Post Tagged with: "Canadian Natural"

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…]

Shell Selling All 98 Million Shares of Canadian Natural Resources for $3.3 Billion

Shell Selling All 98 Million Shares of Canadian Natural Resources for $3.3 Billion

From CBC Shell obtained the shares last year when it sold its oil sands properties Royal Dutch Shell is selling its entire stake in Canadian Natural Resources for $3.3 billion US. The Dutch oil giant says it will use proceeds of the sale of almost 98 million shares — about eight per cent of the company — to pay down debt. Shell got its stake in CNR last year when it sold its interest in a number of oil sands assets to CNR for $11 billion, who paid for the projects through a combination of cash and stock. Once the deal closes on Wednesday, Shell’s only ownership stake in Alberta’s oilsands will be a 10 per cent share of the Athabasca Oil Sands Project, the vast majority of which is owned by CNR and Chevron.  

May 8, 2018 - 5:03 pm Closing Bell Story, Energy News
Canadian Natural Resources, Suncor, Cenovus Face Cutting Oil Output During Transport Crunch

Canadian Natural Resources, Suncor, Cenovus Face Cutting Oil Output During Transport Crunch

From Reuters/Globe and Mail Canadian Natural Resources Ltd (CNRL) , one of Canada’s biggest oil and gas producers, will produce less than expected this spring, it said on Thursday, as transport bottlenecks pressure prices of Canadian heavy crude. Tight capacity on pipelines and rail lines from the province of Alberta early this year led to the biggest discount in four years on Canadian heavy crude compared to U.S. benchmark light oil. The space crunch has since abated, shrinking the discount closer to normal levels. It has, however, hampered shipments to U.S. Gulf of Mexico refiners that depend on heavy crude instead of the U.S. light oil being produced in abundance from shale rock. Calgary-based CNRL forecast production in the current second quarter of 1.054 million barrels of oil equivalent per day, missing analysts’ average estimate of 1.134 million, investment bank Tudor, Pickering, Holt & Co said in a note. Forecast[Read More…]

May 3, 2018 - 3:54 pm Closing Bell Story, Energy News, Oil Sands