Canadian Natural Resources Limited Announces Horizon Oil Sands Production
November 04 2010 - 5:05AM
Marketwired
Canadian Natural Resources Limited ("Canadian Natural" or the
"Company") (TSX: CNQ) (NYSE: CNQ) announces monthly production of
Synthetic Crude Oil ("SCO") at Horizon Oil Sands as follows:
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SCO Production
Month (bbl/d)
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Q1 2010 86,995
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Q2 2010 99,950
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July 2010 93,300(i)
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August 2010 50,500(i)
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September 2010 108,600(i)
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Q3 2010 83,809
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(i)rounded to the nearest hundred
October production is expected to average approximately 87,500
bbl/d. While completing a required shut-down for repair of gas
compressor seals, a number of additional maintenance items were
proactively addressed and final winterization procedures were
completed. Included in this work was repair of an exchanger leak in
the Hydrogen Plant, which contaminated the Pressure Swing
Adsorption beds. Steps are underway to recover from the
contamination, however if a full recovery cannot be achieved, a
complete change out of the absorber material is scheduled for
mid-December 2010. In light of these Hydrogen Plant issues, Q4/10
production is expected to be between 90,000 bbl/d and 100,000 bbl/d
and annual guidance has been narrowed to between 90,000 bbl/d and
93,000 bbl/d.
Canadian Natural is a senior crude oil and natural gas
production company, with continuing operations in its core areas
located in Western Canada, the U.K. portion of the North Sea and
Offshore West Africa.
Forward-Looking Statements
Certain statements relating to Canadian Natural Resources
Limited (the "Company") in this document or documents incorporated
herein by reference constitute forward-looking statements or
information (collectively referred to herein as "forward-looking
statements") within the meaning of applicable securities
legislation. Forward-looking statements can be identified by the
words "believe", "anticipate", "expect", "plan", "estimate",
"target", "continue", "could", "intend", "may", "potential",
"predict", "should", "will", "objective", "project", "forecast",
"goal", "guidance", "outlook", "effort", "seeks", "schedule" or
expressions of a similar nature suggesting future outcome or
statements regarding an outlook. Disclosure related to expected
future commodity pricing, production volumes and costs, royalties,
operating costs, capital expenditures, income tax expenses and
other guidance provided throughout this Management's Discussion and
Analysis ("MD&A"), constitute forward-looking statements.
Disclosure of plans relating to and expected results of existing
and future developments, including but not limited to Horizon Oil
Sands, Primrose East, Pelican Lake, Olowi Field (Offshore Gabon),
and the Kirby Thermal Oil Sands Project also constitute
forward-looking statements. This forward-looking information is
based on annual budgets and multi-year forecasts, and is reviewed
and revised throughout the year as necessary in the context of
targeted financial ratios, project returns, product pricing
expectations and balance in project risk and time horizons. These
statements are not guarantees of future performance and are subject
to certain risks. The reader should not place undue reliance on
these forward-looking statements as there can be no assurances that
the plans, initiatives or expectations upon which they are based
will occur.
In addition, statements relating to "reserves" are deemed to be
forward-looking statements as they involve the implied assessment
based on certain estimates and assumptions that the reserves
described can be profitably produced in the future. There are
numerous uncertainties inherent in estimating quantities of proved
crude oil and natural gas reserves and in projecting future rates
of production and the timing of development expenditures. The total
amount or timing of actual future production may vary significantly
from reserve and production estimates.
The forward-looking statements are based on current
expectations, estimates and projections about the Company and the
industry in which the Company operates, which speak only as of the
date such statements were made or as of the date of the report or
document in which they are contained, and are subject to known and
unknown risks and uncertainties that could cause the actual
results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such risks and uncertainties include, among others:
general economic and business conditions which will, among other
things, impact demand for and market prices of the Company's
products; volatility of and assumptions regarding crude oil and
natural gas prices; fluctuations in currency and interest rates;
assumptions on which the Company's current guidance is based;
economic conditions in the countries and regions in which the
Company conducts business; political uncertainty, including actions
of or against terrorists, insurgent groups or other conflict
including conflict between states; industry capacity; ability of
the Company to implement its business strategy, including
exploration and development activities; impact of competition; the
Company's defense of lawsuits; availability and cost of seismic,
drilling and other equipment; ability of the Company and its
subsidiaries to complete capital programs; the Company's and its
subsidiaries' ability to secure adequate transportation for its
products; unexpected difficulties in mining, extracting or
upgrading the Company's bitumen products; potential delays or
changes in plans with respect to exploration or development
projects or capital expenditures; ability of the Company to attract
the necessary labour required to build its thermal and oil sands
mining projects; operating hazards and other difficulties inherent
in the exploration for and production and sale of crude oil and
natural gas; availability and cost of financing; the Company's and
its subsidiaries' success of exploration and development activities
and their ability to replace and expand crude oil and natural gas
reserves; timing and success of integrating the business and
operations of acquired companies; production levels; imprecision of
reserve estimates and estimates of recoverable quantities of crude
oil, bitumen, natural gas and natural gas liquids ("NGLs") not
currently classified as proved; actions by governmental
authorities; government regulations and the expenditures required
to comply with them (especially safety and environmental laws and
regulations and the impact of climate change initiatives on capital
and operating costs); asset retirement obligations; the adequacy of
the Company's provision for taxes; and other circumstances
affecting revenues and expenses.
The Company's operations have been, and in the future may be,
affected by political developments and by federal, provincial and
local laws and regulations such as restrictions on production,
changes in taxes, royalties and other amounts payable to
governments or governmental agencies, price or gathering rate
controls and environmental protection regulations. Should one or
more of these risks or uncertainties materialize, or should any of
the Company's assumptions prove incorrect, actual results may vary
in material respects from those projected in the forward-looking
statements. The impact of any one factor on a particular
forward-looking statement is not determinable with certainty as
such factors are dependent upon other factors, and the Company's
course of action would depend upon its assessment of the future
considering all information then available.
Readers are cautioned that the foregoing list of factors is not
exhaustive. Unpredictable or unknown factors not discussed in this
report could also have material adverse effects on forward-looking
statements. Although the Company believes that the expectations
conveyed by the forward-looking statements are reasonable based on
information available to it on the date such forward-looking
statements are made, no assurances can be given as to future
results, levels of activity and achievements. All subsequent
forward-looking statements, whether written or oral, attributable
to the Company or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements. Except
as required by law, the Company assumes no obligation to update
forward-looking statements should circumstances or Management's
estimates or opinions change.
Contacts: John G. Langille Vice Chairman Steve W. Laut President
Corey B. Bieber Vice-President, Finance & Investor Relations
Canadian Natural Resources Limited 2500, 855 2nd Street S.W.
Calgary, Alberta, T2P 4J8 Canada (403) 514-7777 ir@cnrl.com
www.cnrl.com
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