Canadian Natural Resources, Ltd.
 (CNQ)

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  • Wed, Feb. 3, 5:58 PM
    • Kinder Morgan's (NYSE:KMI) Trans Mountain pipeline expansion can be built in a way that satisfies environmental concerns, a group of Canada’s largest oil companies argued today before the National Energy Board.
    • The lawyer acting for Canadian Natural Resources (NYSE:CNQ), Suncor Energy (NYSE:SU), Imperial Oil (NYSE:IM), Cenovus Energy (NYSE:CVE) and others, said the NEB panel should weigh the benefits of the pipeline against both the risks of a potential spill as well as the risk-mitigation measures KMI has planned for the line.
    • BP Canada's legal counsel added that demand on the existing pipeline between Alberta and Burnaby, B.C., far outstrips supply capacity on “the only pipeline system transporting crude oil to the west coast.”
    • The Trans Mountain expansion would add 590K bbl/day of pipeline capacity.
    | Wed, Feb. 3, 5:58 PM | 20 Comments
  • Mon, Feb. 1, 3:15 PM
    • Alberta's government says it will provide up to C$500M (US$357M) in subsidies to support new petrochemical plants, part of a plan to help diversify the province’s economy by creating higher value products from its resources.
    • The subsidies are designed to attract two or three new petrochemical projects, each of which would be eligible for up to C$200M in credits for purchasing ethane or propane; the credits would be provided only once a facility is built and starts operating to reduce the financial risk to the province.
    • The program follows Alberta’s review of oil and gas royalty charges, which was unveiled Friday and said there was an opportunity to encourage more petrochemical processing in the province.
    • Relevant tickers: SU, CVE, OTCPK:HUSKF, OTCQX:COSWF, RDS.A, RDS.B, IMO, XOM, CNQ, ENB, TRP, PDS, OTCPK:MEGEF
    | Mon, Feb. 1, 3:15 PM | 41 Comments
  • Fri, Jan. 29, 2:15 PM
    • Alberta's new government unveils its new oil and gas royalty framework that left rates unchanged on existing oil wells and oil sands projects, easing fears that it could lead to higher costs and job losses at a time when Canada's energy heartland is already staggering from collapsing oil prices.
    • The highly anticipated royalty review keeps the current commodity price-based system, but will levy rates once the cost of a well has been recouped based on industry averages for drilling costs in Alberta, will apply only to new wells from 2017 onward; existing royalty rates will remain in place for 10 years on wells drilled before 2017.
    • Relevant tickers: SU, CVE, OTCPK:HUSKF, OTCQX:COSWF, RDS.A, RDS.B, IMO, XOM, CNQ, ENB, TRP, PDS, OTCPK:MEGEF
    | Fri, Jan. 29, 2:15 PM | 38 Comments
  • Wed, Jan. 27, 6:43 PM
    • Exxon Mobil (NYSE:XOM) is "starting to look relatively expensive," driven by its relative safety stock status, one of several energy stock thoughts J.P. Morgan analyst Phil Gresh expresses after updating his models for lower oil prices.
    • Gresh also thinks ConocoPhillips (NYSE:COP) still looks a bit expensive, though less so than before the stock's recent underperformance, with the main near-term risk remaining the duration of the low price environment and related balance sheet and dividend considerations.
    • Chevron (NYSE:CVX) and Occidental Petroleum (NYSE:OXY) still have above average total return potential, and Canadian Natural Resources (NYSE:CNQ) is beginning to look relatively interesting if it can manage through the current period of low prices and high committed capex, Gresh says.
    | Wed, Jan. 27, 6:43 PM | 29 Comments
  • Wed, Jan. 20, 6:17 PM
    • As Husky Energy (OTCPK:HUSKF) opens a data room next month on a package of western Canadian oil and natural gas assets, companies such as Canadian Natural Resources (NYSE:CNQ) and Crescent Point Energy (NYSE:CPG) as well as several P-E firms including KKR and Apollo Global Management (NYSE:APO) likely will show interest, Bloomberg reports.
    • Morgan Stanley says the average Q4 sale price for producing properties in Canada was C$35K per flowing barrel, meaning the assets could be worth ~C$2.1B (US$1.5B).
    • Husky says it is looking to sell ~59.5K boe/day of production that are 54% liquids.
    • Earlier: Husky Energy suspends Q4 dividend, cuts 2016 spending plan
    | Wed, Jan. 20, 6:17 PM | 5 Comments
  • Tue, Jan. 12, 2:51 PM
    • Morgan Stanley lowers its E&P sector outlook to In-Line to reflect a “more protracted recovery that drives lower production and increases leverage," adding that a nearly 50% downside can be expected before the group becomes cheap.
    • Resilient U.S. production even under lower oil prices coupled with international production growth are expected to extend oil’s trough through 2016, the firm says.
    • Stanley downgrades Marathon Oil (MRO -7.8%), Encana (ECA -6.7%) and Canadian Natural Resources to Equal Weight (CNQ -4.7%), and cuts Whiting Petroleum (WLL -13.7%) to Underweight from Equal Weight; the firm cuts its price target for MRO to $10 from $29, ECA to C$5.50 from C$10, CNQ to C$30 from C$45, and WLL to $4 from $23.
    • Earlier: Morgan Stanley: Oil to sink further thanks to strong dollar (Jan. 11)
    | Tue, Jan. 12, 2:51 PM | 24 Comments
  • Tue, Jan. 5, 2:47 PM
    • An eventual upturn in crude oil prices should turn the tide for the E&P sector In 2016, Citi analyst Robert Morris says as he upgrades Anadarko Petroleum (APC -1%), Canadian Natural Resources (CNQ +1%), EOG Resources (EOG +0.8%) and Cimarex Energy (XEC +1.4%) to Buy from Neutral and ups Oasis Petroleum (OAS -3.3%) to Neutral from Sell.
    • For the first time in more than a decade, the per share debt-adjusted growth metrics within the E&P sector showed no correlation to the share price performance in 2015, according to Morris; without a further collapse in commodity prices, he sees debt-adjusted growth metrics, along with key debt metrics and the ability to increase production by spending within cash flow, driving relative E&P share performance.
    • Morris maintains Buy ratings on Antero Resources (AR -2.4%), Apache (APA -2.3%), Concho Resources (CXO +1%), Memorial Resource Development (MRD -2%), Range Resources (RRC -0.4%) and Whiting Petroleum (WLL -7.1%), but downgrades Hess (HES -0.5%) to Neutral from Buy.
    | Tue, Jan. 5, 2:47 PM | 8 Comments
  • Dec. 16, 2015, 5:17 PM
    • The cost to produce crude oil from Alberta’s oil sands dropped this year after 15 years of continuous inflation, according to a new report from IHS Energy, as capital and operating costs in the region have fallen in response to collapsing global oil prices.
    • But the findings do not mean the oil sands are now a more competitive choice for energy companies’ investment dollars compared with shale or offshore oil formations, as costs across the global energy industry also have dropped.
    • The report also says 70% of oil sands production growth over the next five years will come from the expansion of existing projects, and 80% of that growth will be from steam-based, rather than mining, projects.
    • Relevant tickers: SU, CVE, OTCPK:HUSKF, OTCQX:COSWF, RDS.A, RDS.B, IMO, XOM, CNQ, ENB, TRP, OTCPK:MEGEF
    | Dec. 16, 2015, 5:17 PM | 34 Comments
  • Dec. 16, 2015, 2:31 PM
    • Moody's says it is reviewing 29 E&P companies from the U.S. and seven from Canada for a potential downgrade, saying the companies "will be stressed for a longer period with much lower cash flows, difficulty selling assets and limited capital markets access."
    • Based on the severity and potential duration of the industry challenges, Moody's expects many companies will be downgraded one notch and others could be lowered by more than one notch.
    • Yesterday, the ratings agency cut its oil and gas price assumptions in light of continuing oversupply in the global oil markets and the U.S. natural gas market.
    • Among the U.S. companies: APC, AR, APA, XEC, CXO, COP, CLR, DNR, EGN, EOG, EPE, EQT, HES, MRO, MUR, NFG, NFX, NBL, OXY, PXD, QEP, RRC, SM, SWN, UNT, WLL, WPX
    • From Canada: BTE, CNQ, OTCQX:COSWF, CVE, ECA, OTCPK:HUSKF, SU
    | Dec. 16, 2015, 2:31 PM | 36 Comments
  • Dec. 11, 2015, 7:26 PM
    • Alberta's provincial government says it will delay the release of a controversial review of royalty rates paid by oil and gas producers until early next year.
    • Premier Notley and her NDP party had promised to reassess royalty rates on energy production as part of an election campaign that swept them into office earlier this year, but the review has drawn sharp criticism in the oil patch and from opposition parties because it comes as the province and energy industry struggle with tanking oil prices.
    • Alberta's energy minister has said any changes in royalty rates would not take effect before 2017, a move intended to ease the impact on the energy industry.
    • Relevant tickers: SU, CVE, OTCPK:HUSKF, OTCQX:COSWF, RDS.A, RDS.B, IMO, XOM, CNQ, ENB, TRP, OTCPK:MEGEF
    | Dec. 11, 2015, 7:26 PM | 33 Comments
  • Dec. 2, 2015, 10:20 AM
    • A secret deal between four of Alberta's oil sands leaders and environmentalists to cap emissions in exchange for backing down on pipeline opposition has outraged players who were left on the sidelines, Financial Post reports.
    • Four oil sands leaders - Canadian Natural Resources' (NYSE:CNQ) Murray Edwards, Suncor (NYSE:SU) CEO Steve Williams, Shell Canada (RDS.A, RDS.B) Lorraine Mitchelmore, and Cenovus Energy (NYSE:CVE) CEO Brian Ferguson - stood with Alberta Premier Notley Nov. 22 as she announced a climate change plan that included a firm cap on the oil sands’ share of provincial emissions at 100 megatonnes/year from ~70 megatonnes today.
    • But leaders of competing companies including Imperial Oil (NYSEMKT:IMO) and MEG Energy (OTCPK:MEGEF) were not consulted and are said to be outraged by the secret deal; they also worry the deal is unenforceable and that it is premature to support a policy whose details and financial implications are not known.
    • The deal also has sparked concern that it could decide new winners and losers, with the potential to pit put oil sands miners against in situ.
    | Dec. 2, 2015, 10:20 AM | 30 Comments
  • Nov. 24, 2015, 12:49 PM
    • Canadian oil producers may say they are on board with Alberta’s new climate change policy goals, but the requirement that companies reduce their methane emissions by 45% will add costs "in the tens or hundreds of millions of dollars over the next five years," the Canadian Association of Petroleum Producers says.
    • Alberta’s oil and gas sector produced 30.4 megatons of methane emissions in 2013, accounting for 70% of the province’s overall methane emissions.
    • National Bank Financial analyst Kyle Preston calls Alberta’s climate change policy “fair and accommodating” for oil and gas companies, and says newer energy projects such as Canadian Natural Resources' (NYSE:CNQ) Horizon oil sands project and MEG Energy’s (OTCPK:MEGEF) Christina Lake facility emit less greenhouse gas than older facilities, which will be hit harder by the new policies.
    • Other related tickers: TRP, ENB, IMO, XOM, RDS.A, RDS.B, OTCQX:COSWF, OTCPK:HUSKF, CVE
    | Nov. 24, 2015, 12:49 PM | 18 Comments
  • Nov. 23, 2015, 8:19 AM
    • Alberta's government announces plans to cap oil sands emissions for producers, phase out coal power plants and implement a carbon tax in an effort to curb pollution.
    • The provincial government in impose a limit of 100 megatons/year of carbon emissions, above current annual emissions of ~70 megatons, phase out coal power plants by 2030, and set a carbon price of C$20/metric ton (US$15) by 2017 which rises to C$30 in 2018.
    • The Canadian Association of Petroleum Producers supports the initiative, saying it could help improve Alberta’s image in markets to which oil sands producers hope to expand access.
    • "This will create a wealth of opportunities and jobs for generations to come. We in Alberta want to take a leadership role on climate," says Suncor (NYSE:SU) CEO Steve Williams.
    • Coal producers criticized the new policy, however, saying it will raise electricity costs in Alberta and cost Canadian jobs.
    • Other relevant tickers: TRP, ENB, IMO, XOM, RDS.A, RDS.B, OTCQX:COSWF, OTCPK:HUSKF, CVE, CNQ
    | Nov. 23, 2015, 8:19 AM | 24 Comments
  • Nov. 12, 2015, 7:11 PM
    • Hard-hit Canadian energy producers, coming off a bleak Q3 earnings season, are signaling they will cut capital spending for a second straight year in 2016, Reuters reports.
    • The seven biggest Canadian producers cut 2015 capital spending by 39%, or a combined C$12B, from last year, and Eric Nuttall, portfolio manager at Sprott Asset Management, expects another 10%-20% reduction for 2016.
    • Of the seven, so far only Cenovus Energy (NYSE:CVE) and Canadian Natural Resources (NYSE:CNQ) have outlined 2016 budgets; CVE estimates 2016 capex of C$1.5B-C$2B vs. C$1.8B-$1.9B in 2015, and CNQ expects to spend C$4.5B-C$5B next year from C$5.44B in 2015.
    • Encana (NYSE:ECA) today bucked the trend a bit by speeding up investment in the U.S. Permian Basin this year but is using capital originally earmarked for 2016; the company suggested in its earnings conference call that 2016 spending will be carefully controlled.
    • Also: SU, TRP, ENB, IMO, OTCPK:HUSKF
    | Nov. 12, 2015, 7:11 PM
  • Nov. 11, 2015, 1:10 PM
    • Canadian Natural Resources' (CNQ -2.4%) sale of most of its royalty lands to PrairieSky (OTC:PREKF) is a strategic departure for the company but attractive given current market conditions, solidifying its balance sheet and allowing it to keep some asset upside, says RBC Capital's Greg Hardy.
    • TD Securities analyst Menno Hulshof agrees that CNQ executed the deal at attractive metrics, but seems uncertain about CNQ's plan to return to investors at least 47% of the PrairieSky shares it receives in the deal, perhaps as a one-time special dividend.
    • "We suspect some would have preferred an all-cash transaction whereby all proceeds could have been earmarked for debt reduction" rather than just the remaining 53% of the PrairieSky position, Hulshof says.
    | Nov. 11, 2015, 1:10 PM
  • Nov. 9, 2015, 7:38 AM
    • Canadian Natural Resources (NYSE:CNQ) +2.7% premarket after agreeing to sell a part of its royalty assets to PrairieSky Royalty (OTC:PREKF) in a cash and stock deal worth ~C$1.8B ($1.4B).
    • CNQ says PrairieSky will pay C$680M in cash and ~44.4M in stock valued at C$25.20/share.
    • PrairieSky is acquiring assets representing ~6,700 boe/day, or 81% of CNQ’s royalty volumes; the assets comprise ~5.4M acres of royalty lands throughout western Canada.
    | Nov. 9, 2015, 7:38 AM
Company Description
Canadian Natural Resources Ltd is a senior independent energy company. The Company is engaged in the acquisition, exploration, development, production, marketing and sale of crude oil, NGLs and natural gas.
Country: Canada