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CNRL under pressure to explain Horizon outage

PHOTO. A 2012 file photo of Canadian Natural Resources Ltd. Horizon facility. The worksite lies about 80 kilometres north of Fort McMurray, Alta. MYMCMURRAY/File Photo.

CNRL is set to release its fourth quarter numbers on Thursday, while investors are trying to find out more details about the Horizon plant’s shutdown.

The company announced the shutdown three weeks ago, saying Horizon needed repairs until the end of this month.

That’s going to cause an 11 percent cut in production this year — and the news sent company stock down 4 percent.

The Globe and Mail reports the shutdown could reduce the company’s cashflow by 220 million dollars.

It also reports that investors want to know why the shutdown happened, or they could start questioning the reliability of the project.

Published March 5, 2012