Canadian Natural Resources Limited

2100, 855 - 2 Street S.W.
Calgary, AB
CA, T2P 4J8

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Horizon achieves higher than expected performance, CNRL reports

Horizon achieves higher than expected performance, CNRL reports

Canadian Natural Resources Limited has released an operations update for Horizon Oil Sands. In December 2016 the Company continued to achieve higher than expected performance at Horizon, with production averaging approximately 184,000 bbl/d of Synthetic Crude Oil ("SCO"). After the successful ramp of the Phase 2B expansion, average production in the fourth quarter of 2016 reached approximately 178,000 bbl/d of SCO, at the high end of previously issued fourth quarter 2016 Horizon production guidance. As a result of these strong operational results and cost efficiencies at Horizon, the Company realized operating costs of $22.53/bbl (US$16.89/bbl) of SCO in the fourth quarter of 2016. 

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Pipelines

CNRL to sell ownership in Cold Lake Pipeline

Canadian Natural Resources Limited has reached an agreement to monetize the Company's non-core ownership interest in the Cold Lake Pipeline, to Inter Pipeline Ltd. The transaction consists of the monetization of the Company's entire 15% ownership interest of Cold Lake Pipeline Ltd. and its 14.7% ownership interest in the Cold Lake Limited Partnership. Upon closing of the transaction the Company will receive gross proceeds of $350 million in cash and 6,417,740 common shares of Inter Pipeline at an ascribed value of $177.5 million for total value of approximately $527.5 million. The transaction is targeted to close in 2016.

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Oil sands companies demonstrate leadership on climate change

Oil sands companies demonstrate leadership on climate change

Four of Canada's largest oil sands producers have come together to demonstrate leadership on climate change. Canadian Natural Resources LimitedCenovus Energy Inc., Shell Canada Limited and Suncor Energy Inc., support the Government of Alberta's climate plan related to the oil and natural gas industry, which includes a carbon pricing regime coupled with an overall emissions limit for the oil sands. These measures provide predictability and certainty and will help ensure that producers can responsibly develop and grow this significant Canadian resource while also addressing global concerns about climate change.

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Canadian Natural Resources and Prairiesky Royalty announce combination of royalty businesses and concurrent Prairiesky financing

Canadian Natural Resources Limited and PrairieSky Royalty Ltd. are pleased to announce that they have entered into an agreement to combine their royalty businesses, unifying two of the largest fee simple mineral title and royalty positions in Western Canada into a single Canadian enterprise. Through the transaction, PrairieSky will acquire a substantial portion of Canadian Natural’s royalty assets for an aggregate purchase price of $1.8 billion, consisting of $680 million in cash and the issuance of approximately 44.4 million PrairieSky common shares at an ascribed price of $25.20 per common share.

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