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CNRL 2015 4Q, year end, and 2016 Budget released

Fort McMurray, AB, Canada / MIX 103.7
CNRL 2015 4Q, year end, and 2016 Budget released

The Horizon Oil Sands Project expansion will continue through 2017.

That from Candian Natural Resources Limited in its 2015 Fourth Quarter and year end results and 2016 Budget.

In 2017, Horizon expansion capital will drop to approximately one billion dollars and to zero in 2018.

The company says combined with lower operating costs, the Horizon project will generate substantial cash flow.

In 2015, CNRL says it was able to reduce original budgeted capital spending by $3.4 billion, but still delivered 8 per cent production growth.

The company says it also achieved record annual operating costs at Horizon of $28.61/bbl, a decrease of 23 per cent over 2014.

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