Canadian Natural Resources is seeing an increase in net earnings year over year.
In its first-quarter report released Thursday, CNRL says they made a profit of $583 million, more than doubling their start to 2017 which saw them earn $245 million.
They also produced on average 854,558 barrels per day – a big help coming from their Horizon mine, north if Fort McMurray, which completed its Phase 3 expansion in November 2017, adding 80,000 bbl/d.
A full quarter of production from the successful Phase 3 expansion at Horizon and strong operational performance at the Athabasca Oil Sands Project (“AOSP”) resulted in record production,” said Steve Laut, Executive Vice-Chairman of Canadian Natural, in the report.
Horizon and AOSP combined helped CNRL produce around 456,000 bbl/d.
Since they acquired their Athabasca Oil Sands Project last year, they’ve seen their long-term net debt be reduced by $1.9 billion.