Canadian Natural Resources to Proceed With $5.7 Billion Project
By -
Nov 8, 2012
Canadian Natural Resources Ltd. (CNQ) will
proceed with plans to build a C$5.7 billion ($5.7 billion) plant
that will convert and refine bitumen from Alberta’s oil sands
and capture some of the carbon dioxide emissions.
Construction of the 50,000-barrel-a-day Sturgeon up-grader and refinery northeast of Edmonton will begin next year with operations starting three years later, Calgary-based Canadian Natural said in a statement today. The project may be expanded to handle as much as 150,000 barrels a day.
The Sturgeon project, co-owned by closely held North West Upgrading Inc., includes an agreement by the Alberta government to supply bitumen and guarantee a 10 percent return, part of a program to boost processing in the province. Output from Alberta’s oil sands is expected to double to 3.2 million barrels a day by 2020, according to the Canadian Association of Petroleum Producers.
“They’re at an advantage because they have a locked-in return,” Phil Skolnick, an analyst at Canaccord Genuity Ltd. in New York, said about the Sturgeon project in a phone interview. Slowdowns in other companies’ effort to expand oil-sands processing give Canadian Natural another reason to move ahead, because of less competition for labor.
Suncor Energy Inc. Chief Executive Officer Steve Williams said on Nov. 1 he’s reviewing the company’s C$20 billion Voyageur upgrader project with Total SA because of “challenged economics.”
Canadian Natural has faced repeated shutdowns at its Horizon upgrader in Alberta. The company lowered its estimate today for 2012 production from Horizon to as much as 89,000 barrels a day, from a forecast of 98,000 two weeks ago.
Canadian Natural also reported third-quarter adjusted earnings that missed analysts’ estimates. Net income declined 57 percent to C$360 million, or 33 cents a share, from C$836 million, or 76 cents, a year earlier.
Canadian Natural fell 3.6 percent to C$28.02 at the close in Toronto, the lowest price since Aug. 3. The shares have fallen 27 percent this year.
To contact the reporter on this story: Rebecca Penty in Calgary at rpenty@bloomberg.net
To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net
Construction of the 50,000-barrel-a-day Sturgeon up-grader and refinery northeast of Edmonton will begin next year with operations starting three years later, Calgary-based Canadian Natural said in a statement today. The project may be expanded to handle as much as 150,000 barrels a day.
The Sturgeon project, co-owned by closely held North West Upgrading Inc., includes an agreement by the Alberta government to supply bitumen and guarantee a 10 percent return, part of a program to boost processing in the province. Output from Alberta’s oil sands is expected to double to 3.2 million barrels a day by 2020, according to the Canadian Association of Petroleum Producers.
“They’re at an advantage because they have a locked-in return,” Phil Skolnick, an analyst at Canaccord Genuity Ltd. in New York, said about the Sturgeon project in a phone interview. Slowdowns in other companies’ effort to expand oil-sands processing give Canadian Natural another reason to move ahead, because of less competition for labor.
Suncor Energy Inc. Chief Executive Officer Steve Williams said on Nov. 1 he’s reviewing the company’s C$20 billion Voyageur upgrader project with Total SA because of “challenged economics.”
Canadian Natural has faced repeated shutdowns at its Horizon upgrader in Alberta. The company lowered its estimate today for 2012 production from Horizon to as much as 89,000 barrels a day, from a forecast of 98,000 two weeks ago.
Canadian Natural also reported third-quarter adjusted earnings that missed analysts’ estimates. Net income declined 57 percent to C$360 million, or 33 cents a share, from C$836 million, or 76 cents, a year earlier.
Canadian Natural fell 3.6 percent to C$28.02 at the close in Toronto, the lowest price since Aug. 3. The shares have fallen 27 percent this year.
To contact the reporter on this story: Rebecca Penty in Calgary at rpenty@bloomberg.net
To contact the editor responsible for this story: Susan Warren at susanwarren@bloomberg.net
Have you ever been to a Muslim hospital?
Heard a Muslim orchestra?
Seen a Muslim band march in a parade?
Witnessed a Muslim charity or shaken hands with a Muslim Girl Scout? Have you ever seen a Muslim Candy Striper or seen a Muslim do anything that contributes positively to the American way of life ?
The answer is no, you did not. Just ask yourself WHY ?
Barack Obama, a supposed AMERICAN, during his Cairo speech, said:
“I know, too, that Islam has always been a part of America’s history.”
A REAL AMERICAN CITIZEN’S RESPONSE:
Dear Mr. Obama:
Were those Muslims that were in America when the Pilgrims
first landed? Funny, I thought they were Native American Indians.
Were those Muslims that celebrated the first Thanksgiving day? Sorry again, those were Pilgrims and Native American Indians.
Can you show me one Muslim signature on the United States Constitution or the Declaration of Independence or the Bill of Rights?
Didn’t think so.
Did Muslims fight for this country’s freedom from England? No.
Did Muslims fight during the Civil War to free the slaves in America?
No, they did not. In fact, Muslims to this day are still the largest traffickers in human slavery.. Your own half-brother, a devout Muslim, still advocates slavery himself, even though Muslims of Arabic descent refer to black
Muslims as “pug nosed slaves.” Says a lot of what the Muslim world really thinks of your family’s “rich Islamic heritage,” doesn’t it Mr. Obama?
Where were Muslims during the Civil Rights era of this country?
Not present.
There are no pictures or media accounts of Muslims walking
side by side with Martin Luther King, Jr. or helping to advance the cause of Civil Rights.
Where were Muslims during this country’s Woman’s Suffrage
era? Again, not present. In fact, devout Muslims demand that women are subservient to men in the Islamic culture. So much so, that often they are beaten for not wearing the ‘hajib’ or for talking to a man who is not a
direct family member or their husband. Yep, the Muslims are all for women’s rights, aren’t they?
Where were Muslims during World War II? They were
aligned with Adolf Hitler. The Muslim grand mufti himself met with Adolf Hitler, reviewed the troops and accepted support from the Nazi’s in killing Jews.
Finally, Mr. Obama, where were Muslims on Sept. 11th,
2001? If they weren’t flying planes into the WorldTradeCenter , the Pentagon or a field in Pennsylvania killing nealy 3,000 people on
our own soil, they were rejoicing in the Middle East . No one can dispute the pictures shown from all parts of the Muslim world celebrating on CNN, Fox News, MSNBC and other cable news networks that day. Strangely,
the very “moderate” Muslims who’s asses you bent over backwards to kiss in Cairo , Egypt on June 4th were stone cold silent post 9-11. To many Americans, their silence has meant approval for the acts of that day.
And THAT, Mr. Obama, is the “rich heritage” Muslims have here in America ..
Oh, I’m sorry, I forgot to mention the Barbary Pirates. They were Muslim.
And now we can add November 5, 2009 – the slaughter of American
soldiers at FortHood by a Muslim major who is a doctor and a psychiatrist who was supposed to be counseling soldiers returning from battle in
Iraq and Afghanistan ..That, Mr. Obama
is the “Muslim heritage” in America
Muslim Heritage, my ass.
Pislam is evil put together by the murderous followers of a murderous pedophile named muhammad. Add to that fabulous list
The moslems I’ve met deer hunting
The moslem scientific innovations
The moslem community out reach groups
Philanthropic moslem organizations
Moslems ringing bells outside WalMart during Ramadan
If I may paraphrase that old joke, I’m looking forward to playing cowboys and moslems.
H/T iowntheworld.com