Suncor Cuts Dividend 55%, Chops Capital Spending Again
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Suncor Energy Inc. is going further into a defensive crouch, cutting its capital-spending plans for a second time and shrinking its dividend payout, as the Covid-19 pandemic hammers crude demand.
Capital spending this year will be C$3.6 billion to C$4 billion ($2.6 billion to $2.9 billion), down from an already-reduced range of C$3.9 billion to C$4.5 billion announced in late March, the Calgary-based company said Tuesday. The board also cut the company’s quarterly dividend to 21 Canadian cents a share, from 46.5 cents.