Dec. 3, 2014, 11:32 AM
- The energy sector (XLE +1.5%) continues its momentum from yesterday, leading the way again as the best performing sector in early trading with crude oil rising 1.2% so far today and reports that U.S. well permits fell 40% last month.
- Top performers include Clayton Williams (CWEI +7.7%), Transocean Partners (RIGP +10.6%), Gaslog (GLOG +13.8%) and Energy XXI (EXXI +15.7%).
- Other leading energy names are showing stronger recoveries as they clear last Friday's bearish gap zone: XOM +0.2%, CVX +0.4%, COP +2.5%, OXY +2.5%, DVN +2.9%, EOG +2.5%, HES +2.2%, MUR +1.5%, NBL +2.3%, PXD +4.2%, SU +3%, CNQ +1.9%.
- Some analysts warn that the worst may not be over, however, as much of the advance is being driven by investors repurchasing ETFs they used to make short bets; investors also could opt to sell oil shares at a loss in coming weeks to reduce tax burdens.
Dec. 1, 2014, 10:11 AM
- Canadian Natural Resources (CNQ -0.9%) Chairman Murray Edwards predicted Friday that oil prices could collapse to US$30/bbl before stabilizing at $70-$75.
- Edwards says industry projects that are already underway, particularly oil sands projects with a long-term horizon and capital already invested, likely will continue, but others will be shelved until there is more clarity around future oil prices; Edwards also sees a slowdown in conventional oil projects, especially those that tend to produce a lot at the front end.
- He expects efforts to build new pipelines such as Keystone XL (TRP +0.6%) and Energy East (ENB +0.8%) to continue because they represent a 30-50 year opportunity for Canada.
- Brace for such “apocalyptically low” oil calls now, Jason Zweig writes: “Watch for the last optimists to be swept away by pessimism - at which point it will be an opportune time to add to your energy stocks or MLPs... We’re probably not there yet."
Nov. 14, 2014, 1:11 PM
- The Republican-led House passes the Keystone pipeline bill (TRP +0.2%), as expected, with a Tuesday vote upcoming in the Senate, which is still controlled by Democrats until January; if approved there, the bill would go to Pres. Obama, who says more time is needed to study the project.
- A Bloomberg report says the long delays to the pipeline are providing little obstacle to western Canadian oil producers - such as Suncor Energy (NYSE:SU), Imperial Oil (NYSEMKT:IMO) and Canadian Natural Resources (NYSE:CNQ) - in getting their crude to the U.S. Gulf coast, with shipments set to more than double next year.
- “Keystone is kind of old news,” says the director of energy analytics at RBN Energy. “Producers have moved on and are looking for new capacity from other pipelines.”
Nov. 6, 2014, 6:49 PM
- Canadian Natural Resources (NYSE:CNQ) says development of its 50K bbl/day Grouse oil sands project in Alberta is at risk of being deferred next year if U.S. oil prices approach $70/bbl.
- CNQ plans to raise oil and gas output 11% next year, CEO Steve Laut says, adding that its C$8.6B ($7.5B) capital spending plan for next year is subject to change with C$2B of capital flexibility, enabling it to allocate capital to the projects which generate the highest returns.
- CNQ plans to continue expansion phases 2 and 3 at its Horizon oil sands mine and upgrader to boost production of synthetic crude oil to 250K bbl/day in the coming years, Laut says, but it is unlikely the company would consider a fourth expansion phase.
- Earlier: Canadian Natural profit falls on lower oil prices, sets 2015 capex at C$8.6B
Nov. 6, 2014, 9:58 AM
- Canadian Natural Resources (CNQ +1.7%) is higher after Q3 earnings fell 11% Y/Y, hurt in part by lower crude oil prices, but came in well ahead of analyst expectations.
- Q3 total production rose 13% Y/Y to 797K boe/day but fell Q/Q due to a longer than planned shutdown for expansion and maintenance work at its Horizon oil sands project in Alberta; targets FY 2014 production of 869K-916K boe/day.
- Cash flow fell slightly to C$2.44B from C$2.45B, hurt in part by lower synthetic crude oil sales volumes at its Horizon operations and lower crude pricing.
- For 2015, CNQ is targeting a capital budget of ~C$8.6B ($7.6B), cash flow of ~C$9.4B and production growth of 11% over 2014 levels.
Nov. 6, 2014, 9:27 AM| Comment!
Nov. 6, 2014, 5:55 AM| Comment!
Nov. 5, 2014, 5:30 PM
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Sep. 16, 2014, 9:55 AM
- Canadian Natural Resources (CNQ +1.1%) will be allowed to resume production at its Primrose East oil sands site in Alberta which has been plagued by unexplained leaks of crude that seeped to the surface, the province’s energy regulator said yesterday.
- The decision partially lifts restrictions on CNQ's operations that had been in place since mid-2013 after mysterious leaks of crude were detected at four separate locations at the site.
- Last month, CNQ lowered its annual production forecast, citing delays in the resumption of operations at Primrose East.
Sep. 12, 2014, 10:36 AM
- Canadian Natural Resources (CNQ -0.3%) says production at its Horizon Oil Sands project in Alberta has restarted following completion of the expansion of the coker plant.
- CNQ says the plant has a targeted increase in production capacity to 127K bbl/day, an increase from the previous production capacity of 115K, and maintains its previously issued FY 2014 guidance of 109K-115K bbl/day.
- Horizon production was taken offline for ~25 days starting in mid-August to complete tie-in work and to perform routine maintenance.
Aug. 7, 2014, 6:19 PM
- Canadian Natural Resources' (NYSE:CNQ) Q2 earnings beat estimates and cash flow rose to a record, but shares fell 2.3% today as the company cut its 2014 oil production guidance due to problems at its Kirby South and Primrose oil sands projects in Alberta.
- Although total crude oil and natural gas liquids production rose ~25% Y/Y during Q2 to reach a record 545K bbl/day, CNQ now expects FY 2014 oil production before royalties of 531K-557K bbl/day vs. a previous forecast of 537K-574K bbl/day.
- The lower output estimate is mainly the result of mechanical problems at a steam generation plant at its Kirby South site and regulatory issues affecting its Primrose East steaming operation, which has been plagued by unexplained leaks.
Aug. 7, 2014, 10:10 AM
Aug. 7, 2014, 5:28 AM| 1 Comment
Aug. 6, 2014, 5:30 PM
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Jul. 12, 2014, 8:25 AM
- The problem facing Canada isn't the Keystone pipeline or Pres. Obama or environmentalists - it's the oil sands, and they've got to be cleaned up and the head-in-the-sand denials chased way or the country will be stuck with a "baby seal hunt" image, Diane Francis writes in the Financial Post.
- The columnist thinks she knows the right person to lead the clean-up: Jeff Immelt - "an American leader with stature in Washington, on Wall Street, in the oil patch and in Silicon Valley" - who said this week that GE will help companies clean up the oil sands.
- The only way to stop the environmental excuses, Immelt believes, is for the industry to collaborate and voluntarily establish lower emissions targets that would make the oil sands competitive with any other fuel source in the world - without such a promise to provide cleaner energy, "all bets are off."
- Some related companies: XOM, IMO, SU, RDS.A, RDS.B. ENB, TRP, CNQ, CVE, CVX, COP, BP, KMP, WPZ, TOT, STO, CEO, SNP, PTR, HUSKF, ATHOF, COSWF.
Jun. 23, 2014, 3:59 PM
- Suncor Energy (SU +0.5%) and five partners say they will build a $165M water technology development center at SU’s Firebag oil sands facility in northern Alberta.
- The facility, being developed as a joint industry project under Canada’s Oil Sands Innovation Alliance, will test water treatment and further develop recycling technologies.
- SU’s partners in the project are Canadian Natural Resources (CNQ), Devon Energy (DVN), Nexen (CEO), Shell (RDS.A, RDS.B) and Husky Energy (HUSKF); SU will construct, own and operate the center but will collaborate with the others on design, construction and operations.
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