Canadian Natural Resources Ltd., Calgary, reported first-quarter net earnings of $245 million compared with a loss of $105 million in the same quarter last year.
Production averaged 876,907 boe/d, an increase over the 844,531 boe/d produced in first-quarter 2016, CNRL said.
The Horizon oil sands mining and upgrading project produced 192,491 b/d, a 50% increase. Horizon Phase 3 expansion reached 92% physical completion at the end of the quarter and startup is targeted for the fourth quarter.
Production from thermal in-situ operations increased 9% from first-quarter 2016. The Kirby South steam-assisted gravity drainage project had average production of 37,311 b/d, while Primrose produced 91,061 b/d.
Pelican Lake polymer flood production of 46,617 b/d was 2% below both fourth-quarter 2016 and first-quarter 2016 due to natural declines and planned downtime for wellbore cleanouts.
CNRL drilled 167 net wells in North America in the most recent quarter vs. only 12 in the same quarter in 2016.
