Thu, May 7, 12:47 PM
- Canadian Natural Resources (CNQ -0.6%) is lower after Q1 earnings beat expectations amid record production, but unadjusted earnings resulted in the company's first quarterly loss in more than four years.
- CNQ says Q1 output totaled a record 898K boe/day, up 31% Y/Y, with crude oil production rising 23% and natural gas production increasing 51%, but cash flow fell 36% to C$1.37B due to lower commodity prices.
- CNQ says Q1 operating costs to produce oil and natural gas liquids fell 22% Y/Y.
- CNQ also reduces its 2015 capital program by another C$300M, now targeting spending of ~C$5.7B after announcing spending cuts in January and March.
- Says options for its royalty lands and royalty revenue portfolio include a sale or spinoff.
Thu, May 7, 5:32 AM| Comment!
Wed, May 6, 5:30 PM
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Thu, Mar. 5, 9:13 AM
- Canadian Natural Resources (NYSE:CNQ) +1.9% premarket after reporting Q4 earnings that almost tripled from a year ago and raising its dividend while other oil producers have cut or eliminated dividends.
- Q4 production rose 27% Y/Y to nearly 861K boe/day from 677K, while output for the full year gained nearly 18% to 790K boe/day; production got a boost from CNQ's purchase last year of Devon Energy's western Canadian natural gas and light oil assets.
- Targets 2015 production at 850K-897K boe/day, including crude oil and natural gas liquids production of 562K-602K bbl/day.
- CNQ is cutting another C$150M from its 2015 capital budget to C$6.04B, citing a reduction in the number of planned maintenance turnaround days scheduled at its Horizon oil sands operation; CNQ expects to bolster Horizon output by ~10K bbl/day by reducing the planned outage to six days from 35.
- CNQ says its management committee will see a 10% pay cut and the board will reduce its annual cash retainer by 10%.
Thu, Mar. 5, 7:28 AM
Wed, Mar. 4, 5:30 PM
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, 5:55 AM| Comment!
Nov. 5, 2014, 5:30 PM
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Aug. 7, 2014, 5:28 AM| 1 Comment
Aug. 6, 2014, 5:30 PM
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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, 6:35 PM| 1 Comment
May 8, 2014, 5:30 PM
Mar. 6, 2014, 11:28 AM
- Canadian Natural Resources (CNQ +1.2%) is trading higher after raising its dividend 12.5% and posting a 50% improvement in adjusted Q4 earnings as production edged higher.
- The dividend hike was the second in three months, and now is 80% higher than a year ago.
- Despite the strong growth, Q4 results were no better than mixed compared with analyst estimates, and cash flow per share was $1.64, $0.10 below expectations.
- Q4 crude oil at natural gas liquids production volumes rose 2% Y/Y as a result of steady production at Horizon, production growth at Pelican Lake and increased NGL output; natural gas production rose 5% Y/Y due to the Montney drilling program at Septimus.
- Total FY 2013 production more than 671K boe, up 3% Y/Y.
Mar. 6, 2014, 6:08 AM| Comment!
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