Dominion Lending Centres Clearlease Reports Canadian Natural (TSX:CNQ) says repairs half complete

Dominion Lending Centres Clearlease Reports Canadian Natural (TSX:CNQ) says repairs at fire-damaged Horizon plant are half complete

VANCOUVER, BC – (May 6, 2011) Clearlease Reports Repairs at Canadian Natural Resources Ltd.’s fire-stricken Horizon oilsands upgrader are about half complete, and the company is revamping its safety procedures for when operations resume this summer.

Most of the materials needed to rebuild are on site, and work is underway to assemble the coking units, said Real Doucet, senior-vice president of the Horizon project.

“Overall on the coker rebuild progress, 50 per cent of the job has been accomplished,” he told an analyst conference call Friday.

Five workers were injured when a blast tore through the coker at Canadian Natural’s oilsands upgrader in January, which converts the tar-like bitumen it mines into a type of crude refineries can handle.

Two of the four coker drums are expected to come back online in June, after which Horizon will be able to produce about 55,000 barrels of oil per day. Work is about 70 per cent complete on cokers 2A and 2B, which sustained lighter damage in the fire.

The remaining drums are expected to restart by the end of the third quarter, and full production of 110,000 barrels per day should kick in shortly thereafter.

Investors welcomed the news on Friday, pushing shares in Canadian Natural up by about two per cent.

The stock was at $42.05 in afternoon trading on the Toronto Stock Exchange, a gain of 81 cents.

The repairs are now expected to cost between $350 million and $450 million — above the $300 million to $400 million range Canadian Natural forecast during its fourth-quarter conference call.

Peter Janson, the senior executive who oversees operations at Horizon, said Canadian Natural had to deal with a lot of “collateral damage” in addition to the direct damage caused by the fire.

“Because of the restricted access due to the hazards and risks associated with the damaged overhead derrick structure at the time, systems couldn’t be properly purged or drained,” he told the conference call.

“That, combined with frigid temperatures experienced in early January caused extensive freezing and damage.”

Design changes are being made to the facility to add more layers of protection in the event of a fire, and employees at the Horizon site are being trained and tested on safety protocols on site.

“In order to prepare for operations, a significant amount of work has been completed to ensure that we have a safe and reliable plant as well as the right operating discipline prior to startup,” Janson said.

“With the completion of these initiatives, I know we will be ready to operate.”

On Thursday, Calgary-based Canadian Natural (TSX:CNQ) said it earned $46 million, or four cents per share, for the quarter ended March 31 compared with a profit of $735 million or 67 cents per share a year earlier.

Revenue after royalties totalled $2.95 billion, down from $3.23 billion.

Canadian Natural reported adjusted earnings for the quarter of $228 million or 21 cents per share compared with $639 million or 58 cents per share a year ago.

Analysts polled by Thomson Reuters were on average expecting earnings of 33 cents per share and revenues of $2.74 billion.

“As we had anticipated, Horizon weighed heavily on Q1 results, with minimal production/revenue against large fixed operating costs,” said CIBC World Markets analyst Andrew Potter in a note to clients Friday.

Potter added the worst of the Horizon problems are likely over.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk

Dominion Lending Centres Clearlease Reports Canadian Natural (TSX:CNQ) says repairs half complete

VANCOUVER, BC – (May 6, 2011) Clearlease Reports Repairs at Canadian Natural Resources Ltd.’s fire-stricken Horizon oilsands upgrader are about half complete, and the company is revamping its safety procedures for when operations resume this summer.

Most of the materials needed to rebuild are on site, and work is underway to assemble the coking units, said Real Doucet, senior-vice president of the Horizon project.

“Overall on the coker rebuild progress, 50 per cent of the job has been accomplished,” he told an analyst conference call Friday.

Five workers were injured when a blast tore through the coker at Canadian Natural’s oilsands upgrader in January, which converts the tar-like bitumen it mines into a type of crude refineries can handle.

Two of the four coker drums are expected to come back online in June, after which Horizon will be able to produce about 55,000 barrels of oil per day. Work is about 70 per cent complete on cokers 2A and 2B, which sustained lighter damage in the fire.

The remaining drums are expected to restart by the end of the third quarter, and full production of 110,000 barrels per day should kick in shortly thereafter.

Investors welcomed the news on Friday, pushing shares in Canadian Natural up by about two per cent.

The stock was at $42.05 in afternoon trading on the Toronto Stock Exchange, a gain of 81 cents.

The repairs are now expected to cost between $350 million and $450 million — above the $300 million to $400 million range Canadian Natural forecast during its fourth-quarter conference call.

Peter Janson, the senior executive who oversees operations at Horizon, said Canadian Natural had to deal with a lot of “collateral damage” in addition to the direct damage caused by the fire.

“Because of the restricted access due to the hazards and risks associated with the damaged overhead derrick structure at the time, systems couldn’t be properly purged or drained,” he told the conference call.

“That, combined with frigid temperatures experienced in early January caused extensive freezing and damage.”

Design changes are being made to the facility to add more layers of protection in the event of a fire, and employees at the Horizon site are being trained and tested on safety protocols on site.

“In order to prepare for operations, a significant amount of work has been completed to ensure that we have a safe and reliable plant as well as the right operating discipline prior to startup,” Janson said.

“With the completion of these initiatives, I know we will be ready to operate.”

On Thursday, Calgary-based Canadian Natural (TSX:CNQ) said it earned $46 million, or four cents per share, for the quarter ended March 31 compared with a profit of $735 million or 67 cents per share a year earlier.

Revenue after royalties totalled $2.95 billion, down from $3.23 billion.

Canadian Natural reported adjusted earnings for the quarter of $228 million or 21 cents per share compared with $639 million or 58 cents per share a year ago.

Analysts polled by Thomson Reuters were on average expecting earnings of 33 cents per share and revenues of $2.74 billion.

“As we had anticipated, Horizon weighed heavily on Q1 results, with minimal production/revenue against large fixed operating costs,” said CIBC World Markets analyst Andrew Potter in a note to clients Friday.

Potter added the worst of the Horizon problems are likely over.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk

Dominion Lending Centres Clearlease Reports Canadian Natural (TSX:CNQ) says repairs at fire-damaged Horizon plant are half complete

VANCOUVER, BC – (May 6, 2011) Clearlease Reports Repairs at Canadian Natural Resources Ltd.’s fire-stricken Horizon oilsands upgrader are about half complete, and the company is revamping its safety procedures for when operations resume this summer.

Most of the materials needed to rebuild are on site, and work is underway to assemble the coking units, said Real Doucet, senior-vice president of the Horizon project.

“Overall on the coker rebuild progress, 50 per cent of the job has been accomplished,” he told an analyst conference call Friday.

Five workers were injured when a blast tore through the coker at Canadian Natural’s oilsands upgrader in January, which converts the tar-like bitumen it mines into a type of crude refineries can handle.

Two of the four coker drums are expected to come back online in June, after which Horizon will be able to produce about 55,000 barrels of oil per day. Work is about 70 per cent complete on cokers 2A and 2B, which sustained lighter damage in the fire.

The remaining drums are expected to restart by the end of the third quarter, and full production of 110,000 barrels per day should kick in shortly thereafter.

Investors welcomed the news on Friday, pushing shares in Canadian Natural up by about two per cent.

The stock was at $42.05 in afternoon trading on the Toronto Stock Exchange, a gain of 81 cents.

The repairs are now expected to cost between $350 million and $450 million — above the $300 million to $400 million range Canadian Natural forecast during its fourth-quarter conference call.

Peter Janson, the senior executive who oversees operations at Horizon, said Canadian Natural had to deal with a lot of “collateral damage” in addition to the direct damage caused by the fire.

“Because of the restricted access due to the hazards and risks associated with the damaged overhead derrick structure at the time, systems couldn’t be properly purged or drained,” he told the conference call.

“That, combined with frigid temperatures experienced in early January caused extensive freezing and damage.”

Design changes are being made to the facility to add more layers of protection in the event of a fire, and employees at the Horizon site are being trained and tested on safety protocols on site.

“In order to prepare for operations, a significant amount of work has been completed to ensure that we have a safe and reliable plant as well as the right operating discipline prior to startup,” Janson said.

“With the completion of these initiatives, I know we will be ready to operate.”

On Thursday, Calgary-based Canadian Natural (TSX:CNQ) said it earned $46 million, or four cents per share, for the quarter ended March 31 compared with a profit of $735 million or 67 cents per share a year earlier.

Revenue after royalties totalled $2.95 billion, down from $3.23 billion.

Canadian Natural reported adjusted earnings for the quarter of $228 million or 21 cents per share compared with $639 million or 58 cents per share a year ago.

Analysts polled by Thomson Reuters were on average expecting earnings of 33 cents per share and revenues of $2.74 billion.

“As we had anticipated, Horizon weighed heavily on Q1 results, with minimal production/revenue against large fixed operating costs,” said CIBC World Markets analyst Andrew Potter in a note to clients Friday.

Potter added the worst of the Horizon problems are likely over.

For more information please visit us at: http://www.clearlease.com/Career-Opportunities.html

About Dominion Lending Centres Clearlease

Dominion Lending Centres Clearlease Commercial (DLC Clearlease/Clearlease.com) is a fully diversified Lease Finance Mortgage Banking Brokerage Company specializing in Equipment Leasing, Automobile Leasing, Residential, Commercial Lending/Mortgage Financing. DLC Clearlease possesses the capability to accommodate financing needs ranging from a small second Home Mortgage to a Multi-Million Dollar Commercial Projects. No mortgage is too small or too large for this integrated Company.

Equipment Lease Financing in Vancouver, Surrey, Delta, Richmond, Langley, New Westminster, North Vancouer, West Vancouver, B.C. Also offering Automobile Lease Financing and Mortgage information. Founded by the Pidgeon brothers.

You may have recently seen a Dominion Lending advertisement on such media outlets as: Global News, CTV News, CBC Television, Rogers Sportsnet or possibly heard the great Don Cherry, a Canadian Sports legend, discuss Dominion Lending Centres.

Contact DLC Clearlease.com:

Dominion Lending Centres Clearlease
HEAD OFFICE, Bentall Two, Suite 900, 555 Burrard Street, Vancouver, BC, V7X 1M8, CANADA.
Mr. Alexander Pidgeon, Editor in Chief
Tel: (604) 696-1221 ext. 199
eMail: clearlease@gmail.com
Website: http://www.clearlease.com
News: http://clearlease.com/category/equipment-lease-blog/feed/rss
Twitter: @clearlease

###

Video Link: http://youtu.be/f_kk7WJa7Uk



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