Canadian Natural cuts 2012 spending, share price up more than five per cent

Shares in Canadian Natural Resources Ltd. rose nearly five per cent on Thursday after the major energy producer said it was chopping its capital spending plans while boosting its oil production outlook.

The stock was up $1.46 at $32.03 in afternoon trading on the Toronto Stock Exchange even as it reported lower second-quarter profits.

The Calgary-based company said overall capital spending for the year is being reduced some $680 million, or about 10 per cent, to $6.7 billion.

Most of the cuts will be at Canadian Natural's (TSX:CNQ) Horizon oilsands expansion and in North American natural gas.

The mid-point of Canadian Natural's target production range for oil and natural gas liquids is now 464,000 barrels per day, compared to the 460,000 barrels it had forecast during the first quarter.

Read Full Article from CanadianBusiness.com

- Posted: 2012-08-09 15:40:01

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