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Canadian Natural Resources IDs 2018 Budget; Talks Q3 Results
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CNRL reported its Q3 2017 results and its 2018 capital plan.
2018 Plan Highlights:- 2018 Capex: $4.3 billion (down -10% from 2017) - this excludes Athabasca Oil Sands acquisition capital
– 2018 Production: 815,000-885,000 Bbls/d - up +23% YOY
The increase represents approximately 160,000 bbl/d of production growth and is largely as a result of the completion of the Phase 3 expansion at Horizon Oil Sands Mining & Upgrading (“Horizon”) and a full year of production at the AOSP. Overall production in 2018 is targeted to be between 1,090,000 BOE/d and 1,170,000 BOE/d- Well Plans: Drill 608 wells
North America – Exploration & Production
– North America crude oil and NGL production provides significant capital flexibility as the Company’s large asset base encompasses light crude oil…
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