Canadian Natural sharply raises cash flow forecast for 2016

Wed Jun 15, 2016 11:56am EDT
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June 15 (Reuters) - Oil producer Canadian Natural Resources Ltd sharply raised its cash-flow forecast for the year as it gains from a rally in crude oil prices.

The company said on Wednesday that it now expected free cash flow of C$670 million ($519 million) in the fourth quarter, nearly double the C$338 million it forecast previously.

The oil producer also said it expected the final part of the second phase of its Horizon oil sands project, located north of Fort McMurray in Alberta, to start in four months, with estimated initial production of 45,000 barrels per day.

Canadian Natural plans to start the third phase of the project in the fourth quarter of 2017.

The company's shares were up about 1.7 percent at C$37.55 in Toronto. ($1 = 1.2899 Canadian dollars) (Reporting by Amrutha Gayathri in Bengaluru; Editing by Anil D'Silva)