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Canadian Natural Ships Horizon Synthetic Crude Oil

The Associated Press

DENVER (AP) — Canadian Natural Resources Ltd. said Friday it has begun shipping synthetic crude oil from its Horizon Oil Sands project to a sales pipeline.

The announcement of this week's shipment came about three weeks after the company began producing synthetic oil at the project north of Fort McMurray, Alberta.

Like other producers in Canada's oil sands industry, Calgary-based Canadian Natural slashed spending last fall amid the global economic slowdown. Canadian Natural plans to spend the rest of the year boosting production at the Horizon operation and cutting operating costs.

Shares of Canadian Natural fell $1.01, or 2.4 percent, to $39.91 in afternoon trading.