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This file photo shows Canadian Natural Resources Ltd.’s Horizon site, about 70 kilometres north of Fort McMurray, Alta., which includes a surface oilsands mining and bitumen extraction plant, and on-site bitumen upgrading. If not for the blemish on its earnings in the last three months of 2020, analysts said the company would have registered a solid beat on expectations driven by strong oilsands mining production and operating cost cuts. (CNRL) The move by U.S. President Joe Biden to cancel the Keystone XL pipeline in January continues to plague Canadian oil companies, with Calgary-based Canadian Natural Resources Ltd. forced to digest a related $143-million charge on its fourth-quarter results on Thursday. If not for the blemish on its earnings in the last three months of 2020, analysts said the company would have registered a solid beat on expectations driven by strong oilsands mining production and operating cost cuts. "In 2020, we were nimble, quickly lowering our capital," said president Tim McKay told a conference call, referring to Canadian Natural’s move to cut its 2020 budget to $2.68 billion last May from its original $4.05 billion in view of plunging oil prices. "With our long-life, low-decline and high-quality asset base, we […]
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