By The Canadian Press

Canadian Natural Resources cuts $1B from 2019 capital budget

Dec 6, 2018 | 6:18 AM

CALGARY- The Alberta government’s announcement of a cut in oil production is already having an effect in the boardroom of one Calgary-based energy company.

Oilsands producer Canadian Natural Resources says it’s slashing one-billion dollars from next year’s capital budget.

The company says it’s 3.7 billion-dollar program will be about 20 per cent below its normal range, but notes that it will ramp up spending if heavily discounted oil prices in Western Canada rebound.

The cut in oil production announcement last weekend is designed to remove 325-thousand barrels per day of oil from the province’s over-taxed pipelines to help drive up what have been considered to be fire sale prices.

(The Canadian Press)

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