* Lowers 2016 capex forecast to C$3.5-C$3.9 billion
* Capex forecast to be C$2.5-C2.6 bln in 2017, 2018
* Q4 earnings pre share C$0.12 vs C$0.09 forecast
* President says no plans for job losses
(Adds president's comments on jobs, capex)
By Matt Scuffham
CALGARY, Alberta, March 3 (Reuters) - Canadian Natural
Resources Ltd CNQ.TO CNQ.N slashed its capital expenditure
plan for 2016 and targeted further cuts in 2017 and 2018 in
response to the slump in oil prices which has hit its profits.
Canada's second-biggest oil and gas producer reported an 89
percent fall in quarterly profit and lowered its estimated 2016
capital spending to between C$3.5 billion ($2.6 billion) and
C$3.9 billion, from C$4.5 billion to C$5 billion previously.
"In 2017, we're looking to spend around C$2.5 to C$2.6
billion dollars. Getting to 2018, we expect to spend about the
same. Those are the numbers that keep our production flat. We're
assuming we have a low oil price throughout that time,"
President Steve Laut told analysts on a conference call.
Capital required to expand the company's Horizon oil sands
project in Alberta will drop by C$1 billion next year, Laut
said.
North American oil and gas producers are slashing budgets,
costs and streamlining operations as profits fall in the wake of
a 70 percent drop in crude oil prices since mid-2014.
Unlike may peers, the Calgary, Alberta-based company has so
far resisted job cuts, instead choosing to impose salary cuts on
its workers.
"We have had no layoffs and it's not our intention to lay
off people," Laut said in an interview with Reuters.
The company's net earnings fell to C$131 million ($97.48
million), or 12 Canadian cents per share, in the fourth quarter
ended Dec. 31 from C$1.20 billion, or C$1.09 per share, a year
earlier. That was ahead of analysts' expectations of 9 Canadian
cents a share.
Canadian Natural Resources also said it expects to produce
between 809,000 and 868,000 barrels of oil equivalent per day in
2016, about 2 percent less than 2015 annual production volumes.
Some industry experts have forecast a ramp up in takeover
activity in the sector as many companies need to consolidate in
order to survive but Laut said sellers of assets were still
expecting higher prices than buyers were willing to spend.
"I think there's still too big a gap between sellers'
expectations and what the buyer wants to pay. We look at every
asset that comes through our core areas. I don't see us being
that active although we do always look," he said.
Shares in Canadian Natural Resources were up 9 percent at
1425 ET (1925 GMT).
($1 = 1.3413 Canadian dollars)