The Financial Post reports in its Friday, Nov. 1, edition that Canadian Natural Resources plans to increase its crude shipments on the expanded Trans Mountain Pipeline by 75,000 barrels per day, reaching 169,000 bbl/d starting in December. The Post's Meghan Potkins writes that This announcement follows a $2.27-billion profit in the third quarter, the first since the pipeline began commercial operations. President Scott Stauth confirmed the company secured additional pipeline capacity previously held by Petrochina. He said: "When you take a look at the opportunities off the West Coast to further expand and diversify to additional refining destinations, that provides a significant forward-looking opportunity for us. It helps the [Western Canadian sedimentary basin] maintain very competitive heavy oil netbacks, stabilizes the market more so than it ever was before." CNRL has been on the hunt for additional capacity this year after hiking contracted crude shipments by 55,000 bbl/d to the U.S. Gulf Coast on the Flanagan South pipeline in the first quarter. Despite the moves to diversify its market access, the Calgary-based company still felt the sting of weakening global oil prices and low demand for Canadian natural gas.
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