CALGARY -- A Calgary-based energy company is making big cuts to its 2020 budget as a result of low oil prices and a "challenging global market."
Husky Energy made the announcement Thursday, saying it would be reducing its capital program by $900 million.
The company said it would also be making another $100 million in cost-saving measures.
"Husky has three important advantages: a strong balance sheet, an Integrated corridor, which includes a sizeable downstream and midstream segment, and offshore operations that include long-term gas contracts in the Asia Pacific region not linked to the price of oil," said CEO Rob Peabody in a release.
Husky says it will be halting all investment in resource plays and conventional heavy oil projects in Western Canada, suspend drilling of sustaining pads at all thermal operations, defer work at a number of thermal projects in Lloydminster among other measures.
There are no details on job losses at this time.
