CNQ
Canadian Natural Resources, Ltd.NYSE
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  • Fri, Nov. 4, 7:58 AM
    • TransCanada (NYSE:TRP) and shippers on the Canadian gas mainline system are closer to reaching an agreement on a new toll structure, according to the CEOs of Canadian Natural Resources (NYSE:CNQ) and Encana (NYSE:ECA), the country's two biggest natural gas producers.
    • TRP has launched an open season to gauge interest in new proposed tolls on the system, offering shippers rates as low as C$0.75 per gigajoule if they sign up for a 10-year commitment; the rate is lower than a toll of C$0.82 per gigajoule originally proposed by TRP, which both CNQ and ECA said was too high given the length of the contract.
    | Fri, Nov. 4, 7:58 AM
  • Thu, Nov. 3, 5:30 AM
    • Canadian Natural Resources (NYSE:CNQ) declares C$0.25/share quarterly dividend, 8.7% increase from prior dividend of $0.23.
    • Forward yield 2.38%
    • Payable Jan. 1; for shareholders of record Dec. 9; ex-div Dec. 7.
    | Thu, Nov. 3, 5:30 AM | 3 Comments
  • Thu, Nov. 3, 5:16 AM
    • Canadian Natural Resources (NYSE:CNQ): Q3 EPS of -C$0.32 misses by C$0.15.
    • Revenue of C$2.34B (-24.8% Y/Y) beats by C$600M.
    • Press Release
    | Thu, Nov. 3, 5:16 AM
  • Fri, Sep. 30, 4:42 PM
    • Shippers on TransCanada's (NYSE:TRP) Mainline natural gas pipeline system are not signing up to a 42% cut on 10-year contracts because they think the toll is still too high for such a long-term commitment, Reuters reports.
    • TRP is offering tolls as low as C$0.82/gigajoule on its western Canadian Mainline vs. the current ~C$1.41 shipping price to go from Alberta and British Columbia to markets in Ontario, but shippers remain unconvinced by the deal on offer and are asking for a lower rate, according to the report.
    • Mainline shippers include Canadian Natural Resources (NYSE:CNQ) and Encana (NYSE:ECA); in late August, RBC analysts noted that CNQ management regarded the rate as "too high to provide the comfort needed in connection with a longer-term agreement."
    | Fri, Sep. 30, 4:42 PM | 2 Comments
  • Thu, Aug. 4, 12:57 PM
    • Canadian Natural Resources (CNQ +0.2%) is little changed after reporting a slightly smaller than expected Q2 loss, helped by cost savings measures.
    • CNQ says its Q2 production totaled nearly 784K boe/day, down 7% Q/Q and down 3% Y/Y; the results were "slightly negative," as unplanned outages explained most of the lower than expected production, although the company's cost savings have been significant, says TD Securities analyst Menno Hulshof.
    • CNQ says its Horizon oil sands operations were not significantly affected by the May wildfires in Alberta, and says the second phase of its Horizon expansion project is on target for full production in November.
    • Cash flow from operations fell 38% Y/Y to C$938M from C$1.50B; helping offset lower commodity prices was a 14% drop in overall operating costs per boe.
    • CNQ’s capital spending is set to drop significantly after the Horizon project is completed, and the company then plans to focus on “opportunistic acquisitions,” besides improving cash flow and investing in resource development, CFO Corey Bieber says.
    | Thu, Aug. 4, 12:57 PM
  • Thu, Aug. 4, 5:07 AM
    • Canadian Natural Resources (NYSE:CNQ) declares C$0.23/share quarterly dividend, in line with previous.
    • Forward yield 2.33%
    • Payable Oct. 1; for shareholders of record Sept. 16; ex-div Sept. 14.
    | Thu, Aug. 4, 5:07 AM
  • Thu, Aug. 4, 5:06 AM
    • Canadian Natural Resources (NYSE:CNQ): Q2 EPS of -C$0.19 beats by C$0.01.
    • Revenue of C$2.55B (-25.4% Y/Y) beats by C$750M.
    • Press Release
    | Thu, Aug. 4, 5:06 AM
  • Mon, Jul. 18, 12:18 PM
    • Canadian Natural Resources (CNQ -0.3%) has bought up ~12K natural gas wells across Alberta over the last two years, pushing past Encana (ECA -1.2%) as Canada's top natural gas producer, according to a Reuters analysis of regulatory data.
    • "All these new wells have low production, but they were bought for pennies for the dollar," Raymond James analyst Chris Cox says, noting the wells are in adjacent properties which offer cost synergies, and "if you are expecting pricing to improve then you get an additional uplift."
    • CNQ's North American natural gas production rose 9% in 2015 and 35% in 2014, and while the company bought wells, most rivals sold assets or maintained a steady well count; Cenovus Energy's (CVE -0.6%) well count fell 2% in Alberta during 2013-15, and Penn West (PWE +0.3%) shed nearly 30% of its wells during the period.
    | Mon, Jul. 18, 12:18 PM | 5 Comments
  • Tue, Jul. 12, 9:45 AM
    • Alberta introduced two new oil and gas royalty programs yesterday that the provincial government says will encourage producers to explore new areas, boost production and keep people working.
    • The Emerging Resources Program will apply to wells being drilled in the early stages of development, and allows producers to pay a flat 5% royalty rate, while the Enhanced Hydrocarbon Recovery Program is aimed at boosting production from aging wells.
    • Alberta’s NDP government within only a year has gone from threatening to increase oil and gas royalties to having to provide royalty incentives to stimulate drilling activity, Financial Post's Claudia Cattaneo writes.
    • Among oil and gas companies currently active in Alberta: SU, ECA, CVE, CNQ, ENB, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jul. 12, 9:45 AM | 30 Comments
  • Thu, Jun. 30, 1:13 PM
    • Canadian oil and gas companies say they are not worried about the new North America-wide energy and climate change strategy announced yesterday by Canadian PM Trudeau, U.S. Pres. Obama and Mexican Pres. Nieto, which includes reducing methane gas emissions from the oil and gas industry by 40%-45%.
    • The Canadian Association of Petroleum Producers says “having our competitors held to a similar standard is going to be good for all of us," since Canadian producers already are under pressure to cut methane emissions and pay carbon levies.
    • TransCanada (NYSE:TRP) says it welcomed the agreement and cited its growing natural gas pipeline business in Mexico and its acquisition of Columbia Pipelines in the U.S. as evidence of the need for an interconnected energy system.
    • The pact would force the three countries to add renewables, nuclear projects or carbon capture and storage projects on coal-fired power plants that would raise the total to 50% from the current 37%.
    • Among other relevant tickers: SU, ECA, ENB, CVE, CNQ, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Thu, Jun. 30, 1:13 PM | 33 Comments
  • Tue, Jun. 28, 11:58 AM
    • A Canadian government study yields a surprising result about what happens to oil sands crude in a freshwater spill: it floats, at least for a while, sinking more slowly than conventional oil, unless exposed to high temperatures and weathering.
    • The results may help dispel some concern that a spill of diluted bitumen would be more difficult to clean up, and help companies make the case for pipeline projects such as Kinder Morgan’s (KMI +0.9%) Trans Mountain expansion and Enbridge’s (ENB -0.1%) Northern Gateway pipeline.
    • The study follows a 2015 report by the U.S. National Academy of Science that showed diluted bitumen tended to sink quickly after being spilled in fresh water.
    • Among other relevant tickers: SU, ECA, CVE, CNQ, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Tue, Jun. 28, 11:58 AM | 62 Comments
  • Wed, Jun. 22, 10:36 AM
    • Alberta's tougher rules in determining if companies are financially strong enough to buy oil and gas assets could chill M&A activity in the province, energy industry players warn.
    • The Alberta Energy Regulator announced Monday that companies seeking to buy oil and gas properties will need to show their deemed assets exceed their deemed liabilities by 2x or more after the purchase, after deemed assets previously needed only to be equal to deemed liabilities.
    • More than 200 companies that met the prior standard were ruled out as buyers by the stricter financial solvency test, a move that Industry reps say will limit the number of companies allowed to buy oil and gas assets.
    • Among oil and gas companies currently active in Alberta: SU, ECA, CVE, CNQ, ENB, TRP, OTCPK:HUSKF, IMO, XOM, COP, PDS, CEO, RDS.A, RDS.B
    | Wed, Jun. 22, 10:36 AM | 32 Comments
  • Fri, Jun. 17, 11:45 AM
    • Canadian Natural Resources (CNQ +2.7%) says it will spend $50M more than initially planned to drill 123 new heavy oil wells, five new light oil wells and 11 thermal oil wells in H2 of this year.
    • The additional spending is small relative to CNQ’s overall targeted budget of $3.5B-$3.9B, but CNQ President Steve Laut said at the company’s investor day this week that the decision was based on a renewed confidence "with oil prices strengthening."
    • Raymond James analyst Chris Cox says CNQ also signaled that it could begin spending more on conventional oil and gas development, which “has been de-emphasized in the past few years” amid the focus on completing a major expansion of its Horizon oil sands mine.
    | Fri, Jun. 17, 11:45 AM | 3 Comments
  • Thu, Jun. 16, 2:45 PM
    • Canadian Natural Resources (CNQ -0.1%) is upgraded to Top Pick from Outperform at RBC Capital, which says the stock offers investors "the best of all worlds" - free cash flow generation in 2017 and beyond, organic upstream production growth, and leverage to rising oil prices given its 65% oil production weighting with no hedges in place.
    • RBC forecasts a strong gain in CNQ's free cash flow, set to come in at C$3.1B in 2017 and C$3B in 2018, based on US$57/bbl oil; if oil climbs to C$70 in 2018, the firm's sees CNQ's cash flow will rise to as much as C$5.4B.
    • The firm says CNQ has evolved into a "super independent" with an international scope, due in large part to its ability to manage various stages of growth in a wide range of market conditions.
    | Thu, Jun. 16, 2:45 PM
  • Tue, Jun. 14, 7:15 PM
    • RBC analysts raise their price target to C$50 from C$43 for Canadian Natural Resources (NYSE:CNQ), reflecting the company's improving free cash flow visibility into 2018.
    • CNQ offers investors "torque to rising oil prices, given its 65% oil production weighting with no oil hedges in place,” RBC says.
    • At the same time, the firm says CNQ’s Horizon oil sands expansion will improve its cash flow, which will in turn improve the company’s dividend payouts.
    • Whether C$50 or C$43, RBC target is well above today's C$37.14 closing price.
    | Tue, Jun. 14, 7:15 PM
  • Fri, Jun. 10, 8:37 AM
    • Canadian Natural Resources (NYSE:CNQ) and Cenovus Energy (NYSE:CVE) say they restarted operations at two oil sands facilities in northern Alberta yesterday after a wildfire threat faded.
    • CNQ said it has resumed normal operations at its 49K bbl/day Pelican Lake site, including the restart of 800 bbl/day of shut-in production.
    • CVE said it was in the process of restarting production at its 23K bbl/day project after shutting down production two days earlier.
    • The Pelican Lake fire was ~100 miles southwest of a massive wildfire that was still burning east of Fort McMurray.
    | Fri, Jun. 10, 8:37 AM