Suncor is dialing back its plans for expansion in the oil sands.
New CEO Steve Williams says it’s already reviewing the two new mines and one upgrader it had planned to build with Total SA.
He also says the company is no longer aiming for 1 million barrels per day of production by 2020, though he’s confident production will eventually hit that level.
Suncor’s net earnings showed a 40 percent drop for the second quarter yesterday, mostly because of the cost of the company pulling out of Syria.
Published July 26, 2012
