Canadian Natural Resources says an expansion of its Horizon oilsands project is on track to start up in October.
The Calgary-based company says Horizon was not significantly impacted by the Fort McMurray wildfire and it should be producing at full capacity by November.
The update was provided in a second-quarter report that shows CNRL continued to post losses and reduced revenue in the midst of the oil and gas price slump.
The company says the completion of its Horizon 2B expansion project later this year will strengthen the company’s cash flow and reduce project spending.
CNRL’s net loss was $339 million, an improvement from last year’s loss of $405 million. Revenue was $2.55 billion, down from $4.73 billion.