EXHIBIT 99.1
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[PHOTOGRAPHS OMITTED] [LOGO OMITTED]
THE PREMIUM VALUE, CANADIAN NATURAL
DEFINED GROWTH, INDEPENDENT
NEWS RELEASE
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CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES
THIRD QUARTER 2006 UPDATE ON THE PROGRESS OF
THE HORIZON OIL SANDS PROJECT
CALGARY, ALBERTA - OCTOBER 26, 2006 - 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").
HORIZON PROJECT STATUS SUMMARY
JUNE 30, SEPTEMBER 30, DECEMBER 31,
2006 2006 2006
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ACTUAL ACTUAL PLAN PLAN
------ ------ ---- ----
Phase 1 - Work progress (cumulative) 36% 47% 44% 55%
Phase 1 - Construction capital spending* (cumulative) 37% 48% 49% 58%
* RELATES TO OVERALL PHASE 1 PROJECT CAPITAL OF $6.8 BILLION
"Our well defined execution strategy continues to deliver as we approach the
halfway point of construction. We are seeing strong productivity and hard work
from our project team, contractors and craftsmen," commented Real Doucet,
Senior Vice-President, Oil Sands. "The Horizon Project achieved significant
construction milestones during the third quarter of 2006, while maintaining
excellent safety performance."
Our labour strategy continues to attract skilled Canadian workers from other
regions of Canada and in early October we had in excess of 3,200 craftsmen,
supervisors and employees on site. The fly-in / fly-out program was expanded
during the quarter with regular flights to cities in British Columbia,
Manitoba, Ontario, Quebec, New Brunswick and Newfoundland and Labrador.
During the third quarter of 2006, we awarded a further C$400 million of
contracts, including several that were previously deferred in order to optimize
pricing. This brings us to C$4.8 billion in awarded contracts. To date, we have
received over 600 modules and oversized loads on site and installed over half
of them. Additionally, all major plants have been passed through
hazard/operability engineering review without requiring major scope change,
providing even greater cost certainty. The construction is at a point where the
critical foundations are complete and the site is transitioning as we erect
steel, place modules and set equipment. The foundation risks are behind us and
we are advancing the above ground work at a good pace.
We continue to effectively execute our well defined strategies and at this
point in time for the work done to date (engineering, procurement and
construction) which translates to a 47% overall project completion level, we
are at our target cost forecast. Field construction itself is about one third
complete and we are transitioning into the mechanical and piping stage where we
will face many new challenges, including ongoing cost pressures on non-issued
contracts, productivity on the job site and usage of overtime.
We have now entered into the majority of our construction contracts and as we
move through the last 53% of the overall project, the aforementioned challenges
and associated cost pressures are causing cost estimates for certain isolated
pieces of the project to be above target cost. However, such cost increases are
not expected to, in aggregate, result in total costs of the project being
materially different than the original target cost of $6.8 billion. Further, we
remain on track for commissioning during the third quarter of 2008.
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ACCOMPLISHED DURING THE THIRD QUARTER OF 2006
DETAILED ENGINEERING
o Completed in excess of 90% overall detailed engineering model reviews in
all areas, reducing potential for scope changes.
o Completed all 90% 3-D model reviews.
PROCUREMENT
o Awarded in excess of C$400 million of contracts and purchase orders in the
quarter bringing awards-to-date to over C$4.8 billion, with a further C$200
million in various stages of the tender process.
o Awarded several key mechanical contracts and ordered mine shovels.
MODULARIZATION
o To date, in excess of 640 oversized loads, or 38% of Phase 1 totals, have
been transported to site. Winter freeze up will enable transportation of
ultra heavy loads similar to last winter.
CONSTRUCTION
o Completed approximately 33% of the construction effort.
o Set 295 piperack modules for total progress of 63% complete.
o Received and installed first seven Inclined Plate Separator ("IPS") units
in Froth Treatment.
o Mine Overburden Administration and Maintenance Facility were completed and
occupied.
o Completed site preparation and underground facilities.
o Camp 1 occupancy at 92%, Camp 2 occupancy at 33% and Camp 3 construction
significantly complete. |X| Commenced Tar River Diversion and Raw Water
Pond construction project.
MILESTONES FOR THE FOURTH QUARTER OF 2006
o Completion and occupation of the Bitumen Production Administration
building.
o Camp 3 ready for occupancy.
o Complete construction of Mechanically Stabilized Earth Shear Wall in the
Ore Preparation Plant.
o Commence installation of Primary Upgrading large bore piping.
o Mobilize R1 & R2 pump house contractor for piping corridors.
o Start Floatation Cell and Pump Box installation for Extraction
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 2006 will be released on
November 1, 2006. 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.
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
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 "believes", "anticipates", "expects", "plans",
"estimates", 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
PAGE 3
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terrorists or 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; the 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; the 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, 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 were 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 the Company's estimates or opinions change.
For further information, please contact:
CANADIAN NATURAL RESOURCES LIMITED
2500, 855 - 2nd Street S.W.
Calgary, Alberta
T2P 4J8
ALLAN P. MARKIN DOUGLAS A. PROLL
TELEPHONE: (403) 514-7777 Chairman Chief Financial Officer and
FACSIMILE: (403) 517-7370 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 Investor Relations
Toronto Stock Exchange President and
New York Stock Exchange Chief Operating Officer
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[PHOTOGRAPHS OMITTED] [LOGO OMITTED]
THE PREMIUM VALUE, CANADIAN NATURAL
DEFINED GROWTH, INDEPENDENT
NEWS RELEASE
- --------------------------------------------------------------------------------
CANADIAN NATURAL RESOURCES LIMITED ANNOUNCES DIVIDEND
CALGARY, ALBERTA - NOVEMBER 1, 2006 - FOR IMMEDIATE RELEASE
Canadian Natural Resources Limited announces its Board of Directors has
declared a quarterly cash dividend on its common shares of C$0.075 (seven and
one half cents) per common share. The dividend will be payable January 1, 2007
to shareholders of record at the close of business on December 15, 2006.
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
ALLAN P. MARKIN DOUGLAS A. PROLL
TELEPHONE: (403) 514-7777 Chairman Chief Financial Officer and
FACSIMILE: (403) 517-7370 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 Investor Relations
Toronto Stock Exchange President and
New York Stock Exchange Chief Operating Officer
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[PHOTOGRAPHS OMITTED] [LOGO OMITTED]
THE PREMIUM VALUE, CANADIAN NATURAL
DEFINED GROWTH, INDEPENDENT
NEWS RELEASE
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CANADIAN NATURAL RESOURCES LIMITED COMPLETES
ACQUISITION OF ANADARKO CANADA CORPORATION
CALGARY, ALBERTA - NOVEMBER 2, 2006 - FOR IMMEDIATE RELEASE
Canadian Natural Resources Limited ("Canadian Natural") announces that the
agreement ("the Arrangement") whereby Anadarko Canada Corporation ("ACC") will
become a wholly owned subsidiary of Canadian Natural has been completed
effective November 2, 2006 with no adjustments to the previously announced
aggregate consideration of US$4.075 billion.
Canadian Natural will immediately integrate ACC into its ongoing operations.
ACC's land and production base are all located in Western Canada and are high
quality, concentrated natural gas weighted assets with strong netbacks and a
long reserve life. ACC produces in excess of 350 million cubic feet of natural
gas per day and approximately 9 mbbl/d of light crude oil and NGLs production
and will provide additional upside to Canadian Natural's already strong natural
gas project portfolio in Canada. The assets also include approximately 1.5
million net undeveloped acres and key strategic facilities in the high growth
areas of Northeast British Columbia and Northwest Alberta.
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.
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
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 "believes", "anticipates", "expects", "plans",
"estimates", 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 or 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; the 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; the 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, 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.
PAGE 2
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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 were 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 the Company's estimates or opinions change.
For further information, please contact:
CANADIAN NATURAL RESOURCES LIMITED
2500, 855 - 2nd Street S.W.
Calgary, Alberta
T2P 4J8
ALLAN P. MARKIN DOUGLAS A. PROLL
TELEPHONE: (403) 514-7777 Chairman Chief Financial Officer and
FACSIMILE: (403) 517-7370 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 Investor Relations
Toronto Stock Exchange President and
New York Stock Exchange Chief Operating Officer