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UPDATE 1-Canadian Natural Resources cuts budget again

Published 2015-11-05, 05:25 a/m
© Reuters. UPDATE 1-Canadian Natural Resources cuts budget again
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Nov 5 (Reuters) - Canadian Natural Resources Ltd CNQ.TO
CNQ.N on Thursday cut its 2015 capital expenditure estimate
for the fifth time this year, as the company responds to a slump
in oil and gas prices.
The company reduced its capital expenditure estimate by an
additional C$65 million ($49.4 million) to C$5.44 billion.
U.S. oil and gas producers are slashing budgets, costs and
streamlining operations as a near 60 percent drop in global oil
prices since June last year saps profitability.
Canadian Natural Resources cut its 2015 crude production
forecast before royalties to 555,000-591,000 barrels per day
(bpd) from 562,000-602,000 bpd.
The company maintained its natural gas production forecast
at 1.73-1.77 billion cubic feet per day.
Canada's largest independent petroleum producer said net
loss was C$111 million, or 10 Canadian cents per share, in the
third quarter ended Sept. 30, compared with a profit of C$1.04
billion, or 94 Canadian cents per share, a year earlier.
Revenue fell 34 percent to C$3.11 billion.
($1 = 1.31 Canadian dollars)

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