Oct. 23 (Bloomberg) -- Suncor Energy Inc., the world's second-largest oil-sands producer, trimmed its 2009 capital budget by 33 percent and slowed construction at its Voyageur project in response to tumbling crude prices.

Suncor plans to spend C$6 billion ($4.8 billion) next year, down from a September estimate of C$9 billion, and expects to maintain budgets of about C$6 billion a year through 2012, the Calgary-based company said today in a PR Newswire statement. Suncor is spending an estimated C$7.5 billion this year.

``Our aim is to ensure we are living within our means during a time of market uncertainty, while also making the strategic spending decisions that will allow us to continue on our growth path,'' Chief Executive Officer Rick George said in the statement.

Oil producers are cutting drilling and construction budgets to cope with a 54 percent drop in crude prices from the record $147.27 a barrel in July and the collapse of global credit markets. Petro-Canada and UTS Energy Corp., both of Calgary, today said they may postpone plans to build an oil-sands processing facility near Edmonton.

Suncor's $20.6 billion Voyageur plant that will process tar-like crude from northern Alberta into synthetic crude will open a year later than originally planned, George said today during a conference call with investors and analysts.

Steam Injection

Construction will be ``scaled back'' at Voyageur while that company focuses on its Firebag project, which involves injecting steam into the ground to coax heavy crude to the surface, he said.

Most of Suncor's operations extract oil-soaked sand from the ground with mechanical shovels and process the bitumen into synthetic oil for use by refiners making gasoline, diesel and other fuels.

Suncor fell $1.81, or 6.8 percent, to $24.65 at 1 p.m. on the Toronto Stock Exchange. The shares tumbled 54 percent this year as oil stocks dropped worldwide on concern an economic slowdown will slash demand for crude-based fuels.

Syncrude Canada Ltd., a joint venture led by Canadian Oil Sands Trust of Calgary, is the biggest oil-sands producer based on 2007 annual output.

To contact the reporter on this story: Joe Carroll in Chicago at jcarroll8@bloomberg.net.

Last Updated: October 23, 2008 14:18 EDT