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The company’s $2.8 billion purchase of Devon Energy Corp.’s Jackfish brings Canadian Natural’s oil-sands production capacity to more than 700,000 barrels a day compared with more than 900,000 barrels a day controlled by Suncor, according to data compiled by Oil Sands Magazine. The Devon purchase marks the company’s second major acquisition in the oil sands in the past two years after it bought most of Royal Dutch Shell Plc’s oil-sands operations in 2017, making it Canada’s largest overall oil producer with more than one million barrels a day of production worldwide.
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 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.
It gives CNRL control over assets that had net production averaging 113,000 oil-equivalent barrels in the first quarter, the companies said Wednesday. Edwards, CNRL’s chairman and largest individual shareholder, has helped build the company into Canada’s largest energy producer. The Devon assets “fit well with Canadian Natural’s land base, and we believe that the company can look to repay leverage quickly with its free cash flow,” Canaccord Genuity analyst Dennis Fong said in a note to clients.
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.
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'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.
Oil and gas producer Canadian Natural Resources Ltd said on Wednesday it would buy the Canadian assets of its U.S. peer Devon Energy Corp for about C$3.8 billion . The deal is expected to close by June ...
Canadian Natural Resources Ltd said on Thursday it is against proposed changes to shipping agreements on Enbridge Inc's Mainline pipeline system because it does not want to be "held hostage" to one delivery point for its crude. The Enbridge Mainline system delivers 2.85 million barrels of crude per day from western Canada to the U.S. Midwest, an area known as Padd 2, where it connects to other pipelines stretching across North America. Enbridge is proposing to shift away from a monthly allocation system to long-term, set-volume contracts.
Oil and gas producer Canadian Natural Resources Ltd reported a 65 percent rise in quarterly profit on Thursday, boosted by higher prices for Canada's heavy crude on the back of Alberta's output cuts. Net ...
On a per-share basis, the Calgary, Alberta-based company said it had net income of 60 cents. Earnings, adjusted for non-recurring gains, came to 53 cents per share. The results surpassed Wall Street expectations. ...
Canadian Natural Resources Ltd on Wednesday cut its May and June production due to ongoing maintenance at one of its oil sands upgrader at the Albian mines in Alberta that was damaged in a fire incident. The average gross production at the Albian oil sands mine, which supplies the upgrader with bitumen, for May and April has now been revised at about 245,000 barrels per day (bbl/d) from the company's previous target of about 255,000 bbl/d. The company continues to optimize other assets in Alberta to mitigate the impact of production curtailment, it said in a statement.
Canadian Natural Resources Ltd reported a surprise quarterly loss on Thursday because of lower crude prices, but said Canadian crude differentials have narrowed since Alberta imposed output curbs last year. Alberta oil producers have endured record discounts on benchmark Canadian heavy crude because of congestion on export pipelines that led to a glut of crude building up in storage tanks. The company, which backed the Alberta government's move last year, said on Thursday that the Western Canadian Select differential index - the difference between benchmark Canadian heavy crude and U.S. crude - had narrowed to $12.38 a barrel in the first quarter of 2019 from $39.36 per barrel in the reported quarter.
Canadian Natural Resources Ltd reported a quarterly loss compared to a year-ago profit, hurt by lower prices for its crude. Net loss was C$776 million, or 64 Canadian cents per share, in the fourth quarter ...
Canadian Natural Resources Ltd on Wednesday forecast a roughly 20 percent drop in capital spending in 2019 compared with 2018, blaming a lack of market access for its oil and the "dysfunctional" pipeline nomination process. The company's shares jumped 4 percent, trading at C$37.26 on the Toronto Stock Exchange as the broader energy sector rallied on higher oil prices. Canadian Natural set its 2019 capital budget at around C$3.7 billion ($2.8 billion), down about C$1 billion from 2018 spending, with maintenance capital targeted at about C$3.1 billion.
Canadian Natural Resources (CNQ) delivered earnings and revenue surprises of 18.06% and -4.16%, respectively, for the quarter ended September 2018. Do the numbers hold clues to what lies ahead for the stock?
On a per-share basis, the Calgary, Alberta-based company said it had profit of $1.13. Earnings, adjusted for non-recurring gains and stock option gains, were 85 cents per share. The results topped Wall ...
Canadian Natural Resources Ltd's quarterly profit more than doubled and beat analysts' estimates on Thursday, helped by higher production and average realized prices. The company is looking to produce ...