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
