- Canadian Natural Resources (CNQ +0.9%) has raised its volume commitment on TransCanada’s (TRP -0.1%) Keystone XL pipeline to 175K bbl/day from 120K currently, CNQ President Steve Laut tells Reuters.
- The increased commitment is a boon to TRP, which recently held an open season to gauge interest from oil producers wanting to ship on the pipeline.
- CNQ is boosting its oil sands operations after completing an expansion at its Horizon oil sands project in Alberta, which will add 80K bbl/day of production.
- CNQ shares are higher after the company reported better than expected Q3 earnings, helped by higher production and average realized prices for crude oil and natural gas liquids.
- Q3 production volumes rose 41% Y/Y to a record 1,04M boe/day, up 14% Q/Q and up 41% Y/Y; the Company forecasts FY 2017 production levels to average 663K-717K bbl/day of crude oil and NGLs, and 1.655M-1,705M cf/day of natural gas, before royalties.
- Now read: Canadian Natural Resources: Big Deals, Big Debt, Big Opportunity?
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