March 24, 2020 / 4:07 AM / in 13 days

Suncor cuts 2020 production outlook, capex amid coronavirus outbreak

March 24 (Reuters) - Suncor Energy Inc on Monday cut its 2020 production outlook and operating costs following the decline in crude oil prices and due to the economic impact of the coronavirus outbreak.

The company revised its 2020 production outlook to between 740,000 barrels of oil equivalent per day (boe/d) and 780,000 boe/d, down from its previous forecast of 800,000 boe/d to 840,000 boe/d. (reut.rs/39krGYg)

Suncor said capital expenditure for the year is now expected to be between C$3.9 billion ($2.70 billion) and C$4.5 billion, a decrease of C$1.5 billion compared to the midpoint of the previous 2020 capex forecast.

"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," Chief Executive Officer Mark Little said. ($1 = 1.4419 Canadian dollars) (Reporting by Ann Maria Shibu in Bengaluru; Editing by Shounak Dasgupta)

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