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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. 5, 2015, 8:45 AM
- Canadian Natural Resources (NYSE:CNQ) +0.4% premarket after reporting a surprise Q3 profit and better than expected revenues, and again cutting its capital spending budget.
- CNQ, which already had cut its capex program four times, says it now targets full-year 2015 spending of C$5.44B ($4.13B), down from its most recent projection of C$5.5B, and says spending will fall further in 2016 to C$4.5B-C$5B.
- CNQ says it is targeting 2016 production of 840K-850K boe/day; says Q3 production averaged ~848K boe/day, up from 797K boe/day in the year-earlier quarter.
- Says Q3 cash flow fell 37% to C$1.53B.
Nov. 5, 2015, 5:42 AM
- Canadian Natural Resources (NYSE:CNQ): Q3 EPS of $0.10 beats by $0.16.
- Revenue of $3.11B (-34.0% Y/Y) beats by $230M.
Nov. 5, 2015, 5:40 AM
- Canadian Natural Resources (NYSE:CNQ) declares C$0.23/share quarterly dividend, in line with previous.
- Forward yield 2.88%
- Payable Dec. 31; for shareholders of record Dec. 11; ex-div Dec. 9.
Nov. 4, 2015, 5:30 PM
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Oct. 30, 2015, 4:22 PM
- Reuters reports Canadian Natural (NYSE:CNQ) is exploring options for its royalty assets, and has held talks with the Canada Pension Plan Investment Board, the Ontario Teachers' Pension Plan, and PrairieSky Royalty.
- Cenovous Energy struck a C$3.3B deal to unload its royalty lands to Ontario Teachers' earlier this year. Meanwhile, Bloomberg reported last month ConocoPhillips was near a ~$1B deal to sell Western Canadian assets to Canadian Natural and other buyers. Canadian had $16B in debt at the end of June.
Oct. 27, 2015, 7:37 PM
- Energy-dependent Alberta today unveiled its 2015 budget, the first under the new NDP government, projecting a record deficit on falling revenue linked to the sharp slump in crude oil prices.
- It's a spend and borrow budget that will see the province borrowing for operating for the first time in two decades, promising to spend an additional C$4.5B above previous commitments over the next five years for infrastructure such as new transportation projects and hospitals.
- As for the oil sector, which is pleading for a three-year lag before royalties are changed, Finance Minister Ceci indicated no letup from the NDP's promise of royalty increases and tougher climate change regulations once reviews now underway are completed over the next few months.
- Relevant tickers: SU, ENB, TRP, KMI, IMO, CVE, CNQ, OTCPK:HUSKF, OTCQX:COSWF.
Oct. 21, 2015, 12:58 PM
- Canadian Natural Resources (CNQ -2.4%) is Barclays' top E&P pick in an otherwise dismal sector, as analyst Thomas Driscoll notes that E&P firms likely slowed their completion activity due to low oil prices in Q3 while Q4 volumes may be at risk.
- But Driscoll calls Overweight-rated CNQ his "most fundamentally undervalued" name, and says the company is transitioning to a "long-lived, low-maintenance and low-decline" production profile which is not reflected in the "annuity-like character of its asset base."
- The firm also has Overweight ratings on EOG Resources (EOG -0.6%), Noble Energy (NBL -0.5%) and Southwestern Energy (SWN -4.4%).
Oct. 20, 2015, 2:30 PM
- Canada's oil patch may have lost a major energy opportunity with the defeat of the Conservative government, but Canadian energy stocks are mostly higher despite the surprise mandate won by Justin Trudeau's Liberals that promises less favorable energy policies and increased environmental stewardship.
- The Liberal majority at least removes the uncertainty of a widely speculated minority government and gives the changing industry political stability in Ottawa, the president of the Canadian Association of Petroleum Producers says.
- Energy proponents in Alberta may be relieved that last May’s provincial NDP victory did not translate into a federal win by Tom Mulcair’s NDP, which would have brought far tougher anti-oil policies that the winning Liberals.
- Trudeau is opposed to Enbridge's (ENB +1.1%) Northern Gateway pipeline, but has expressed qualified support for TransCanada's (TRP +1.4%)Keystone XL and Energy East and Kinder Morgan’s (KMI +0.5%) TransMountain projects, though he would also bring in tougher environmental review processes and a national plan to tackle greenhouse gases.
- Some say an Obama administration veto for Keystone XL would make the job easier for the new Prime Minister in an effort to reset a relationship with the U.S. he says was damaged by the outgoing Stephen Harper.
- Also: SU +1.3%, IMO +1.1%, CVE +1.1%, CNQ +3%, OTCPK:HUSKF +0.6%, CNI +1.9%, CP +3.8%.
- Earlier: Canadian energy stocks to turn red if Harper fails to win upcoming election (Oct. 14)
Oct. 6, 2015, 12:44 PM
- Chevron (CVX +2.7%) could enjoy "a step forward" in its Q3 results vs. other oil majors such as Exxon Mobil (XOM +1.4%), ConocoPhillips (COP +2.9%) and Canadian Natural Resources (CNQ +4%) that are likely to muddle through another tough quarter for earnings, free cash flow and leverage creep, J.P. Morgan's Phil Gresh writes.
- The analyst sees an opportunity for CVX to take a step forward with rebuilding investor confidence around the long-term cost reduction and dividend coverage story, although the real uplift will have to come with an on-time Gorgon startup, which is still slated for Q1 2016; he rates the stock as Overweight.
- JPM has lowered its 2016-18 EPS estimates for natural gas prices in North America and Europe, which now show limited potential for recovery over the next few years and are considered most impactful for Neutral-rated XOM and CNQ and Underweight-rated COP.
Oct. 5, 2015, 5:49 PM
- Investors rushed back into Canadian oil companies today in hopes of picking up the next takeover target following news of Suncor's unsolicited $4.3B bid for Canadian Oil Sands.
- MEG Energy (OTCPK:MEGEF) jumped 22% on speculation it could be the next in line to be taken over, perhaps by Imperial Oil (NYSEMKT:IMO), which has been considered a possible suitor for Canadian Oil Sands.
- Penn West (NYSE:PWE) also surged 22% as investors "clearly are positioning themselves into the next potential target, and both of them [MEG and PWE] make some sense,” says TriVest's Martin Pelletier. "They both have stretched balance sheets, both have been beaten up in the market, and they are a heck of a lot cheaper than last year.”
- Other oil sands stocks also climbed following the Suncor offer: CVE +3.3%, OTCPK:ATHOF +14.5%, CNQ +8.8%.
Sep. 22, 2015, 3:38 PM
- ConocoPhillips (COP -0.1%) is near a deal to sell several western Canadian assets to various buyers including Canadian Natural Resources (CNQ -1.9%), Bloomberg reports.
- The group of assets could be valued at $1B or more, according to the report, and an agreement could be reached as soon as this week.
- Production from the properties, located in Alberta, British Columbia and Saskatchewan, is said to represent ~20% of COP’s Canadian volumes outside of oil sands.
Sep. 16, 2015, 11:31 AM
- Canadian Natural Resources (CNQ +5.8%) is the latest Canadian oil sands producer looking to cut costs, saying it plans to cut operating costs by $390M more than currently budgeted this year.
- CNQ, which has operating costs of ~US$30/bbl, hopes to lower that figure to $25-$27 within the next few years, to shield itself from U.S. crude prices that have been stuck below $50 in recent months.
- Cenovus Energy (CVE +6.5%) also says it is looking to aggressively slash costs, not satisfied with total costs of $11-$14/bbl and targeting a $1-$2/bbl reduction.
- Suncor Energy (SU +4.2%) has seen its cash operating costs fall to $28.20/bbl in H1 of the year, compared to $33.80 last year.
Sep. 10, 2015, 2:57 PM
- Canadian Natural Resources (CNQ +1.8%) says it is cutting salaries for all staff in Calgary and Aberdeen, Scotland, by as much as 10%, citing low oil prices and the "current fiscal and regulatory challenges."
- CNQ says it is not cutting its workforce of more than 7,600 employees across operations in North America, Europe and Africa.
- CNQ does not say how much in total it expects to save via the salary reductions.
Sep. 2, 2015, 6:47 PM
- Analysts at RBC Capital add five names - CNQ, OTCPK:DTNOY, WES, WFT and EXH - to the firm's Global Energy Best Ideas List, and removes five names.
- Canadian Natural Resources is well positioned to benefit from a rebound in crude oil as the largest heavy oil producer in Canada; DNO's near-term outlook is "set to be dominated" by regular oil payments from Kurdistan; Western Gas Partners is a defensive play given its solid but with ssignificant growth potential; Weatherford is the "next man up" on the M&A front; and Exterran Holdings is viewed favorably ahead of the proposed spin transaction.
- Removed from the RBC list: CAM, MIC, PDS, OTC:SECYF, OTCPK:AOIFF.
Aug. 28, 2015, 2:28 PM
- Alberta's new government launches its royalty review panel, and says it will not raise oil and gas royalty rates until the end of 2016.
- The specter of a higher government take is spooking the industry, especially with oil prices recently hitting more than six-year lows; some have argued the royalty review should be deferred until the outlook improves, while others would prefer to just get it over with.
- Related tickers: SU, ENB, IMO, TRP, CNQ, CVE, TCK, CEO, OTCPK:HUSKF, OTCQX:COSWF
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