Canadian Natural Says It Can Break Even at US$40 Oil, Reports Record Production
Oil and gas giant Canadian Natural Resources Ltd. says it can weather a crude price much lower than where it's been trading over the past month.
West Texas Intermediate, a U.S. benchmark for light oil, has been hovering around the US$60-per-barrel mark in recent weeks, about US$10 lower than it was just six months ago.
But Calgary-based Canadian Natural said it can cover maintenance capital and dividends in the low- to mid-US$40-per-barrel range, though it did not provide a breakdown of how each of its business segments would be affected.
Canadian Natural is one of Canada's biggest oilsands producers, and is also active in western Canadian natural gas shales and offshore in the United Kingdom and Cote d'Ivoire.
The company also said Thursday that it's reducing its capital spending for the year by $100 million to $6.05 billion because of cost efficiencies it managed to find.
'Importantly, this reduction will have no impact on our planned activities or targeted production volumes for 2025,' CEO Scott Stauth told a conference call to discuss first-quarter results.
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Canadian Natural shares were up more than five percent to $41.84 in late-morning trading Thursday.
'(Canadian Natural) delivered another quarter of operational outperformance marked by robust production across the portfolio, with beats recorded in each of the major operating segments relative to our expectations,' Desjardins Securities analyst Chris MacCulloch wrote in a research note.
Production during the first three months of 2025 averaged a record 1,582,348 barrels of oil equivalent per day, up from 1,333,502 boe/d in the same quarter last year.
Profit during the period was $2.46 billion, up from $987 million a year earlier.
The company said the profit amounted to $1.17 per diluted share for the quarter ended March 31 compared with 46 cents per diluted share a year ago.
On an adjusted basis, Canadian Natural says it earned $1.16 per diluted share from operations in its latest quarter, up from an adjusted profit of 68 cents per diluted share in the same quarter last year.
Product sales totalled $12.71 billion, up from $9.42 billion a year ago, while revenue amounted to $10.94 billion, up from $8.24 billion a year earlier.
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Shell Plc First Quarter 2025 Euro and GBP Equivalent Dividend Payments
SHELL PLC FIRST QUARTER 2025 EURO AND GBP EQUIVALENT DIVIDEND PAYMENTS June 9, 2025 The Board of Shell plc today announced the pounds sterling and euro equivalent dividend payments in respect of the first quarter 2025 interim dividend, which was announced on May 2, 2025 at US$0.358 per ordinary share. Shareholders have been able to elect to receive their dividends in US dollars, euros or pounds sterling. Holders of ordinary shares who have validly submitted US dollars, euros or pounds sterling currency elections by June 2, 2025 will be entitled to a dividend of US$0.358, €0.3136 or 26.41p per ordinary share, respectively. Absent any valid election to the contrary, persons holding their ordinary shares through Euroclear Nederland will receive their dividends in euros at the euro rate per ordinary share shown above. Absent any valid election to the contrary, shareholders (both holding in certificated and uncertificated form (CREST members)) and persons holding their shares through the Shell Corporate Nominee will receive their dividends in pounds sterling, at the pound sterling rate per ordinary share shown above. Euro and pounds sterling dividends payable in cash have been converted from US dollars based on an average of market exchange rates over the three dealing days from June 4 to June 6, 2025. This dividend will be payable on June 23, 2025 to those members whose names were on the Register of Members on May 16, 2025. Taxation - cash dividend If you are uncertain as to the tax treatment of any dividends you should consult your tax advisor. Note A different currency election date may apply to shareholders holding shares in a securities account with a bank or financial institution ultimately holding through Euroclear Nederland. This may also apply to other shareholders who do not hold their shares either directly on the Register of Members or in the corporate sponsored nominee arrangement. Shareholders can contact their broker, financial intermediary, bank or financial institution for the election deadline that applies. Enquiries Media: International +44 (0) 207 934 5550; U.S. and Canada: CAUTIONARY NOTE The companies in which Shell plc directly and indirectly owns investments are separate legal entities. In this announcement 'Shell', 'Shell Group' and 'Group' are sometimes used for convenience to reference Shell plc and its subsidiaries in general. Likewise, the words 'we', 'us' and 'our' are also used to refer to Shell plc and its subsidiaries in general or to those who work for them. These terms are also used where no useful purpose is served by identifying the particular entity or entities. 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There are a number of factors that could affect the future operations of Shell and could cause those results to differ materially from those expressed in the forward-looking statements included in this announcement, including (without limitation): (a) price fluctuations in crude oil and natural gas; (b) changes in demand for Shell's products; (c) currency fluctuations; (d) drilling and production results; (e) reserves estimates; (f) loss of market share and industry competition; (g) environmental and physical risks, including climate change; (h) risks associated with the identification of suitable potential acquisition properties and targets, and successful negotiation and completion of such transactions; (i) the risk of doing business in developing countries and countries subject to international sanctions; (j) legislative, judicial, fiscal and regulatory developments including tariffs and regulatory measures addressing climate change; (k) economic and financial market conditions in various countries and regions; (l) political risks, including the risks of expropriation and renegotiation of the terms of contracts with governmental entities, delays or advancements in the approval of projects and delays in the reimbursement for shared costs; (m) risks associated with the impact of pandemics, regional conflicts, such as the Russia-Ukraine war and the conflict in the Middle East, and a significant cyber security, data privacy or IT incident; (n) the pace of the energy transition; and (o) changes in trading conditions. No assurance is provided that future dividend payments will match or exceed previous dividend payments. All forward-looking statements contained in this announcement are expressly qualified in their entirety by the cautionary statements contained or referred to in this section. Readers should not place undue reliance on forward-looking statements. Additional risk factors that may affect future results are contained in Shell plc's Form 20-F for the year ended December 31, 2024 (available at and ). These risk factors also expressly qualify all forward-looking statements contained in this announcement and should be considered by the reader. Each forward-looking statement speaks only as of the date of this announcement, June 9, 2025. Neither Shell plc nor any of its subsidiaries undertake any obligation to publicly update or revise any forward-looking statement as a result of new information, future events or other information. In light of these risks, results could differ materially from those stated, implied or inferred from the forward-looking statements contained in this announcement. Shell's net carbon intensity Also, in this announcement we may refer to Shell's 'net carbon intensity' (NCI), which includes Shell's carbon emissions from the production of our energy products, our suppliers' carbon emissions in supplying energy for that production and our customers' carbon emissions associated with their use of the energy products we sell. Shell's NCI also includes the emissions associated with the production and use of energy products produced by others which Shell purchases for resale. Shell only controls its own emissions. The use of the terms Shell's 'net carbon intensity' or NCI is for convenience only and not intended to suggest these emissions are those of Shell plc or its subsidiaries. Shell's net-zero emissions target Shell's operating plan and outlook are forecasted for a three-year period and ten-year period, respectively, and are updated every year. They reflect the current economic environment and what we can reasonably expect to see over the next three and ten years. Accordingly, the outlook reflects our Scope 1, Scope 2 and NCI targets over the next ten years. However, Shell's operating plan and outlook cannot reflect our 2050 net-zero emissions target, as this target is outside our planning period. Such future operating plans and outlooks could include changes to our portfolio, efficiency improvements and the use of carbon capture and storage and carbon credits. In the future, as society moves towards net-zero emissions, we expect Shell's operating plans and outlooks to reflect this movement. However, if society is not net zero in 2050, as of today, there would be significant risk that Shell may not meet this target. 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