Canadian Natural Cuts Budget Further, Posting Quarterly Loss
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Canadian Natural Resources Ltd., the country’s largest heavy-oil producer, is deepening efforts to reduce expenses as slumping crude prices contributed to a second-straight quarterly loss.
The plan is now to spend C$5.5 billion ($4.2 billion) this year, down from a May estimate of C$5.75 billion and 36 percent less than its original forecast in November, the company said in an earnings report Thursday.