Canadian Natural Resources Limited (TSE:CNQ, NYSE:CNQ), Canada's second largest energy company behind suncor, is a major producer of crude oil and natural gas. It also engages in exploration and development in Western Canada, the North Sea (near the UK) and in the region of West Africa (Cote d'Ivoire, Gabon). Most of the company's production comes from North America (about 83% of crude oil and 97% of natural gas in early 2010). As a natural gas producer it transports to major pipelines throughout North America via its own carrier systems. It is one of the largest landowners (2nd largest in BC in terms of undeveloped land) in the western canadian sedimentary basin (much of it undeveloped), an oil and gas rich region encompassing Alberta and parts of Manitoba, Saskatchewan, BC, and the NWT.^[1]

Horizon oil sands which has a production life of at least 50 years, began producing synthetic crude oil in 2008. It is the company's largest (and most expensive to develop with start up costs totalling over 10 billion dollars) asset with resources totaling close to eight billion barrels of bitumen (which the company turns into sweet synthetic crude oil by upgrading processes).^[2] Production began in 2009 but it wasn't until early 2010 that it reached significant levels (70,194 bbl/d, 83,809 bbl/d in the third quarter of 2010).^[3][4] Horizon has been shut down since the second half of 2010; that resulted in large declines in production reported by CNRL in the first half half of 2011; In the second quarter of 2011 production was 556,539 boe/d (down 14.3% qoq, Horizon had accounted for 14% of the company's production). Crude oil production guidance for 2011 is down to 371-406,000 bbls/d from 421,000 bbls/d guidance in May.^[5]

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