Canadian Natural Resources reported an 89% fall in quarterly profit, hurt by weak oil and gas prices.
The oil producer, whose North Sea assets include the Ninian, Murchison and Tiffany fields, cut its 2016 capital expenditure to C$3.5-C$3.9billion, from a previous range of C$4.5-C$5billion.
CNR said it expects to produce between 809,000 and 868,000 barrels of oil equivalent per day in 2016, about 2% less than 2015 annual production volumes.
The Calgary, Alberta-based company’s net earnings fell 89% to C$131 million ($97.48 million), or 12 Canadian cents per share, in the fourth quarter of 2015 from C$1.20 billion, or C$1.09 per share, a year earlier.
Excluding one-time items, it posted a loss of 4 cents per share.
Revenue fell more than 36% to C$2.79 billion.
President Steve Laut, said it was a strong operational year for the firm, despite the significant drop in commodity prices.
“In 2015, we were able to reduce original budgeted capital spending by $3.4 billion, but still delivered 8% production growth.
“2016 is a milestone year for Canadian Natural with the start-up of Horizon Phase 2B just 7 months away. The company’s transition to a long life, low decline asset base continues.”