Suncor Energy and Canadian Natural Resources are reporting billion dollar losses in the first quarter of 2020.

The two combined losses are around $4.7 billion – Suncor around $3.5 billion and CNRL around $1.2 billion.

This is mainly due to the COVID-19 pandemic and historic drop in oil prices.

Despite this, both oil companies note they are in good shape to weather these challenges.

“The focus of the company through this pandemic is to care for employees, contractors, customers and communities by keeping them safe and healthy, and protecting the financial health of the company while keeping an eye to our future,” said Mark Little, Suncor President and CEO.

Suncor is once again reducing their 2020 budget.

They are now expecting to pay between $3.6 billion to $4.0 billion, down from $5.4 to $6.0 billion they had planned for at the beginning of the year.

Meanwhile, CNRL notes they’re main focus is the safety of staff.

“We have taken proactive and effective steps to ensure the safety and health of our employees, service providers and the communities we work in, while maintaining safe, reliable operations,” added Tim McKay, CNRL President.

The company says they’ve also lowered their budget by $1.4 billion since the start of the pandemic.