The Annual Offshore Oil & Gas Event
logo

The 25thBeijing International Offshore Oil & Gas Exhibition

ufi

BEIJING,CHINA

March 26-28,2025

LOCATION :Home> News > Industry News

Canadian Natural cuts 2016 budget as oil-price view darkens

Pubdate:2016-03-04 10:05 Source:mcc Click:
CALGARY, Alberta (Bloomberg) -- Canadian Natural Resources Ltd. lowered its 2016 capital budget about 22%, joining peers in clawing back investments as price assumptions fall in the worst oil rout in a generation.
 
Canada’s largest heavy-crude producer now plans to spend C$3.5 billion ($2.6 billion) to C$3.9 billion this year, down from November’s estimate of between C$4.5 billion and C$5 billion, the Calgary-based company said Thursday in a statement. Analysts expect U.S. crude to average about $39.50/bbl in 2016, according to the median of 37 estimates compiled by Bloomberg.
 
Canadian Natural is among energy companies shelving projects and cutting costs to withstand an oil-price slump that’s lasted more than 20 months. The company, also the nation’s biggest gas producer, is contending with a drop in prices for that fuel as well. Canadian Natural continues to expand its Horizon oil-sands project to a target of 250,000 bpd in 2018 as it stays focused on long-term profits.
 
“In 2016, we are proactively managing capital spending to the current price environment and will maintain additional capital flexibility we can exercise if we choose,” CFO Corey Bieber said in the statement. “Horizon Phase 2B start up is 7 months away, at which time the nature of the Company’s production profile takes another step towards a long life, low decline profile.”
 
Output Forecast
 
The company expects total production of 809,000–868,000 boed this year, down from an initial forecast of 843,000–886,000 boed. It reported an 89% decline in fourth-quarter net income to C$131 million, or 12 cents a share. Excluding one-time items, its 4-cent-a-share loss beat the 14-cent loss expected by analysts, according to the average of 14 estimates compiled by Bloomberg.
 
The results and outlook are positive, according to Chris Cox, an analyst at Raymond James Ltd. in Calgary. The balance sheet and liquidity are in “much better shape” than some would expect and the free cash flow outlook from the Horizon expansion also looks better than most would expect, with the project cash neutral at $30 West Texas Intermediate even before the third expansion phase is complete, Cox said in a note Thursday.
 
West Texas Intermediate crude averaged $42.16/bbl in the fourth quarter, while North American gas prices averaged $2.235 per million British thermal unit. U.S. oil futures are still down about 70% from a high in mid-2014, trading around $34.70 on Thursday.
 
Canadian Natural, which has 20 buy and seven hold recommendations from analysts, rose 3.8% to C$31.29 at 9:32 a.m. in Toronto Thursday.
主站蜘蛛池模板: 恋恋视频2mm极品写真| 被催眠暴jian的冷艳美mtxt下载| 欧美超强性xxxxx| 图片区另类小说| 亚洲狠狠婷婷综合久久久久| avtt天堂网久久精品| 激情人妻另类人妻伦| 在线观看一区二区精品视频| 亚洲精品在线免费观看视频| 91老湿机福利免费体验| 欧美日韩一区二区三区麻豆| 国产精品无码无卡在线播放| 亚洲av无码成人精品区狼人影院| 黄色片在线播放| 日本高清免费一本视频无需下载| 国产亚洲欧美日韩俺去了| 中文字幕精品无码亚洲字| 精品精品国产自在97香蕉| 婷婷综合激情网| 亚洲精品无码久久久久秋霞| 88av免费观看入口在线| 欧洲卡一卡二卡在线| 国产女人乱子对白AV片| 中文字幕欧美在线观看| 精品乱子伦一区二区三区| 在线观看无码的免费网站| 亚洲成AV人片在WWW色猫咪| 日韩毛片基地一区二区三区| 日本边添边摸边做边爱的网站 | 六月婷婷在线视频| caoporn国产精品免费| 免费在线你懂的| 日本大乳高潮视频在线观看| 啊灬啊别停老师灬用力啊视频| www久久com| 欧美性色黄大片www喷水| 国产女人好紧好爽| 一级毛片在线观看视频| 欧美视频一区在线观看| 国产成人精品福利网站在线| 中文字幕国产在线|