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