And how do we think about the product yield afterwards particular between premium synthetic and heavy synthetic? Renowned Canadian investor Iain Butler just named 10 stocks for Canadians to buy TODAY. That was there nameplate, but what they were doing is essentially using some of the Albian production, as well as purchasing third-party barrels to match their -- fill up the upgrader. When appropriate, Canadian Natural augments these plans with a disciplined hedge program which strives to provide adjusted funds flow certainty in the short term, such that the capital plans made by the Company are prudently financeable. As crude markets collapsed during the first half of this year, Canada’s oil producers held back on hedging on concern they would lock in prices at barely break-even rates.
See you at the top!
Can you give us -- can you provide some color as to when the current Horizon mine pit will be completed and when you would expect to need to start executing on work to extend through Horizon South?
We aim to create a safe and valuable space for discussion and debate. Founded in 1993 by brothers Tom and David Gardner, The Motley Fool helps millions of people attain financial freedom through our website, podcasts, books, newspaper column, radio show, and premium investing services. So we were basically pacing or restricting our production at Albian to match Scotford. As well as part of the Company's overall strategy to maximize value and enhance margins, the Scotford Upgrader is targeting to increase capacity to approximately 320,000 barrels per day in Q3 of this year, which will match the capacity of the Albian mines. Thank you, operator.
Balance between short, medium and long-term projects also provides more visibility to future growth initiatives.
Canadian Natural recently acquired natural gas player Painted Pony Energy for $455 million; a deal thought I thought was one of the biggest steals of the year. Dozens of them routinely use derivatives contracts such as swaps or options to provide a guaranteed price on future oil production, often to appease lenders who want secure cash flow. And the Canadian oil and gas sector is committed to do even better in the future. Next question comes from Dennis Fong with Canaccord Genuity. In the downside scenario, Canadian oil sands mining and upgrading projects are advantaged with long-life, no decline, no reserve replacement cost or risk.
Developing People - Building Sustainable Communities, Doing it Right - Innovation in Reclamation and Decommissioning, With Fun and Integrity - Employee Initiatives, Our Stories of Strength and Resilience During COVID-19, Empowering our People Through Training and Development, Research Collaboration Improving Industry Performance, Accounts Payable (AP) Onboarding Instructions. As a result, Horizon ran at restricted rates of approximately 170,500 barrels per day and returned to full rates by January 19th. Right now, we're going into breakup.
Our financial results throughout 2019 demonstrate our commitment to effective and efficient operations, our capital and operating discipline and our effective execution on our four pillars of capital allocation. So a total of 190,000 barrels a day of additional egress capacity.
But there’s deep value to be had in the energy sector right now. We view this as a low-risk approach to value creation as emphasis is placed on maximizing the value of already discovered resource versus trying to find the next major pool.
Starting with thermal. Finally, available liquidity represented by bank facilities and cash at quarter end was approximately CAD4.9 billion, an increase of approximately CAD200 million over Q3 2019 levels, providing flexibility to manage through the business and commodity price cycles. “At the end of the day, it all comes out as noise and confusion and uncertainty, and what investors do with uncertainty is say, ‘I’m just going to sell.’”. It's one of these excellent opportunities, where we're able to leverage our infrastructure and capture value.
Impressive results, given our proactive decision to replace piping at our hydrogen plant at Horizon in the fourth quarter. There were some debottlenecking. Who should supply that energy should be those that deliver the highest ESG standards and the lowest greenhouse gas intensity. “The market does tend to overreact, especially when you have a lot of machines involved in indiscriminate selling,” she said. Suncor is battening down the hatches to better survive what could be many further plunges in the price of oil. Nobody knows. Ramping up production at Kirby North and additional cost synergies captured a Jackfish. We have a robust sustainable free cash flow. And for the record, 100% of Canadian Natural's Alberta Oil Sands in situ and mining emissions are third-party verified. It's very clear that delivering Canada's oil and natural gas to global markets should be a climate change and economic priority for Canada. So we don't look at that we have to spend the money, but we will monitor the pricing on a go-forward basis, and just make those decisions as we move through the year. But I think if you look at the cash flow, and again, we've talked about the asset base sustainability of the free cash flow. Llooking ahead, we are seeing both positive elements, not only on the brownfield side, the incremental opportunities across the board, but TMX as well. There are far too many uncertainties to predict where oil is headed over the near- to medium-term. Shares have lost about 2.4% in that time frame. Since completing the AOSP acquisition in 2017, Canadian Natural has successfully increased gross production capacity at the Albian mines by approximately 40,000 barrels per day to 320,000 barrels per day, representing a 14% increase in capacity, while reducing AOSP's operating costs by approximately 34% or CAD10 a barrel, since the announcement of the acquisition through increased reliability, process improvements and optimization projects; a great job by our teams. For both Mr. McCrea and Ms. Lau, the overarching theme in the oil markets is uncertainty around the coronavirus – how much it will spread and to which countries, and the number of fatalities and international quarantines.
Obviously, what's really -- what's happened with the great work of our team at Albian is that, the Albian mine has now been able to outpace the upgrader.
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