As a result of the coronavirus pandemic's impact on demand and oil price collapse, Canadian integrated refiners Cenovus Energy, Husky Energy, Imperial Oil, and Suncor Energy were all forced to cut their capital expenditures (capex) and possibly delay some projects in light of a weak oil market. Turner, Mason, & Co. (TM&C) noted that the integrated companies have been holding onto refining assets, likely in anticipation of higher demand after coronavirus-related lockdowns were lifted. In addition, improved prospects for Enbridge's Line 3 replacement, TC Energy's Keystone XL, and the Canadian government's Trans Mountain expansion have made crude-by-rail uneconomical. Meanwhile, company executives are unsure whether current production curtailments, which were enacted in Jan. 2019, will be lifted by the end of the year. On the other hand, many executives expressed the belief that downstream segments will recover faster than upstream. The following table shows actions taken by the four companies as report during 1Q earnings calls.
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