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CNRL: Revenue up, profit down; moves forward with expansion and new project

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.

It saw a slight increase in revenue and a 50-percent dip in profit, but Canadian Natural Resources Limited is moving forward.

In its first quarter release it announced that work is 20% done and 10% under budget in expanding its Horizon project.

The expansion will more than double its current production to 250-thousand barrels per day.

It eventually will produce 500-thousand.

In the first quarter Horizon produced an average 109-thousand b-p-d  of synthetic crude (upgraded bitumen) – which is about 31% more than last quarter.

It also announced that start-up is expected sooner-than-expected for its 40-thousand b-p-d, Kirby South, SAG-D project.

November was its original start-up date, but it now expects first steam in this years third quarter.

It’s located about 85km northeast of Lac La Biche.

Its 2013 production target ranges from 100 to 108 thousand b-p-d.

Its first quarter, overall profit brought in $213-million, and it’s revenue increased by $300-million to $3.8-billion.

CNRL saw almost 681-thousand b-p-d produced company-wide.

May 6th, 2013