Canadian Natural Resources Limited posted a $131 million net profit in the fourth quarter of 2015.

“2015 was a strong operational year for Canadian Natural despite the significant drop in commodity prices,” said Steve Laut, President in a press release. “In 2015, we were able to reduce original budgeted capital spending by $3.4 billion, but still delivered 8 per cent production growth.”

The Calgary-based company has pegged its 2016 capital spending to fall anywhere between $3.5 to 3.9 billion, with approximately $2 billion of that to spent advancing the completion of Phases 2B and 3 of the Horizon oilsands expansion project.

Net earnings increased from a loss of $111 million in the third quarter of 2015 but dropped significantly from $1.2 billion in earnings in the final quarter of 2014.

Production at its Horizon oilsands project reached record levels with a daily average of 122,911 barrels of synthetic crude oil, an 11 per cent increase from 2014 levels. Operating costs at the project averaged $28.61 per barrel, a 23 per cent reduction from the year previous.