and its investment in an integrated propane dehydrogenation plant and polypropylene upgrading facility.