Seeking Alpha

Canadian Natural Resources, Ltd. (CNQ)

  • Oct. 10, 2013, 10:25 AM
    • Canadian Natural Resources (CNQ +3%) says it expects to report strong Q3 results as production rose to record levels and crude oil prices increased.
    • CNQ says Q3 production averaged 508K bbl/day of crude and 701K boe/day, both record highs; the record production and robust liquids pricing received during the quarter resulted in Q3 cash flow from operations of ~$2.4B, or $2.21/share, well above year-ago levels.
    • Says key milestones were completed at the Horizon oil sands project, as phase 2-3 construction targeted to increase production capacity to 250K bbl/day of synthetic crude oil proceeds below cost estimates.
    | Comment!
  • Sep. 30, 2013, 9:57 AM
    • Canadian Natural Resources (CNQ -1%) says it is partnering with a unit of Total (TOT -1.5%) for the joint exploration of a block offshore South Africa.
    • CNQ will transfer a 50% interest in Block 11B/12B to TOT, and CNQ will get an undisclosed up-front cash payment, recover half of past incurred costs and share in the cost of the first exploration well drilled up to $150M.
    • The first well is scheduled to be drilled next year.
    | Comment!
  • Sep. 25, 2013, 9:54 AM
    • Canadian Natural Resources (CNQ +0.6%) is ordered by Alberta's provincial government to drain a lake on the site of its northern Alberta oil sands project to enable cleanup of contamination on the lake's bottom from a leak that has been spilling tar-like bitumen for months.
    • In July, CNQ said a mechanical failure at an old well was behind bitumen seepage at its project on the Cold Lake Air Weapons Range.
    | 1 Comment
  • Sep. 18, 2013, 9:57 AM
    • Canadian Natural Resources (CNQ -0.2%) says the first steam injection was achieved Sept. 16 at its Kirby South steam assisted gravity drainage project.
    • CNQ says the project is on budget and ahead of the originally targeted steam-in date of November.
    • Kirby South is targeted to grow to ~40K bbl/day of production by the end of 2014 and is the first step in a staged expansion plan for the greater Kirby area to ~140K bbl/day.
    | Comment!
  • Aug. 23, 2013, 11:28 AM
    • Some producers of landlocked Canadian oil sands are considering exporting their crude to world markets via the U.S. Gulf Coast, WSJ reports, an issue that comes at a sensitive time amid the Keystone XL (TRP) debate.
    • It’s illegal for U.S. producers to export oil while Canadians are under no such restrictions, but any plan to re-export significant volumes of Canadian crude is certain to face strong opposition from U.S. lawmakers who view it as end-run around U.S. law.
    • A Canadian Natural Resources (CNQ) recently broached the topic, saying "as long as it's segregated, re-exporting if you will of crude oil in transit is permitted."
    • The U.S. has approved eight licenses to re-export crude since October.
    | 1 Comment
  • Aug. 16, 2013, 10:33 AM
    • Warren Buffett’s new 17.7M-share stake in Suncor (SU +1.7%) could spark investor interest in the battered stocks of Canadian oil sands companies, analysts say.
    • Canadian Natural Resources (CNQ), Cenovus Energy (CVE) and Imperial Oil (IMO) - with "scale and access to market and cost discipline" - may get a second look from investors as Wall Street reviews oil and gas plays beyond prolific shale plays in their own backyard.
    • SU produced a record 390K bbl/day in July, and its "new normal" would see output shoot up to 420K, First Energy Capital says.
    • SU is trading at some of the lowest cash flow multiples and, at 80 years, has one of the longest reserve lives in its peer group.
  • Aug. 12, 2013, 2:41 PM
    • Canadian Natural Resources (CNQ) and others in Alberta's oil sands industry, including Imperial Oil (IMO) and Suncor (SU), are getting creative to persuade U.S. decision makers it can mitigate the climate-change impact of the proposed Keystone XL pipeline to the Gulf Coast: algae.
    • CNQ expects its algae project to be operating by Q1; the technology may be able to reduce carbon emissions at its Horizon oil sands mining site by 15% and as much as 30% at its Primrose facility, which uses a steam-injection process.
    • Environmental groups largely dismiss the efforts as a public relations exercise.
  • Aug. 8, 2013, 9:21 AM
    • Canadian Natural Resources (CNQ): Q2 EPS of $0.42 misses by $0.02.
    • Revenue of $3.78B (-1.1% Y/Y) beats by $310M.
    • Production averaged 623,315 boe/day, -8.3% Y/Y; CNQ had said it would produce less crude during Q2 because of maintenance at the Horizon oil sands plant following unplanned halts in the past two years. (PR)
    | Comment!
  • Aug. 8, 2013, 12:05 AM
  • Aug. 7, 2013, 5:30 PM
  • Jul. 31, 2013, 9:47 AM
    • Canadian Natural Resources (CNQ +1%) updates the status of an oil spill at its Primrose development area in Alberta, saying ~6,300 barrels of bitumen have been collected and the rate of seepage has declined to less than 20 bbl/day.
    • CNQ believes the cause of the seepage is mechanical failures of wellbores in the vicinity of the impacted locations.
    | Comment!
  • Jul. 29, 2013, 5:21 PM
    • Canadian Natural Resources (CNQ) raises the amount of oil released from an uncontained series of leaks at an Alberta oil sands site to nearly 6K barrels of heavy crude, up from an initial report of 175 barrels.
    • Critics say CNQ has been less than transparent, and that its inability to stop the leaks raises questions about the technology it uses to access bitumen.
    • Two analysts cut their ratings on CNQ (I, II), citing uncertainties about the outlook for stemming the leaks.
    | Comment!
  • Jul. 25, 2013, 2:08 PM
    Canadian Natural Resources (CNQ -0.4%) has been unable to stop a series of leaks from underground wells, raising questions about a steam-based extraction technology the industry has championed as less environmentally disruptive than the open-pit mining of oil sands. Critics say the inability prevent such leaks points to larger problems in tapping bitumen trapped deep in subterranean oil sands deposits.
  • Jul. 23, 2013, 5:53 PM
    Barrick Gold (ABX) agrees to sell its energy unit in a series of transactions for ~$455M, with Canadian Natural Resources (CNQ) acquiring most of the unit for ~$173M and a gross overriding royalty on certain lands. ABX, which has been looking to sell non-core assets, will recognize a $500M loss in its Q2 in connection with the deals. ABX +0.5% AH.
  • Jul. 23, 2013, 10:02 AM
    Canadian heavy oil producers Suncor (SU), Cenovus (CVE), Baytex (BTE), Imperial Oil (IMO) and Canadian Natural Resources (CNQ) have jumped 10%-15% in three months, and some analysts see further gains ahead on optimism that pipeline bottlenecks are easing - with or without the Keystone XL. The large-cap Canadian producers have an average enterprise value of 8x their 12-month trailing EBITDA vs. 12.9x in 2010.
  • Jun. 3, 2013, 11:41 AM
    Canadian Natural Resources (CNQ -1.9%) is cut to Sell from Neutral with a $28 price target (from $33) at Goldman Sachs, which believes higher normalized earnings and asset value estimates will be masked by WCS pricing concerns during 2014-15. The firm still has a favorable long-term outlook for CNQ.
    | 1 Comment
Visit Seeking Alpha's
CNQ vs. ETF Alternatives
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