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Horizon to re-start this month

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 says its Horizon project should be back up and running by the end of this month.

It admits that damage to the project was found to be worse than first expected after a shutdown last month.

It made the comments while revealing fourth quarter earnings numbers that showed an 11% increase in fourth quarter production to 103 thousand barrels per day.

Its cash flow was up 31% from last year’s final quarter to more than two billion dollars, thanks to higher prices and the re-start of Horizon after last year’s fire.

It says the current Horizon outage will have less than a 2% impact on this year’s production.

Published March 8, 2012