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Thursday, Oct 10
Canadian Natural expects Q3 cash flow boost from record production
- Canadian Natural Resources (CNQ +3%) says it expects to report strong Q3 results as production rose to record levels and crude oil prices increased.
- CNQ says Q3 production averaged 508K bbl/day of crude and 701K boe/day, both record highs; the record production and robust liquids pricing received during the quarter resulted in Q3 cash flow from operations of ~$2.4B, or $2.21/share, well above year-ago levels.
- Says key milestones were completed at the Horizon oil sands project, as phase 2-3 construction targeted to increase production capacity to 250K bbl/day of synthetic crude oil proceeds below cost estimates.