Sliding crude prices blamed after CNRL misses fourth quarter estimates [Toronto Globe and Mail (Ontario, Canada)]
Canadian Natural Resources Limited (CNQ)
Last canadian natural resources limited earnings: 3/5 05:00 am
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Source: Toronto Globe and Mail
Sliding crude prices blamed after CNRL misses fourth quarter estimates File photo shows pipelines at Canadian Natural Resources Ltd's Primrose Lake oil sands project near Cold Lake, Alberta, Aug. 8, 2013. Dan Riedlhuber/Reuters File photo shows pipelines at Canadian Natural Resources Ltd's Primrose Lake oil sands project near Cold Lake, Alberta, Aug. 8, 2013. Canada’s largest oil producer will reduce its oil sands capital budget by $100-million after missing fourth quarter estimates in the face of lacklustre crude prices and volatile market environment. Canadian Natural Resources Ltd. president Tim McKay said the cut won’t affect 2020 production, telling The Globe and Mail in an interview the company is simply reprofiling spending to save money. “We’re trying to look at how we can redo work in the oil sands to save money and be more efficient and effective,” he said. Mr. McKay said the move doesn’t signal a change in CNRL’s future plans for its oil sands operations. Rather, it’s ab
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