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Canadian Natural Resources Limited has decided to slash its 2015 capital spending plan.

It is cutting back by $2.4 billion dollars –  or nearly 30 per cent.

CNRL says it will reduce drilling at its North American and international conventional oil and gas operations, but it’s leaving the budget for its Horizon oil sands project intact.

It will spend $6.2 billion on growth projects, down from an earlier target of $8.6 billion.

It will also drop to seven per cent – from an earlier projected 11 per cent – its increased production of crude oil and natural gas liquids over last year.

In addition the company has left open the door for more spending cuts as the year progresses.

 

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