Horizon oilsands is on track but losses mount, says CNRL
The company says completion of its Horizon 2B expansion project later this year will strengthen the company's cash flow and reduce project spending
CALGARY—Canadian Natural Resources says an expansion of its Horizon oilsands project is on track to start up in October and start producing at full capacity by November.
The Calgary-based company says Horizon was not significantly affected by the wildfires that caused the evacuation of Fort McMurray, Alta., in May, although its teams helped support more than 2,700 people who fled their communities.
CNRL’s update on one of its flagship operations was included with a second-quarter report that shows Canadian Natural continued to post losses and reduced revenue amid low oil and gas prices.
However, its adjusted loss was 10 cents per share less than analysts had projected and its revenue was slightly above estimates, according to Thomson Reuters data.
The company says completion of its Horizon 2B expansion project later this year will strengthen the company’s cash flow and reduce project spending.
Canadian Natural’s net loss was $339 million or 31 cents per share, an improvement from last year’s net loss of $405 million or 37 cents per share. Revenue was $2.55 billion, down from $4.73 billion but slightly above an estimate of $2.4 billion.
Its adjusted loss was $210 million or 19 cents per share. Analysts had estimated an adjusted loss of 29 cents per share.
Last year, CNRL had $178 million or 16 cents per share of adjusted earnings.