Reuters Canada’s oil patch has endured five years of existential threats that have pruned weaker companies, but now its strongest firms are trying to navigate the coronavirus pandemic, which has set off the worst crisis in the oil industry in 40 years. Economic shutdowns have ground travel to a halt, cutting fuel demand by roughly 30% worldwide. With consumption down,
Reuters Canadian Natural Resources Ltd (CNQ.TO) posted a quarterly loss on Thursday compared with a year-ago profit, hurt by the sharp decline in oil prices caused by the novel coronavirus outbreak and a price war between Saudi Arabia and Russia. Canada’s largest oil and gas producer also withdrew its 2020 production outlook and said it would curtail production by roughly
Oil and Gas 360 CALGARY, Alberta, Dec. 04, 2019 (GLOBE NEWSWIRE) — Commenting on the Company’s 2020 budget, Steve Laut, Executive Vice-Chairman of Canadian Natural stated, “Canadian Natural’s ability to generate significant and sustainable free cash flow sets us apart from our peers. Our focus on capital discipline, as a part of our four pillars of capital allocation, operational excellence
From Reuters Canadian Natural Resources Ltd, the country’s biggest oil producer, has joined a number of other firms asking Canada’s energy regulator to intervene in Enbridge Inc’s plan to overhaul shipping contracts on its Mainline pipeline network. Canadian Natural’s letter to the National Energy Board (NEB), filed late on Monday, calls on the regulator to delay Enbridge’s proposal to switch
From Reuters Major Canadian oil companies, which publicly disagreed over the Alberta government’s forced curtailments this year, are in lockstep over how to end the production limits and reinvigorate the battered industry. Senior executives from Suncor Energy, Canadian Natural Resources, Imperial Oil Ltd and Cenovus Energy said at a TD Securities investor conference in Calgary on Tuesday that they are
By Tyler Losier, Energy Reporter, Oil & Gas 360 Devon looks to focus on oil-based growth in U.S., departs Canada Canadian Natural Resources Limited (stock ticker: CNQ) inked a deal this Wednesday to acquire Devon Energy Corp.’s (stock ticker: DVN) Canadian assets for a cash purchase price of approximately US$2.8 billion (CAD $3.8 billion). The deal is expected to close
From the Canadian Press/Fort McMurray Today Fears of another Alberta oil price crisis are ebbing thanks to the government’s production curtailment program and improving crude-by-rail profitability, says the president of oilsands producer Canadian Natural Resources Ltd. But anxiety about a return to the steep price discounts of last fall won’t disappear until new pipelines are built and flaws are fixed
Canadian Natural Resources Limited Announces Establishment of Automatic Securities Purchase Plan
Q4 earnings caps a wild quarter By Richard Rostad, analyst, Oil & Gas 360 Two major Canadian oil sands producers, Canadian Natural Resources (ticker: CNQ) and Meg Energy (ticker: MEG) held conference calls late this week, providing a glimpse of the thoughts of two of the largest producers in the country. As might be expected, both companies experienced wild quarters
“It’s not 2009 anymore” By Richard Rostad, analyst, Oil & Gas 360 The Canadian oil sands have often been criticized as a particularly environmentally unfriendly source of oil, but Canadian Natural Resources (stock ticker: CNQ) disagrees. CNQ’s Executive Vice Chairman Steve Laut laid out the environmental case for the company’s activities in its conference call yesterday, explaining “When it comes
From Bloomberg Premier makes no mention of curtailment in Toronto speech CTV Interview Wednesday had raised expectation that she would Alberta Premier Rachel Notley reiterated her call for Canadians to support new oil pipelines and improve two energy bills at a speech in Toronto, but made no mention of whether she’ll mandate crude-production cuts. Suffering from record-low prices because of
Could add up to 95 MBOEPD From the Calgary Herald When will big growth and bigger spending come back to Canada’s oilpatch? It hasn’t happened yet, although companies are starting to cast an eye towards potential expansions as cash flow levels surge with rising oil prices. On the heels of second-quarter results that pumped out $982 million in profits —
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