Canadian Natural Resource Ltd. (CNQ)
Q2 2012 Earnings Call
August 9, 2012 11:00 AM ET
John Langille – Vice Chairman
Steve Laut – President
Doug Proll – CFO and SVP-Finance
George Toriola – UBS
David McColl – Morningstar
Greg Pardy – RBC Capital Markets
John Herrlin – Societe Generale
Good morning, ladies and gentlemen. Welcome to the Canadian Natural Resources 2012 Second Quarter Conference Call. I would now like to turn the meeting over to Mr. John Langille, Vice-Chairman of Canadian Natural Resources. Please go ahead, Mr. Langille.
Thank you, operator and good morning everyone. Thank you for attending this conference call where we will discuss our second quarter results and review our planned activities for the balance of 2012 and in some cases beyond that. Participating with me today are Steve Laut, our President, and Doug Proll, our Chief Financial Officer.
Before we start, I would refer you to the comments regarding forward-looking information contained in our press release, and also note that all dollar amounts are in Canadian dollars and production and reserves are both expressed as before royalties unless otherwise stated. I’d like to make some initial comments before I turn the call over to Steve and Doug for their in-depth discussion.
The second quarter saw us meet our production guidance and achieve record production. Crude oil production grew to over 470,000 barrels per day from the 395,000 barrels per day in the first quarter, and natural gas production remained at over 1.2 bcf per day. This growth was driven by firstly, the best quarterly production of SCO ever from Horizon, our oil mining project. Quarterly production averaged over 115,000 barrels per day as the completion of a third ore preparation plant greatly enhanced reliability.