Husky Energy Inc. is cutting spending this year by $1-billion in the wake of the downturn in the global energy market.
The Calgary-based energy company says it’s reducing its capital spending program for this year by $900-million.
Husky says it will also find another $100-million in cost-saving measures.
The company expects its capital investments to total between $2.3-billion and $2.5-billion this year, down from its earlier plan for between $3.2-billion and $3.4-billion.
It says investment in resource plays and conventional heavy oil projects in Western Canada has been halted, with a focus on optimizing existing production and lowering costs.
Husky has also suspended drilling of sustaining pads at all thermal operations.
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