Canadian Natural Resources Cuts Budget by $2.4 Billion

MINING.com reported that Canadian Natural Resources Ltd. (TSX:CNQ) became the first Canadian domestic energy firm to slash its spending by 30 percent. The move was the result of falling oil prices; however, the company has left the budget for its Horizon oil sands project intact.

As quoted in the market news:

The Calgary-based oil and gas company revealed that its Kirby oil sands and conventional oil and gas project will the one bearing suffering the most with the cut. The firm is deferring the first phase of the 40,000-barrel-per-day project in northern Alberta, originally targeted for the fourth quarter of 2016, until crude prices stabilize.

U.S. benchmark crude was trading at around US$46 a barrel on Monday, less than half of where it was just six months ago.

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