Canadian Natural's cuts a blow to oil patch
Company scales back Horizon spending as list of stalled oil sands projects grows; 'this environment is scary'
NORVAL SCOTT
November 7, 2008
CALGARY -- The bulk of the next phase of the oil sands is effectively on hold.
Canadian Natural Resources Ltd. slashed spending yesterday on its Horizon oil sands project, its biggest development ever, because of spiralling costs and lower oil prices, joining a long list of producers that have significantly scaled back or altered their plans.