Suncor Energy (TSX: T.SU, Stock Forum) late Wednesday said it plans to reduce its capital spending by $850 million in 2012, this according to a company news release.
Canada's largest energy company now expects to spend $6.65 billion this year.
Suncor also reported third-quarter earnings of $1.56 billion, or $1.01 per share, compared with $1.29 billion, or 82 Canadian cents, during the same period last year. Operating profit for the quarter slipped 27% to $1.30 billion, or 85 cents per share, surpassing the Thomson Reuters analyst consensus of 78 cents.
Revenue for the period fell to $9.6 billion from $10.4 billion.