Lower Canadian Dollar Affects Canadian Natural; Lowering FVE
During the second quarter, Canadian Natural Resources averaged 913.2 mboe/d of production, which came in slightly ahead of our expectations. Higher production was a result of higher-than-expected North American liquids production. Horizon Phase 3 expansion is on track to start up during the fourth quarter of this year and will increase nameplate capacity to 250 mb/d. We expect the project to ramp up by the end of 2018. Furthermore, the company closed the transaction of the Athabasca oil sands pr...Canadian Natural Resources is an independent crude oil and natural gas exploration, development and production company. Co.'s exploration and production operations are focused in North America, largely in Western Canada; the U.K. portion of the North Sea; and CA'te d'Ivoire, Gabon, and South Africa in Offshore Africa. Co. had total proved reserves of 5.71 billion barrels of oil equivalent. Co.'s gross proved crude oil, bitumen (thermal oil), synthetic crude oil and natural gas liquids reserves totaled 4.70 billion barrels and its gross proved natural gas reserves totaled 6,106.00 billion cubic feet.
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