CNRL Links Oil Sands Growth to New West Coast Pipeline

Canadian Natural Resources reported first-quarter adjusted profit of C$1.17 per share, beating analyst estimates of C$1.01. The outperformance followed record production at its Jackfish thermal site, which reached 134,396 barrels per day and exceeded maximum capacity. President Scott Stauth said future oil sands expansion depends on securing a new crude export pipeline to the Pacific coast.

### Infrastructure Limits Future Output Stauth told analysts during a midday conference call on May 7 that a proposed 1 million-barrel-per-day pipeline to the British Columbia coast is essential for growth. Canadian Natural's total output rose to 1.64 million barrels of oil equivalent per day in the three months ended March 31, up from 1.58 million boepd a year earlier. The company has paused a 150,000 bpd expansion at its Jackpine site until pipeline capacity is secured.