Canadian Natural says Horizon oil sands expansion is on track

Project expected to hit full capacity by November.

CALGARY — Canadian Natural Resources says an expansion of its Horizon oil sands project is on track to start up in October and start producing at full capacity by November.

The Calgary-based company says Horizon was not significantly affected by the wildfires that caused the evacuation of Fort McMurray, Alta., in May, although its teams helped support more than 2,700 people who fled their communities.

CNRL’s update on one of its flagship operations was included with a second-quarter report that shows Canadian Natural continued to post losses and reduced revenue amid low oil and gas prices.

The company says completion of its Horizon 2B expansion project later this year will strengthen the company’s cash flow and reduce project spending.

Canadian Natural’s net loss was $339 million, an improvement from last year’s net loss of $405 million. Revenue was $2.55 billion, down from $4.73 billion but slightly above an estimate of $2.4 billion.

Its adjusted loss was $210 million. Last year, CNRL had $178 million of adjusted earnings.

News from © Canadian Press Enterprises Inc. 2016

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