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
- AAON, AES, AFSI, AINV, AMCX, ATHM, AUXL, BCE, BDBD, BPI, BR, CBB, CCOI, CECE, CECO, CNQ, CQB, CRIS, CTB, DUK, EAT, FUR, FWLT, GBDC, GDP, GLP, GOLD, GTN, HAR, HII, HIMX, HRC, HSC, HSNI, HZNP, ICE, IDCC, IRC, KERX, LAMR, LEAF, LG, LINE, LMIA, LNCE, LPI, LQDT, LXP, LXRX, MFC, MMS, MNK, MONT, MPEL, MPW, MYL, NCT, NRF, NRG, NVO, NXST, NXTM, OGE, ONE, OWW, PBH, PHMD, POZN, PRIM, QIWI, RDN, RGLD, RSTI, RTK, SABR, SATS, SFUN, SGM, SNI, SPH, SRE, SRPT, SSYS, SUNE, TDC, TGH, THS, TICC, TK, TPH, VNDA, WEN, WIN, WMC, WWAV, ZEUS
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.
Jun. 17, 2014, 4:57 PM
- Encana’s success with spinning out its oil and gas royalty assets is being studied by Canadian Natural Resources (CNQ) as it considers options to monetize its royalty properties before year's end, CNQ President Steve Laut says at the company's investor day.
- Laut doesn’t say if CNQ would keep a controlling stake in the company if it decides to spin the assets into a new entity as Encana (ECA) did, “although Prairie Sky does look pretty good."
- Indeed it does: PrairieSky Royalty has climbed ~40% on the Toronto Stock Exchange from the $28 price it carried when Encana floated 52M shares three weeks ago.
May 21, 2014, 10:11 AM
- U.S. energy authorities have slashed by 96% the estimated amount of recoverable oil in California's Monterey Shale deposits, deflating its potential as a national "black gold mine" of petroleum, the LA Times reports.
- Just 600M barrels of oil can be extracted with existing technology, far below the 13.7B barrels once thought recoverable; the new estimate is expected to be released publicly next month.
- The Monterey Shale formation contains about two-thirds of U.S. shale oil reserves, and had been seen as an enormous bonanza for California's economy and U.S. energy security.
- Potential tickers of interest include OXY, CNQ, PXP.
May 13, 2014, 7:29 PM
- U.S. exchanges are now unified in canceling some wild trades in (AOL -3.1%) in a two-minute span just 10 minutes before the close.
- The odd trades, traced to a trading firm's mistake, also affected dealing in Nabors (NBR), Lorillard (LO -1.3%), Marathon Petroleum (MPC -0.3%), Canadian Natural Resources (CNQ +0.3%), Nasdaq OMX (NDAQ -0.9%) and Caterpillar (CAT +0.9%), among others -- but those trades will be left standing.
- The NYSE will bust AOL trades of $33.17 or below, while Nasdaq, Direct Edge and NYSE Arca will cancel those at $33.16 and below.
May 9, 2014, 12:46 PM
- Canadian Natural Resources (CNQ -1.1%) President Steve Laut says this morning's earnings call that the company is considering spinning off or selling its stream of royalty income from its wholly owned lands in western Canada.
- Laut says CNQ will earn C$140M-C$150M in pretax royalty revenue from third-party oil and gas production on its properties, including those recently acquired from Devon Energy.
- Q1 earnings more than doubled Y/Y and beat analyst estimates, benefiting from higher natural gas prices; average natural gas pricing before risk management was C$5.69 in the quarter, up from C$3.51 a year ago, due in part to colder than normal winter temperatures in North America.
- Q1 production rose less than 1% to ~684.5K boe/day, and forecasts 2014 production levels before royalties of 537K-574K bbl/day of crude oil and NGLs and 1,530-1,570M cf/day of natural gas.
May 8, 2014, 6:49 PM| 2 Comments
May 8, 2014, 6:35 PM| 1 Comment
May 8, 2014, 5:30 PM
Apr. 17, 2014, 7:56 AM
- Total (TOT) says it found oil while drilling in an ultra-deepwater play off Ivory Coast, the first discovery in the San Pedro Basin frontier exploration area.
- TOT says it found liquid hydrocarbon below 2,300 meters of water and will now evaluate the extent of the "very promising' find.
- TOT operates the block and holds a 54% stake in the venture, with Canadian Natural Resources (CNQ) owning 36% and state player Petroci 10%.
CNQ vs. ETF Alternatives
Other News & PR