-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, OccQH7a9dU6e1zHf/D+5c5O7VgQOBFruvmXZ/0xmR/24d6KkWBHtn+ohMuNx4kY0 CV9zDUn5veA3HqpESGrlqg== 0000950142-07-002622.txt : 20071107 0000950142-07-002622.hdr.sgml : 20071107 20071106183711 ACCESSION NUMBER: 0000950142-07-002622 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20071105 FILED AS OF DATE: 20071107 DATE AS OF CHANGE: 20071106 FILER: COMPANY DATA: COMPANY CONFORMED NAME: CANADIAN NATURAL RESOURCES LTD CENTRAL INDEX KEY: 0001017413 STANDARD INDUSTRIAL CLASSIFICATION: CRUDE PETROLEUM & NATURAL GAS [1311] IRS NUMBER: 000000000 STATE OF INCORPORATION: A0 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 333-12138 FILM NUMBER: 071219237 BUSINESS ADDRESS: STREET 1: 2500, 855-2 STREET SW CITY: CALGARY ALBERTA CANADA STATE: A0 ZIP: T2P 4J8 BUSINESS PHONE: 403-517-6700 MAIL ADDRESS: STREET 1: 2500, 855-2 STREET SW CITY: CALGARY ALBERTA CANADA STATE: A0 ZIP: T2P 4J8 6-K 1 form6k_110507.txt FORM 6-K ================================================================================ UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO SECTION 13A-16 OR 15D-16 OF THE SECURITIES EXCHANGE ACT OF 1934 Press Releases October 9th and 31st, 2007 November 1st, 2007 Commission File Number: 1-8795 CANADIAN NATURAL RESOURCES LIMITED ------------------------------------------------------ (Exact name of registrant as specified in its charter) 2500, 855 - 2ND STREET S.W., CALGARY, ALBERTA, CANADA T2P 4J8 ------------------------------------------------------------- (Address of principal executive offices) Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F [_] Form 40-F [X] Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1). ____ Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a Form 6-K if submitted solely to provide an attached annual report to security holders. Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ____ Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a Form 6-K if submitted to furnish a report or other document that the registrant foreign private issuer must furnish and make public under the laws of the jurisdiction in which the registrant is incorporated, domiciled or legally organized (the registrant's "home country"), or under the rules of the home country exchange on which the registrant's securities are traded, as long as the report or other document is not a press release, is not required to be and has not been distributed to the registrant's security holders, and, if discussing a material event, has already been the subject of a Form 6-K submission or other Commission filing on EDGAR. Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934. Yes [_] No [X] If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-______ ================================================================================ EXHIBIT NUMBER DESCRIPTION - -------------- ----------- 99.1 Press Release dated October 9, 2007 Canadian Natural Resources Limited Expresses Concerns Over The Royalty Review Panel Report 99.2 Press Release dated October 31, 2007 Canadian Natural Resources Limited Announces Third Quarter 2007 Update on the Progress of the Horizon Oil Sands Project 99.3 Press Release dated November 1, 2007 Canadian Natural Resources Limited Announces Dividend SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. CANADIAN NATURAL RESOURCES LIMITED (Registrant) Date: November 5, 2007 By: /s/ Bruce E. McGrath ---------------------------- Bruce E. McGrath Corporate Secretary EX-99 2 ex99-1form6k_110507.txt EXHIBIT 99.1 EXHIBIT 99.1 ------------ - ------------------------------------------------------------------------------- [GRAPHICS OMITTED - LOGO, PHOTOGRAPHS] - --------------- News Release ------------- --------------- ------------ Discipline Opportunity Strategy - ------------------------------------------------------------------------------- CANADIAN NATURAL RESOURCES LIMITED EXPRESSES CONCERNS OVER THE ROYALTY REVIEW PANEL REPORT CALGARY, ALBERTA - OCTOBER 9, 2007 - FOR IMMEDIATE RELEASE Canadian Natural Resources Limited ("Canadian Natural" or the "Company") is a disciplined operator with a strong track record of value creation in Alberta. Canadian Natural has operations in Western Canada, the U.K. portion of the North Sea and Offshore West Africa but is proud to have its headquarters in Calgary, Alberta and conduct the majority of its operations throughout most of Alberta. We directly employ approximately 4,000 Albertans, but just as importantly, the impact of our activity directly employs almost 18,000 additional Albertans, with indirect employment of over 71,000 additional Albertans. Canadian Natural believes we have a responsibility to all stakeholders, shareholders, employees, contractors, communities in which we operate and Albertans to ensure that a fair share of revenues are shared with the Government to enable it to ensure the viability of Provincial infrastructure, health care, education and social services for the benefit of all Albertans. In 2006, our royalty, tax and Crown land payments to the Alberta Government totaled almost $900 million. We see the opportunity for increased royalties in the Province of Alberta at higher commodity prices to allow the Alberta Government to make further investments in these programs. We have taken the time to complete a detailed and diligent review of the proposals recommended by Alberta's Royalty Review Panel (the "Panel"). After careful consideration, Canadian Natural believes that the Panel was disadvantaged by the factually incorrect information available to them which resulted in a number of flawed proposals. Therefore, the adoption of the Panel's proposals will have negative consequences in terms of an economic downturn in Alberta and reduced development of Alberta's vast, albeit high-cost, oil and natural gas resources. Following a number of unrelated regime changes in income taxation, environmental and greenhouse gas regulation and general global cost inflation for the oil and natural gas sector, we believe that the Panel's proposals pose the risk of turning the oil and natural gas industry in Alberta into a "shrinking" or "blowdown" model. The cumulative impact of these developments means that the oil and natural gas industry participants will not earn a rate of return commensurate with the risks in the Alberta basin. Investment in the Alberta oil and natural gas industry will be sharply reduced going forward. As a result, in the mid- and long-term, the royalty revenues required to strengthen and even maintain the Provincial infrastructure, health care, education and social services in the Province of Alberta may not be available. This is an event no one in Alberta wants to occur. If the Panel's proposals are adopted, many oil and natural gas activities in Alberta would be rendered uneconomic. Canadian Natural would have no choice but to reduce activity and, via our contractors, would result in an estimated 3,900 less direct jobs and 16,000 less indirect jobs for Albertans. We call on the Government of Alberta to examine the Panel's proposals and determine a path forward that balances the need for Albertans to retain a fair share of revenues while maintaining a viable oil and natural gas industry that can continue to contribute to a prosperous Alberta for generations to come. PAGE 2 =============================================================================== CANADIAN NATURAL'S ANALYSIS OF THE ROYALTY PANEL'S PROPOSALS 1. THE PANEL WAS DISADVANTAGED BY THE FACTUALLY INCORRECT INFORMATION AVAILABLE TO THEM, WHICH RESULTED IN A NUMBER OF FLAWED PROPOSALS. Canadian Natural believes that the Panel was disadvantaged in terms of the information available to it. In particular: o Much of the economic information provided to the Panel by the Department of Energy and Pedro van Meurs was not subjected to industry comment. Canadian Natural believes that many of the cost assumptions represent only half of the actual costs being incurred by industry today. Further, the impacts of new environmental levies and recent taxation changes were not considered by the Panel. o As the second largest producer of natural gas and largest producer of heavy oil in the Province, Canadian Natural's only interface with the Panel was a 10 minute presentation, resulting in only a superficial sharing of ideas. 2. THE PANEL'S PROPOSALS ARE NOT CONSISTENT WITH A MATURE, HIGH COST BASIN SUCH AS ALBERTA'S. Much of the Panel analysis compared Alberta to other jurisdictions with lower costs and higher productivity. INCREASING GOVERNMENT TAKE TO LEVELS SIMILAR TO THESE LOWER-COST / HIGHER PRODUCTIVITY JURISDICTIONS IS LIKELY TO RESULT IN A SEVERE CURTAILMENT OF FUTURE DEVELOPMENT IN ALBERTA, LOWER EMPLOYMENT LEVELS AND RESULT IN EVER DECREASING GOVERNMENT REVENUES. 3. THE PANEL SOUGHT TO INCREASE ROYALTIES BY APPROXIMATELY 20%, HOWEVER, CANADIAN NATURAL'S ANALYSIS AND INTERPRETATION OF THE PANEL'S RECOMMENDATIONS INDICATES AN OVERALL INCREASE OF 50%, FAR EXCEEDING THE PANEL'S ESTIMATES. THE RESULTING REDUCTION IN CASH FLOWS REDUCES CAPITAL REINVESTMENT IN ALBERTA. 4. THE IMPENDING LOWER LEVELS OF REINVESTMENT IN ALBERTA WILL LIKELY HAVE SIGNIFICANT RIPPLE EFFECTS THROUGHOUT THE ECONOMY. LOWER ECONOMIC ACTIVITY AND JOB LOSSES WILL SEVERELY HARM THE ALBERTA ECONOMY THROUGHOUT THE ENTIRE PROVINCE AND THE PROSPERITY OF MANY ALBERTANS. 5. THE PANEL'S PROPOSED ROYALTY STRUCTURE EXTRACTS DISPROPORTIONATELY GREATER CASH FLOW IN THE EARLY YEARS OF A WELL'S USEFUL LIFE, SIGNIFICANTLY ERODING RETURNS ON CAPITAL. THE PANEL'S PROPOSALS FOCUSED ALMOST EXCLUSIVELY ON EXTRACTING ADDITIONAL REVENUES AND NOT ON FAIR SHARE OF RETURNS, RESULTING IN A POOR INVESTMENT PROFILE FOR THE OIL AND NATURAL GAS INDUSTRY. AS A CONSEQUENCE, A LARGE PORTION OF ALBERTA'S OIL AND NATURAL GAS RESOURCES WILL BECOME UNECONOMIC. 6. THE CHANGE IN OIL SANDS ROYALTIES AND CONVERTING CERTAIN BITUMEN PRODUCTION PROJECTS TO HIGHER CONVENTIONAL ROYALTY SCHEMES WILL SEVERELY ERODE ECONOMICS. Canadian Natural has made great strides to bring formerly uneconomic reserves in Alberta to production through application of new innovative technologies and production practices. The Company has twenty-eight oil sands projects under the current oil sands royalty regime of which twenty projects have already paid out - resulting in royalty payments of $138 million to the government of Alberta in 2006. Absent that royalty scheme those twenty-eight projects would not have been developed. CANADIAN NATURAL'S VIEW IS THAT UNDER THE PANEL'S PROPOSALS, COMPANIES WILL NOT BE IN A POSITION TO PURSUE SUCH VALUE CREATION PROJECTS AS RETURNS DO NOT JUSTIFY RISKS INCURRED, LEAVING A VAST AMOUNT OF OIL SANDS STRANDED AND UNDEVELOPED. 7. CAPITAL DISCIPLINE REQUIRES SIGNIFICANT PRE-INVESTMENT AND YEARS OF PLANNING IN ORDER TO MAXIMIZE VALUE OF THE OIL SANDS RESOURCES - THE PANEL PROPOSALS DISCOURAGE SUCH ACTIVITIES. Investing 10% to 15% of project costs prior to sanction allows a company to better control costs leading to earlier payout and ultimately, higher returns to a company and larger royalties for the Province of Alberta - IN THIS WE ARE ALIGNED. THE PANEL'S PROPOSALS SEEK TO REDUCE THE REVENUE STREAM AND INCREASE COSTS (E.G. LEASE RENTALS) IN THE INTERIM, EFFECTIVELY INCENTING COMPANIES TO ACCELERATE DEVELOPMENT BUT ERODING THE INCENTIVE TO TAKE THE TIME REQUIRED TO DO IT RIGHT AND CONTROL COSTS. 8. THE GENERATION OF FREE CASH FLOW FROM OIL SANDS MINING PROJECTS IS A DIFFERENT CONCEPT FROM SHARING OF RETURNS FOR RISK TAKEN. The Panel's report underestimates the large up-front capital costs which must be dedicated to bring these oil sands mining projects into production. During the period of 2000 through 2008, Canadian Natural will have invested in excess of $9 billion (including $2 billion of pre-construction, capitalized interest and overhead costs and Phase 2/3 expenditures) in order to bring its Horizon Project into production. This capital is invested by the Company with no associated return for several years before any cash flow is achieved. IN CANADIAN NATURAL'S VIEW, THE PANEL'S PROPOSALS FOR AN OIL SANDS SEVERANCE TAX WILL HAVE A NEGATIVE IMPACT ON THE DEVELOPMENT OR EXPANSION OF NEW OIL SANDS PROJECTS AS THE COST AND CONSTRUCTION RISKS ARE TOO GREAT FOR THE RETURN GENERATED. PAGE 3 =============================================================================== 9. THE PANEL'S PROPOSAL THAT NO GRANDFATHERING OF PROJECTS TAKE PLACE DOES NOT RESPECT THE INVESTMENT DECISIONS MADE TO DATE. THE FAIRNESS OF CHANGING THE ROYALTY REGIME FOR INVESTMENTS ALREADY MADE IS QUESTIONABLE. AS NOTED ABOVE, MANY OF THE OIL SANDS PROJECTS REQUIRE YEARS OF PREPLANNING AND ENGINEERING BEFORE CONSTRUCTION PROCEEDS. This disciplined approach helps to ensure that the value of the resource is maximized both to companies and to the people of Alberta. HOWEVER, IN CANADIAN NATURAL'S VIEW, NOT GRANDFATHERING COMMITTED INVESTMENTS ERODES THE BELIEF THAT THE INVESTMENT CLIMATE WOULD NOT CHANGE. IN THE CASE OF THE HORIZON PROJECT, WE FIND THIS PROPOSAL UNSETTLING GIVEN THE INVESTMENT OF SEVERAL BILLION DOLLARS IN EXPENDITURES TO DATE IN THE EXECUTION OF AN OIL SANDS PROJECT APPROVAL. INTERESTINGLY, THE PROPOSALS WOULD, HOWEVER, GRANDFATHER THE HORIZON PROJECT'S UPGRADER SO AS TO PRECLUDE IT FROM RECEIVING THE PROPOSED UPGRADER ROYALTY CREDIT. WHAT THE PANEL'S PROPOSALS MEAN TO CANADIAN NATURAL AND ALBERTANS CANADIAN NATURAL HAS GRAVE CONCERNS on how the Panel's proposals will affect Canadian Natural's operations in Alberta - proudly our main centre of operations. After a detailed and diligent review of the Panel's proposals, the Company, due to the economic impact of the Panel's proposals, will be required to reduce its level of activity in Alberta and accordingly, should the Panel's proposals be adopted: A. The number of Alberta natural gas wells which can be economically drilled in Alberta by Canadian Natural in either today's pricing environment or even in a higher pricing environment will be dramatically reduced under the Panel's proposals. This will result in the Province of Alberta receiving a larger share of an ever shrinking production base as reduced drilling and development will not offset natural production declines. DRILLING ACTIVITY (NUMBER OF WELLS) IN ALBERTA 2008 REDUCTION 2004 2005 2006(1) 2007F PANEL(2) 2008/2007 ---- ---- ------- ----- -------- --------- Natural gas Conventional 365 425 427 253 88 (65%) Shallow 164 167 65 76 20 (73%) Coal Bed Methane (CBM) 39 100 51 40 20 (50%) Total natural gas 568 692 543 369 128 (65%) Total crude oil 244 462 425 480 410 (15%) Total stratigraphic test / service wells 330 236 370 244 40 (84%) (1) Excludes natural gas wells drilled by Anadarko Canada Corporation prior to its acquisition by Canadian Natural in November, 2006. (2) This represents the forecast number of wells to be drilled in 2008 by Canadian Natural in Alberta, if the Panel's proposals are adopted. B. The economics for certain long term in-situ development projects must be re-evaluated. It is likely that the Company's defined plan for the development of the Kirby, Birch Mountain and Gregoire Lake Projects will be cancelled due to poor economics using reasonable long-term price decks and an uncertain fiscal environment. This will result in over 3 billion barrels of resource not being developed and approximately 235,000 bbl/d of new production not coming on stream over for the next 15 years. Associated capital costs in excess of $7 billion will not be spent. C. Phase 1 of the Horizon Project will proceed through completion of construction, and the Company believes that Phases 2/3 of the Horizon Project will remain economic and proceed through completion of construction due to the high level of pre-investment to date. However, Phases beyond Phase 2/3 would likely be cancelled due to the Panel's proposals. The Company's emphasis on creating shareholder value will continue to guide its investment decisions and judicious review of capital allocations. If no economic projects are identified, the Company will use free cash flow to increase its debt retirement profile and return cash to shareholders. Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore West Africa. PAGE 4 =============================================================================== FORWARD-LOOKING STATEMENTS Certain statements in this document or documents incorporated herein by reference for Canadian Natural Resources Limited (the "Company") may constitute "forward-looking statements" within the meaning of the United States Private Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because of the context of the statements including words such as the Company "believes", "anticipates", "expects", "plans", "estimates", "targets", or words of a similar nature. The forward-looking statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others: general economic and business conditions which will, among other things, impact demand for and market prices of the Company's products; foreign currency exchange rates; economic conditions in the countries and regions in which the Company conducts business; political uncertainty, including actions of or against terrorists, insurgent groups or other conflict including conflict between states; industry capacity; ability of the Company to implement its business strategy, including exploration and development activities; impact of competition, availability and cost of seismic, drilling and other equipment; ability of the Company to complete its capital programs; ability of the Company to transport its products to market; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; ability of the Company to attract the necessary labour required to build its projects; operating hazards and other difficulties inherent in the exploration for and production and sale of crude oil and natural gas; availability and cost of financing; success of exploration and development activities; timing and success of integrating the business and operations of acquired companies; production levels; uncertainty of reserve estimates; actions by governmental authorities; government regulations and the expenditures required to comply with them (especially safety and environmental laws and regulations); asset retirement obligations; and other circumstances affecting revenues and expenses. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are interdependent upon other factors, and the Company's course of action would depend upon its assessment of the future considering all information then available. Statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment based on certain estimates and assumptions that the reserves described can be profitably produced in the future. Readers are cautioned that the foregoing list of important factors is not exhaustive. Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on information available to it on the date such forward-looking statements are made, no assurances can be given as to future results, levels of activity and achievements. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or Management's estimates or opinions change.
For further information, please contact: CANADIAN NATURAL RESOURCES LIMITED 2500, 855 - 2nd Street S.W. Calgary, Alberta T2P 4J8 TELEPHONE: (403) 514-7777 ALLAN P. MARKIN DOUGLAS A. PROLL Chairman Chief Financial Officer and FACSIMILE: (403) 514-7888 Senior Vice-President, Finance EMAIL: ir@cnrl.com JOHN G. LANGILLE WEBSITE: www.cnrl.com Vice-Chairman COREY B. BIEBER Vice-President, TRADING SYMBOL - CNQ STEVE W. LAUT Finance & Investor Relations Toronto Stock Exchange President and New York Stock Exchange Chief Operating Officer
EX-99 3 ex99-2form6k_110507.txt EXHIBIT 99.2 EXHIBIT 99.2 ------------ - ------------------------------------------------------------------------------- [GRAPHICS OMITTED - LOGO, PHOTOGRAPHS] - --------------- News Release ------------- --------------- ------------ Discipline Opportunity Strategy - ------------------------------------------------------------------------------- CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES THIRD QUARTER 2007 UPDATE ON THE PROGRESS OF THE HORIZON OIL SANDS PROJECT CALGARY, ALBERTA - OCTOBER 31, 2007 - FOR IMMEDIATE RELEASE Canadian Natural Resources Limited ("Canadian Natural") is pleased to provide its regular quarterly update on the Horizon Oil Sands Project ("Horizon Project"). "Canadian Natural achieved 9% progress on the Horizon Project during the third quarter of 2007 and is still positioned to meet an overall 90% plus completion by year end. With overall Engineering and Procurement substantially complete and Construction at 76% complete, we remain on track for first oil in the third quarter of 2008" commented Real Doucet, Sr. Vice President, Oil Sands. He continued, "Progress in the third quarter of 2007 did slip against our baseline as a result of distractions resulting from Alberta-wide labour negotiations that occurred throughout the summer. These challenges appear to be behind the Horizon Project and our contractors current workforce of 8,700 people are focused on completing as much work as possible before winter. During the quarter, the raw water pond was completed using our own mining operations workforce. In addition, pre-commissioning work has been initiated in the areas of utilities and offsites and bitumen production with significant hydro-testing targeted for completion before winter conditions set in. Commissioning and start-up plans have been reviewed and confirmed by external industry experts and have assisted in optimizing our processes. During the fourth quarter of 2007 we will carry out a formalized detailed risk assessment of our commissioning and start-up schedule to identify areas of exposure and ensure adequate contingency plans are developed. Also, in the fourth quarter of 2007 several plants are targeted to reach mechanical completion and we will begin the transition to commissioning and start-up. Training programs are in place and, in anticipation of turnover, Operations have commenced the review of systems in certain plants. Previous decisions to defer several contracts and delay certain projects to capture cost reduction opportunities has caused overlap between some construction projects on the site and has resulted in an increase in our peak project manpower requirements. Our supporting camp and transportation infrastructure has been successfully expanded to accommodate the higher peak in manpower to ensure workers are adequately accommodated. As a result some work has been pushed into the more challenging winter months, resulting in a modest increase in the forecast completion cost for the Horizon Project. Our current Horizon Project completion cost forecast has been increased from the 5% to 12% range provided in our first quarter 2007 Horizon Project Update to an 8% to 14% range over the original $6.8 billion estimate." PAGE 2 ===============================================================================
HORIZON PROJECT STATUS SUMMARY Jun 30, 2007 Sep 30, 2007 Dec 31, 2007 ------------ -------------------- ---------------------- Original Original Actual Actual Plan Forecast Plan ------------ -------- ---------- ---------- ---------- Phase 1 - Work progress (cumulative) 75% 84% 88% 90% 94% Phase 1 - Construction capital spending* (cumulative) 79% 89% 85% 99% 92%
*Relative to overall Phase 1 project capital of $6.8 billion ACCOMPLISHED TO THE END OF THE THIRD QUARTER OF 2007 DETAILED ENGINEERING o Overall detailed engineering 98% complete and substantially completed in most areas. PROCUREMENT o Overall procurement progress is 98% complete. o Have awarded over $5.5 billion in purchase orders and contracts to date. o Delivered over 35,000 standard loads of all kinds to site. o Operations and maintenance service and supply agreements are in negotiation. MODULARIZATION o Delivered an additional 80 oversized loads to site for a total of 1,504 loads, which represents approximately 91% of the total requirement. CONSTRUCTION o Overall construction progress is 76% complete. o Mine overburden removal has moved 43.8 million bank cubic meters, which represents approximately 63% of the total to be moved and is slightly ahead of schedule. o Energized Main Electrical Substations. o Completed construction of Raw Water Pond. o Started pre-commissioning activities in Bitumen Production Areas. o Froth tank completed and hydro-tested. o Commenced extraction plant hydro-testing. o Permanent power energized in R1/R2 corridors pumphouses. o Started commissioning of Recycle Water Pond. MILESTONES FOR THE FOURTH QUARTER OF 2007 o Complete the closure of Dyke 10 (external tailings pond) in Mining. o Complete erection of Crushing Plants and conveyors in Ore Preparation Area. o Complete Primary Separation Cells in Extraction. o Complete Main Control Room and Distributed Control Systems installation. o Complete construction of Main Laboratory. PAGE 3 =============================================================================== PLANT AND SYSTEM COMMISSIONING SCHEDULE COMPLETED o Permanent Potable Water Treatment o Permanent Sewage Treatment o Natural Gas Pipeline o Raw and Recycled Water Pipelines o River Water Intake and Pumphouse Q4 2007 o Raw Water Pond and Pumphouse o Recycle Water Pond and Pumphouse o Extraction o Electrical Distribution System Q1 2008 o Cooling and Heating System o Main Pipe Rack Q2 2008 o Cogeneration o Ore Preparation Plant o Froth Treatment o Pipeline Corridors o Hydrogen Plant o Coker / Diluent Recovery Unit o Gas Treating and Sulphur Recovery o Synthetic crude oil pipeline o Sulphur block pipelines o West Tank Farm (inter-plant) Q3 2008 o Hydrotreating o East Tank Farm (product) A picture gallery providing visual updates on construction progress is available on the Company's website (http://www.cnrl.com/horizon/about_horizon/photo_gallery.html). The Company's results for the third quarter of 2007 will be released on November 1, 2007. A conference call will be held on that day at 9:00 a.m. Mountain Daylight Time, 11:00 a.m. Eastern Daylight Time. Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore West Africa. PAGE 4 =============================================================================== FORWARD-LOOKING STATEMENTS Certain statements in this document or documents incorporated herein by reference for Canadian Natural Resources Limited (the "Company") constitute "forward-looking statements" within the meaning of the United States Private Securities Litigation Reform Act of 1995. These forward-looking statements can generally be identified as such because of the context of the statements including words such as the Company "believes", "anticipates", "expects", "plans", "estimates", "targets", or words of a similar nature. The forward-looking statements are based on current expectations and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others: general economic and business conditions which will, among other things, impact demand for and market prices of the Company's products; foreign currency exchange rates; economic conditions in the countries and regions in which the Company conducts business; political uncertainty, including actions of or against terrorists, insurgent groups or other conflict including conflict between states; industry capacity; ability of the Company to implement its business strategy, including exploration and development activities; impact of competition; availability and cost of seismic, drilling and other equipment; ability of the Company to complete its capital programs; ability of the Company to transport its products to market; potential delays or changes in plans with respect to exploration or development projects or capital expenditures; ability of the Company to attract the necessary labour required to build its projects; operating hazards and other difficulties inherent in the exploration for and production and sale of crude oil and natural gas; availability and cost of financing; success of exploration and development activities; timing and success of integrating the business and operations of acquired companies; production levels; uncertainty of reserve estimates; actions by governmental authorities; government regulations and the expenditures required to comply with them (especially safety and environmental laws and regulations); asset retirement obligations; and other circumstances affecting revenues and expenses. Our domestic operations are subject to governmental risks that may impact our operations. Our domestic operations have been, and at times in the future may be affected by political developments and by federal, provincial and local laws and regulations such as restrictions on production, changes in taxes, royalties and other amounts payable to governments or governmental agencies, price or gathering rate controls and environmental protection regulations. The impact of any one factor on a particular forward-looking statement is not determinable with certainty as such factors are interdependent upon other factors, and the Company's course of action would depend upon its assessment of the future considering all information then available. Statements relating to "reserves" are deemed to be forward-looking statements as they involve the implied assessment based on certain estimates and assumptions that the reserves described can be profitably produced in the future. Readers are cautioned that the foregoing list of important factors is not exhaustive. Although the Company believes that the expectations conveyed by the forward-looking statements are reasonable based on information available to it on the date such forward-looking statements are made, no assurances can be given as to future results, levels of activity and achievements. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Except as required by law, the Company assumes no obligation to update forward-looking statements should circumstances or Management's estimates or opinions change.
For further information, please contact: CANADIAN NATURAL RESOURCES LIMITED 2500, 855 - 2nd Street S.W. Calgary, Alberta T2P 4J8 TELEPHONE: (403) 514-7777 ALLAN P. MARKIN DOUGLAS A. PROLL Chairman Chief Financial Officer and FACSIMILE: (403) 514-7888 Senior Vice-President, Finance EMAIL: ir@cnrl.com JOHN G. LANGILLE WEBSITE: www.cnrl.com Vice-Chairman COREY B. BIEBER Vice-President, TRADING SYMBOL - CNQ STEVE W. LAUT Finance & Investor Relations Toronto Stock Exchange President and New York Stock Exchange Chief Operating Officer
EX-99 4 ex99-3form6k_110507.txt EXHIBIT 99.3 EXHIBIT 99.3 ------------ - ------------------------------------------------------------------------------- [GRAPHICS OMITTED - LOGO, PHOTOGRAPHS] - --------------- News Release ------------- --------------- ------------ Discipline Opportunity Strategy - ------------------------------------------------------------------------------- CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES DIVIDEND CALGARY, ALBERTA - NOVEMBER 1, 2007 - FOR IMMEDIATE RELEASE Canadian Natural Resources Limited announces its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.085 (eight and one half cents) per common share. The dividend will be payable January 1, 2008 to shareholders of record at the close of business on December 14, 2007. Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore West Africa.
For further information, please contact: CANADIAN NATURAL RESOURCES LIMITED 2500, 855 - 2nd Street S.W. Calgary, Alberta T2P 4J8 TELEPHONE: (403) 514-7777 ALLAN P. MARKIN DOUGLAS A. PROLL Chairman Chief Financial Officer and FACSIMILE: (403) 514-7888 Senior Vice-President, Finance EMAIL: ir@cnrl.com JOHN G. LANGILLE WEBSITE: www.cnrl.com Vice-Chairman COREY B. BIEBER Vice-President, TRADING SYMBOL - CNQ STEVE W. LAUT Finance & Investor Relations Toronto Stock Exchange President and New York Stock Exchange Chief Operating Officer
Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. -----END PRIVACY-ENHANCED MESSAGE-----