Post Tagged with: "Canadian Natural Resources"

Canadian Natural Resources Limited announces 2020 budget

Canadian Natural Resources Limited announces 2020 budget

Oil and Gas 360 CALGARY, Alberta, Dec. 04, 2019 (GLOBE NEWSWIRE) — Commenting on the Company’s 2020 budget, Steve Laut, Executive Vice-Chairman of Canadian Natural stated, “Canadian Natural’s ability to generate significant and sustainable free cash flow sets us apart from our peers. Our focus on capital discipline, as a part of our four pillars of capital allocation, operational excellence and leveraging our competitive advantages drives economic asset development, significant margin growth and a strong balance sheet.” Canadian Natural’s President, Tim McKay, added, “The Company is unique, sustainable and robust, driven by our large, Long Life Low Decline asset base, effective and efficient operations, disciplined capital allocation and a strong balance sheet. Our 2020 capital budget of $4.05 billion, delivers targeted production of approximately 1,172,000 BOE/d at mid-point of guidance, resulting in approximately 9% production per share growth in a curtailed environment, as we allocate capital to the highest return[Read More…]

December 4, 2019 - 1:30 pm Canada, Closing Bell Story, Energy News
Canada’s Largest Oil Producer Joins Opposition to Enbridge Pipeline Plan

Canada’s Largest Oil Producer Joins Opposition to Enbridge Pipeline Plan

From Reuters Canadian Natural Resources Ltd, the country’s biggest oil producer, has joined a number of other firms asking Canada’s energy regulator to intervene in Enbridge Inc’s plan to overhaul shipping contracts on its Mainline pipeline network. Canadian Natural’s letter to the National Energy Board (NEB), filed late on Monday, calls on the regulator to delay Enbridge’s proposal to switch to long-term, fixed-volume contracts on 90% of the Mainline. ConocoPhillips Canada, a unit of the U.S. oil major, also wrote to the NEB on Monday asking for the process to be delayed because of the “avoidable uncertainty” it created for Canadian producers. Suncor Energy Inc, MEG Energy Corp, Royal Dutch Shell Plc, Japan Canada Oil Sands Ltd (JACOS) and the Explorers and Producers Association of Canada previously wrote to the regulator expressing concerns about the planned changes. Enbridge launched a two-month open season on Aug. 2 to solicit bids for[Read More…]

Canadian Oil Companies See Output Cuts Easing as Rail Capacity Grows

Canadian Oil Companies See Output Cuts Easing as Rail Capacity Grows

From Reuters Major Canadian oil companies, which publicly disagreed over the Alberta government’s forced curtailments this year, are in lockstep over how to end the production limits and reinvigorate the battered industry. Senior executives from Suncor Energy, Canadian Natural Resources, Imperial Oil Ltd and Cenovus Energy said at a TD Securities investor conference in Calgary on Tuesday that they are in talks with Premier Jason Kenney’s Alberta government. The discussions center on ending the mandatory cuts just as added rail capacity to move crude comes online. The previous government of Canada’s major oil-producing province imposed curtailments in January in a rare step to drain a glut of oil in storage and lift prices. Congested pipelines have caused the Canadian industry’s growth to lag that of other countries such as the United States, and soured investors. “If we could lift production and rail (movement) at the same time, it all kind[Read More…]

Source: Canadian Natural Resources

Devon Energy Sells Canada for $2.8 Billion

By Tyler Losier, Energy Reporter, Oil & Gas 360 Devon looks to focus on oil-based growth in U.S., departs Canada Canadian Natural Resources Limited (stock ticker: CNQ) inked a deal this Wednesday to acquire Devon Energy Corp.’s (stock ticker: DVN) Canadian assets for a cash purchase price of approximately US$2.8 billion (CAD $3.8 billion). The deal is expected to close in late June, contingent on normal closing conditions and regulatory approval. In a press release, Devon called the move a “strategic exit,” citing a desire to focus exclusively on U.S. oil as the motivating factor for the sale. On the other side of the coin, the land in question is located proximate to Canadian Natural’s assets in the western portion of the co… Login or click here to subscribe Username or E-mail Password Remember Me     Forgot Password

Canadian Natural Resources Raises $527 Million with Cold Lake Pipeline Sale

Canadian Natural Optimism Up on Oil Curtailments, Crude-by-Rail Rebound

From the Canadian Press/Fort McMurray Today Fears of another Alberta oil price crisis are ebbing thanks to the government’s production curtailment program and improving crude-by-rail profitability, says the president of oilsands producer Canadian Natural Resources Ltd. But anxiety about a return to the steep price discounts of last fall won’t disappear until new pipelines are built and flaws are fixed in the way barrels are nominated to be placed on the Mainline export pipeline system, Tim McKay said Thursday. The former NDP provincial government-imposed production cuts on Jan. 1 to free up pipeline space and draw down a glut of oil that had resulted in widening differentials between bitumen-blend Western Canadian Select oil prices and U.S. benchmark West Texas Intermediate. The differentials came down so suddenly after the plan was announced in December that the advantage of sending crude by rail to the U.S. Gulf Coast refinery complex for better[Read More…]

May 10, 2019 - 12:27 pm Closing Bell Story, Energy News
Source: Canadian Oil Sands Ltd.

Canadian Oil Sands: Producers Weigh In On Curtailments, Historically High Differentials, Transporting Oil Out

Q4 earnings caps a wild quarter By Richard Rostad, analyst, Oil & Gas 360 Two major Canadian oil sands producers, Canadian Natural Resources (ticker: CNQ) and Meg Energy (ticker: MEG) held conference calls late this week, providing a glimpse of the thoughts of two of the largest producers in the country. As might be expected, both companies experienced wild quarters in Q4 2018. As Steve Laut with CNQ put it, “The Canadian oil market was very rocky in the fourth quarter with dysfunctional marketplace dynamics driving historically high differentials for both heavy and light oil in Canada.” MEG President and CEO Derek Evans echoed these thoughts, saying “I’m sure it’s no surprise to anyone who follows this industry closely that the … Login or click here to subscribe

Source: Energybc.ca

Delivering Game Changing Environmental Performance: ‘More Canadian Oil and Gas on the Global Market will Reduce GHG Emissions’ – CNQ Exec. Vice Chairman

“It’s not 2009 anymore” By Richard Rostad, analyst, Oil & Gas 360 The Canadian oil sands have often been criticized as a particularly environmentally unfriendly source of oil, but Canadian Natural Resources (stock ticker: CNQ) disagrees. CNQ’s Executive Vice Chairman Steve Laut laid out the environmental case for the company’s activities in its conference call yesterday, explaining “When it comes to environmental performance, Canadian Natural and indeed the entire Canadian oil and gas sector has delivered game-changing performance. Canadian Natural and Canada’s oil and gas sector recognize the need to reduce greenhouse gas emissions, and we’ve been able to leverage technology and Canadian ingenuity delivering impressive results.”… Login or click here to subscribe

Notley Leaves Alberta Oil Industry Hanging on Output-Cut Idea

Notley Leaves Alberta Oil Industry Hanging on Output-Cut Idea

From Bloomberg Premier makes no mention of curtailment in Toronto speech CTV Interview Wednesday had raised expectation that she would   Alberta Premier Rachel Notley reiterated her call for Canadians to support new oil pipelines and improve two energy bills at a speech in Toronto, but made no mention of whether she’ll mandate crude-production cuts. Suffering from record-low prices because of a supply glut, many producers in the oil-rich province have been asking Notley to mandate a temporary curtailment that would help reduce the amount of crude in storage. Notley told Canada’s CTV News on Wednesday that an announcement on the issue is coming “in the very immediate term,” raising some expectation that she’d announce the move at her Toronto speech. “We’ve been meeting with industry officials and experts for several weeks now and we’re trying to dig into finding the best resolution,” she told reporters in Toronto on Thursday. “You[Read More…]

November 30, 2018 - 12:13 pm Canada, Closing Bell Story, Energy News, International
Canadian Natural Resources Eyes Oilsands Growth Projects

Canadian Natural Resources Eyes Oilsands Growth Projects

Could add up to 95 MBOEPD From the Calgary Herald When will big growth and bigger spending come back to Canada’s oilpatch? It hasn’t happened yet, although companies are starting to cast an eye towards potential expansions as cash flow levels surge with rising oil prices. On the heels of second-quarter results that pumped out $982 million in profits — and record funds from operations of $2.7 billion — Canadian Natural Resources began sketching out details Thursday on future growth opportunities from the oilsands. The country’s largest petroleum producer is examining projects that could add up to 95,000 barrels per day of output within several years from its Horizon oilsands mine. That’s the equivalent of adding an intermediate petroleum producer to its hefty mix. In the short term, Canadian Natural Resources, which just finished a major expansion at Horizon, is working on ways to incrementally increase synthetic crude oil production[Read More…]

August 3, 2018 - 12:30 pm Canada, Closing Bell Story, Oil Sands
Canadian Natural Resources Raises $527 Million with Cold Lake Pipeline Sale

Canadian Natural Resources Buys Assets from Cenovus for $975 Million

Canadian Natural Resources Limited (ticker: CNQ) has entered into an agreement to acquire heavy oil assets in the Greater Pelican Lake region and other miscellaneous assets in northern Alberta from Cenovus Energy Inc. (ticker: CVE), for gross cash consideration of $975 million. The assets generate production of approximately 19,600 BOEPD, Canadian Natural Resources said in a press release. Cenovus plans to use proceeds from the sale against the $3.6 billion asset-sale bridge facility put in place to help fund Cenovus’s acquisition of assets from ConocoPhillips earlier this year, the company said in a statement. Cenovus intends to retire the first tranche of the bridge facility, the company said. The remaining two tranches mature in November 2018 and May 2019. “This represents a significant first step in our strategy to optimize our asset portfolio and deleverage our balance sheet as planned following the acquisition of the ConocoPhillips assets,” said Brian Ferguson,[Read More…]

Canadian Natural Resources Raises $527 Million with Cold Lake Pipeline Sale

Canadian Natural Resources Pays Shell, Marathon $8.24 Billion

 CNQ finalizes acquisition of 70% of Athabasca Oil Sands Project Canadian Natural Resources Limited (ticker: CNQ) announced today that it has completed the acquisition of 70% of the Athabasca Oil Sands Project. The remaining 30% of the working interest is broken down between Chevron Canada Limited—which retains 20% and Shell Canada Limited—which retains 10%, according to a press release on May 31st, 2017. Shell was awarded 97.56 million common shares of Canadian Natural, and a cash payment of $8.24 billion was made to Shell and Marathon Oil Corporation. A remaining payment of $375 million dollars will also be made to Marathon Oil by Q1 of 2018. Canadian Natural will begin full operation of the Athabasca Oil Sands as of June 1st, 2017 and intends to produce between 173,000-191,000 BOPD. Additionally, the Peace River properties, of which Canadian Natural now holds a 100% interest, are expected to produce between 12,000-14,000 BOPD.[Read More…]

Shell Divests $7.3 Billion Worth of Oil Sands, Ties Executive Bonuses to Carbon Emissions

Shell Divests $7.3 Billion Worth of Oil Sands, Ties Executive Bonuses to Carbon Emissions

Shell exits upstream oil sands operations, but keeps its refineries Royal Dutch Shell (ticker: RDSA) announced Thursday the signing of two agreements that will see all of the company’s in-situ and undeveloped oil sands interest in Canada old and reduce its share in the Athabasca Oil Sands Project (AOSP) from 60% to 10%, according to a press release put out by the company. The combination of the two transactions will net Shell $7.3 billion. Under the first agreement, Shell will sell to a subsidiary of Canadian Natural Resources (ticker: CNQ) s entire 60% interest in AOSP, its 100% interest in the Peace River Complex in-situ assets, and a number of undeveloped oil sands leases in Alberta, Canada. Consideration from Canadian Natural is approximately $8.5 billion, comprised of $5.4 billion in cash plus around 98 million CNQ shares currently valued at $3.1 billion. Separately and under the second agreement, Shell and[Read More…]

Canadian Natural Resources Raises $527 Million with Cold Lake Pipeline Sale

Canadian Natural Resources Raises $527 Million with Cold Lake Pipeline Sale

Canadian Natural Resources Limited (ticker: CNQ) said it has reached an agreement to sell all of its interests in the Cold Lake Pipeline to Inter Pipeline Ltd. The transaction consists of the monetization of the Company’s entire 15% ownership interest of Cold Lake Pipeline Ltd. and its 14.7% ownership interest in the Cold Lake Limited Partnership. When the deal closes CNQ will receive gross proceeds of $350 million in cash and 6,417,740 common shares of Inter Pipeline at an ascribed value of $177.5 million for total value of approximately $527.5 million, the company said in a press release. The transaction is targeted to close in 2016. Canadian Natural said it retained BMO Capital Markets to act as financial advisor for the transaction. Canadian Natural expects to record an after-tax gain on disposition of approximately $200 million, based upon preliminary value allocations. To transport its Kirby North volumes, Canadian Natural has[Read More…]

Oilsands Separation Cell Source: ostseis.anl.gov

Canadian Natural Resources Set to Restart Oil Sands Development

Canadian Natural Resources decides to move forward with the Kirby North project The entire oil and gas industry has faced a difficult time with low oil prices since late 2014, but perhaps none more than oil sands producers, which were forced to put off high-cost projects as oil prices rapidly declined. Companies like Canadian Natural Resources (ticker: CNQ), which produced 104.9 MBOPD of crude from its Horizon Oil Sands mining project in Q3, were forced to put future projects on hold as the value of oil fell into uneconomic territory. In the company’s third-quarter press release Thursday, CNQ said that it now feels confident enough to restart the development of its Kirby North oil sands project, and start the third phase of the Horizon expansion. The restart of Kirby North is the first example of an oil sands producer restarting a deferred major project since the crash in oil prices[Read More…]

Canadian Natural Resources and PrairieSky Form the Largest Royalty Position in Canada

Canadian Natural Resources and PrairieSky Form the Largest Royalty Position in Canada

PrairieSky to purchase Canadian Natural assets for C$1.8 billion Canadian oil major Canadian Natural Resources (ticker: CNQ) announced today that PrairieSky Royalty (ticker: PSK) will purchase assets from CNR to for the largest fee simple mineral title and royalty positions in Western Canada. PrairieSky will acquire a portion of Canadian Natural’s royalty assets for total consideration of C$1.8 billion (USD$1.36 billion), consisting of C$680 million in cash and the issuance of approximately 44.4 million PSK common shares at an ascribed price of $25.20 per common share, according to a company press release.   PrairieSky, the royalty business spun off by Encana Corp. (ticker: ECA) last year, will acquire approximately 81% of Canadian Natural’s royalty volumes (approximately 6,700 BOEPD) for its C$1.8 billion consideration. The assets consist of approximately 5.4 million acres of royalty lands throughout Western Canada, including 2.2 million acres of fee simple mineral title land. In an investor[Read More…]

Canadian Natural Resources Announces Q2 and Dividend

Canadian Natural Resources Announces Q2 and Dividend

Canadian Natural Resources Limited Announces 2015 Second Quarter Results Commenting on second quarter results, Steve Laut, President of Canadian Natural stated, “Canadian Natural is in a strong position. Our strong, diverse and well balanced asset base, and the effectiveness of our strategies, combined with our ability to execute these strategies, allows us to react quickly in this challenging commodity price environment. In the second quarter, we delivered operationally, achieving record gas production at 1.779 Bcf/d, which exceeded production guidance and increased 9% over the same quarter in 2014. Oil production was strong, and we expect to deliver annual oil production at the midpoint of guidance despite the forest fire impact on second quarter oil production. Canadian Natural’s operations continue to be effective and efficient. We have been able to achieve significant cost savings through better effectiveness, efficiency and innovation. Both operating and capital costs were down significantly from the second[Read More…]

August 6, 2015 - 3:44 pm Canada
Canadian Natural Resources Prices 5 Year Notes

Canadian Natural Resources Prices 5 Year Notes

Canadian Natural Resources Limited Prices C$500 Million in 5 Year Notes Canadian Natural Resources Limited (CNQ) (CNQ) (“Canadian Natural” or the “Company”) announces that on June 3, 2015 it priced C$500 million principal amount of notes through the reopening of its 2.89% medium-term notes, series 2, due August 14, 2020 sold at a price of C$101.932 per $100 principal amount to yield 2.49% to maturity, which have been sold to investors in Canada. Net proceeds from the sale of the notes will be used for general corporate purposes relating to the Company’s core regions of operations. The Company may also use the net proceeds for repayment of indebtedness. CIBC World Markets Inc. and RBC Dominion Securities Inc. acted as joint lead agents and joint bookrunners for the offering. BMO Nesbitt Burns Inc., Scotia Capital Inc., Altacorp Capital Inc., Desjardins Securities Inc., and Merrill Lynch Canada Inc. acted as co-agents. The[Read More…]

June 3, 2015 - 6:44 pm Canada