Investing.com - Financial Markets Worldwide

Canadian Natural sharply raises cash flow forecast for 2016

Published 2016-06-15, 11:56 a/m
© Reuters. Canadian Natural sharply raises cash flow forecast for 2016
CL
-
CNQ
-

June 15 (Reuters) - Oil producer Canadian Natural Resources
Ltd CNQ.TO sharply raised its cash-flow forecast for the year
as it gains from a rally in crude oil prices.
The company said on Wednesday that it now expected free cash
flow of C$670 million ($519 million) in the fourth quarter,
nearly double the C$338 million it forecast previously.
The oil producer also said it expected the final part of the
second phase of its Horizon oil sands project, located north of
Fort McMurray in Alberta, to start in four months, with
estimated initial production of 45,000 barrels per day.
Canadian Natural plans to start the third phase of the
project in the fourth quarter of 2017.
The company's shares were up about 1.7 percent at C$37.55 in
Toronto.
($1 = 1.2899 Canadian dollars)

Latest comments

Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.