Canadian Natural Resources sees path to hike Horizon oilsands output by 76 per cent
Global News
CNRL announces expansion plans one day after the commercial start-up of the Trans Mountain pipeline.
Canadian Natural Resources Ltd. said it believes the output of its Horizon oilsands mine could be increased by 195,000 barrels per day of synthetic crude oil, a 76 per cent hike from the mine’s current capacity of approximately 255,000 barrels per day.
The company, which is Canada’s largest oil and gas producer by market capitalization, said the potential increase is a “long-term” opportunity that would depend on a number of conditions including government support for carbon capture and storage as well as pipeline capacity.
“Our team has been working on expansion opportunities … What’s key to all of it is two front,” said CNRL president Scott Stauth, on a conference call with analysts on Thursday.
“One is we need to ensure that we have a carbon policy in place. … That fiscal policy is absolutely key for us to be able to move any additional expansion volumes forward. And also what’s important in terms of that would be securing and working on enhancing egress capacity as well out of the basin.”
CNRL made the announcement the same day the company reported its first-quarter profit fell compared with a year ago as it realized lower prices for synthetic crude oil and natural gas.
The company reported it earned $987 million or 91 cents per diluted share for the quarter ended March 31, down from a profit of $1.80 billion or $1.62 per diluted share a year earlier.
But CNRL, which remains the darling among energy investors and analysts for its history of strong financial results, also said its latest quarter was the first since achieving its net debt target. The company is now returning 100 per cent of its free cash flow to shareholders.
“CNQ remains our favourite producer,” RBC Capital Markets analyst Greg Pardy wrote in a note to clients Thursday.
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