CNQ - Canadian Natural Resources Limited

UPDATE 3-Canadian Natural Resources eyes Alberta rail contracts amid pipeline congestion

Canadian Natural Resources, the country's biggest oil and gas producer, is looking at taking on the Alberta provincial government's contracts to move crude by rail, a senior company executive said on Thursday. Shipping more crude by rail is seen as critical for Canadian oil producers due to congested pipelines that forced Alberta to order mandatory oil curtailments this year. Alberta's United Conservative Party government said in June that it would divest rail contracts amounting to 120,000 barrels of crude per day (bpd) to the private sector this fall.

CANADA STOCKS-TSX futures up as focus turns to earnings

CORRECTED-UPDATE 1-Canadian Natural Resources beats profit estimates on higher prices

Canadian Natural Resources quarterly profit falls 18.5%

Canadian Natural Resources Limited -- Moody's says Canadian Natural Resources' acquisition of Devon Canada's assets is credit negative

Moody's Investors Service ("Moody's") said that Canadian Natural Resources Limited's (CNRL) announced acquisition of Devon Canada's (Devon Canada) Canadian assets for C$3.775 billion is credit negative because it increases CNRL's exposure to volatile heavy oil differentials, but has minimal impact on leverage given the modest 2.65x multiple paid on the C$3.25 billion net purchase price. The net purchase price is the amount that will be debt-funded by CNRL and reflects the Devon Canada cash flow accruing to CNRL given the January 1, 2019 effective date versus the June 27, 2019 targeted closing date.

CNR Closer to King of Oil Sands

Canadian Natural Resources can't yet claim the King of the Oil Sands status, but it's a lot closer to overtaking its rival Suncor Energy after buying a key Athabasca drilling site.

Devon Energy announces deal with Canadian Natural Resources

Devon Energy says it is selling nearly all of its assets in Canada to Canadian Natural Resources for $2.8 billion. The Oklahoma City-based oil and gas company included in the S&P 500 put its Canadian assets up for sale in February in a plan to focus on growth from wells drilled in U.S. shale fields. Officials with Calgary-based Canadian Natural Resources say Devon's "high-quality" assets will provide further balance to their production profile.

Devon Energy exits Canada with $2.8 bln sale to Canadian Natural, bets on U.S.

U.S. oil and gas producer Devon Energy Corp said on Wednesday it would sell its Canadian assets to Canadian Natural Resources Ltd for C$3.8 billion ($2.81 billion) in cash to focus purely on U.S. production. While U.S. oil companies have been investing in onshore shale production at home amid a surge in output, international companies like Royal Dutch Shell and ConocoPhillips have shed assets in Canada for several years as limited pipeline space has curtailed prices and growth prospects. Devon's investments have been in the so-called SCOOP and STACK regions, fast-growing shale oil basins in Oklahoma that have attracted investment from crude producers expanding beyond the Permian.

Devon Energy Reaches Deal to Sell Its Canada Business for $2.8 Billion

The heavy-oil assets in the province of Alberta include thermal in situ (or steam assisted gravity drainage) oilsands production (about 108,200 a day) and its conventional primary heavy crude oil operations (20,100 a day) located near Canadian Natural assets. At the end of last year, proved reserves associated with the properties amounted to about 409 million barrels of oil, Devon said Wednesday in a statement. "These high-quality assets complement our existing asset base and provide further balance to our production profile," Canadian Natural Resources President Tim McKay said in a separate statement.

Devon Energy Divests Canadian Business To Canadian Natural Resources For $2.8B

Devon Energy's Canadian business includes heavy oil assets mostly located in Alberta with net production averaging 113,000 oil-equivalent barrels in the first quarter of 2019. As of the end of 2018, the Canadian business had a proven reserve of 409 million barrels of oil. Devon Energy CEO Dave Hager said the asset sale is consistent with the company's transformation to become a U.S.-focused oil growth business.