Latest news with #CanadianNaturalResourcesLtd
Calgary Herald
5 days ago
- Business
- Calgary Herald
'There's no barriers for Mother Nature': Wildfires continue to burn out of control near oilsands plants
Cooler temperatures have slowed Alberta's wildfires to the point where hundreds of oilpatch workers are beginning to return to oilsands plants, drilling rigs and remote camps that were evacuated last weekend as a large blaze temporarily forced a halt to 345,000 barrels of daily crude production. Article content However, the 62,040-hectare Caribou Lake fire burning at the southern border of the giant Athabasca oilsands deposit — which threatens about eight per cent of Alberta's daily oil output — continues to burn out of control, according to the province. Article content Article content Article content Precautionary evacuations have become the norm in an industry that has grown used to dealing with wildfires since Canadian production seems to be threatened 'on an almost clocklike annual basis,' Martin King, managing director of RBN Energy LLC, said in a recent note. Article content Article content Fire-proofing measures, such as clearing a wide swathe of the dense boreal forest surrounding drilling rigs and transmission lines and transferring fuels to sealed tanks to protect combustibles from falling ash, protect infrastructure while workers retreat to safety. Article content That's a far cry from the slapdash tactics recalled by veteran rig workers who 50 years ago might have downed tools to fight fires themselves. Article content 'I do remember, decades ago, when we'd only evacuate the rig when you actually saw flames somewhere close by,' Kevin Neveu, chief executive of Precision Drilling Corp., said. 'These days, we're evacuating when the fires are 10 or 20 kilometres away, when the risk is likely days away, not hours or minutes away.' Article content Article content Canadian Natural Resources Ltd. on Tuesday confirmed it had commenced start-up activities at its Jackfish 1 thermal plant after electing to shut-in approximately 36,500 bbl/d of production on May 31 in response to nearby forest fires. Article content Article content Production remains shut-in at Cenovus Energy Inc. 's massive Christina Lake asset, a suspension that encompasses about 238,000 bbl/d of output and began on May 29. The company said it wasn't aware of any damage to its infrastructure and that a full restart of operations was expected in the near term. Article content The wildfires have also disrupted power to the region, delaying the start-up of MEG Energy Corp.'s 70,000-barrel-per-day Christina Lake thermal project (a separate operation from Cenovus' facility of the same name), following the completion of a temporary shutdown for maintenance. Article content Wildfire-related shut-ins and evacuations disrupt the lives and livelihoods of thousands of oilpatch workers each season, including rig and oilfield service workers and camp staff, most of whom aren't salaried and go without any pay while on standby for what can be prolonged periods.
Epoch Times
08-05-2025
- Business
- Epoch Times
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. Related Stories 10/7/2024 4/24/2025 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.
Winnipeg Free Press
08-05-2025
- Business
- Winnipeg Free Press
Canadian Natural Resources reports Q1 profit up, record quarterly average production
CALGARY – Canadian Natural Resources Ltd. earned a first-quarter profit of $2.46 billion, up from $987 million a year ago as it reported record quarterly average production. The company says 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. Production in the quarter averaged 1,582,348 barrels of oil equivalent per day, up from 1,333,502 boe/d in the same quarter last year. The company says it produced 2.45 billion cubic feet per day of natural gas, up from 2.15 billion cubic feet per day a year earlier, while crude oil and natural gas liquids production amounted to 1,173,804 barrels per day, up from 975,668 barrels per day a year ago. Winnipeg Jets Game Days On Winnipeg Jets game days, hockey writers Mike McIntyre and Ken Wiebe send news, notes and quotes from the morning skate, as well as injury updates and lineup decisions. Arrives a few hours prior to puck drop. This report by The Canadian Press was first published May 8, 2025. Companies in this story: (TSX:CNQ)
Yahoo
15-04-2025
- Business
- Yahoo
Canadian Natural Resources (CNQ): Among the Best Undervalued Energy Stocks to Invest in Now
We recently published a list of the 11 Best Undervalued Energy Stocks to Invest in Now. In this article, we are going to take a look at where Canadian Natural Resources Ltd. (NYSE:CNQ) stands against other undervalued energy stocks. On March 18, Tortoise Capital senior portfolio manager Rob Thummel appeared on CNBC's 'Squawk on the Street' to discuss his outlook on the energy sector. He believes that natural gas is positioned to lead growth in the future within the energy sector. This natural gas demand is driven by electricity and energy exports. Thummel noted that the energy and tech sectors are converging due to advancements like AI and data centers. Electricity demand fuels natural gas consumption, while US energy exports help meet global needs for low-cost and low-carbon energy. He also highlighted that the US is now emerging as the largest exporter of LNG, even though it was an LNG importer just years ago. He anticipates that the US LNG exports will soon 2x in volume over time. Thummel also expects Europe and other countries to prioritize energy security and diversify their supply sources. This will ensure reliance on US energy exports. Thummel emphasized a focus on energy infrastructure companies while discussing his specific investment strategies as they tend to be stable and have high dividend yields even in uncertain market conditions. He thinks that the certainty provided by energy infrastructure investments in an otherwise volatile market should not be neglected. Such companies generate substantial annual cash flows while maintaining disciplined financial practices. Thummel thinks that the energy sector trades at a discount to historical valuations despite its fundamentals. This offers the potential for high returns. We used the Finviz stock screener to compile a list of the top energy stocks that had a forward P/E ratio under 15 as of April 10. We then selected the 11 stocks that were the most popular among elite hedge funds and that analysts were bullish on. The stocks are ranked in ascending order of the number of hedge funds that have stakes in them, as of Q4 2024. The hedge fund data was sourced from Insider Monkey's database which tracks the moves of over 1000 elite money managers. Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter's strategy selects 14 small-cap and large-cap stocks every quarter and has returned 373.4% since May 2014, beating its benchmark by 218 percentage points (see more details here). A vast oil rig pumping crude oil during a sunset, emphasizing the company's focus on oil & gas exploration and production. Forward P/E Ratio as of April 10: 11.65 Number of Hedge Fund Holders: 54 Canadian Natural Resources Ltd. (NYSE:CNQ) acquires, explores, develops, produces, markets, and sells crude oil, natural gas, and natural gas liquids in Western Canada, the UK sector of the North Sea, and Offshore Africa. It offers light and medium crude oil, primary heavy crude oil, Pelican Lake heavy crude oil, bitumen (thermal oil), and synthetic crude oil (SCO). In 2024, the company's Oil Sands Mining & Upgrading segment achieved a record annual production of 472,245 barrels per day. The company's acquisitions boosted the value of this segment's assets. Notably, the acquisition of an additional working interest in the Albion Mines will consolidate 100% ownership and add ~93,500 barrels per day of long-life and zero-decline production. It's targeted for completion by Q2 2025, Since acquiring an initial interest in these assets in 2017, Canadian Natural Resources Ltd. (NYSE:CNQ) has focused on optimization. This resulted in a 30% increase in production at Albion Mines, which equated to 70,000+ barrels per day. The company also achieved a 30% reduction in per-unit operating costs, which translated to ~$10 per barrel savings and an incremental margin of $800 million based on 2024 production. Overall, CNQ ranks 10th on our list of the best undervalued energy stocks to invest in now. While we acknowledge the growth potential of CNQ, our conviction lies in the belief that AI stocks hold great promise for delivering high returns and doing so within a shorter time frame. There is an AI stock that went up since the beginning of 2025, while popular AI stocks lost around 25%. If you are looking for an AI stock that is more promising than CNQ but that trades at less than 5 times its earnings, check out our report about this cheapest AI stock. READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires. Disclosure: None. This article is originally published at Insider Monkey. Sign in to access your portfolio
Yahoo
07-03-2025
- Business
- Yahoo
Canadian Natural Resources Ltd (CNQ) Q4 2024 Earnings Call Highlights: Record Production and ...
Annual Production: Record annual total production of approximately 1.36 million BOEs per day, including record liquids production of over 1 million barrels per day. Oil Sands Mining and Upgrading Production: Record annual production of 472,245 barrels per day and record quarterly production of 534,631 barrels per day. Operating Costs: Oil sands mining and upgraded operating costs averaged $22.88 per barrel in 2024 and $20.97 per barrel in Q4. Thermal In Situ Production: Record production averaging just over 271,000 barrels per day, a 3% increase over 2023. Thermal In Situ Operating Costs: Averaged $11.04 per barrel, down 16% compared to 2023. Primary Heavy Oil Production: Averaged approximately 79,100 barrels per day, a 2% increase over 2023. Primary Heavy Oil Operating Costs: Averaged $18.11 per barrel, down 9% from 2023. North American Light Crude Oil and NGL Production: Averaged approximately 114,400 barrels per day, a 5% increase compared to 2023. North American Natural Gas Production: Averaged 2.14 BCF in 2024, comparable to 2023. Adjusted Funds Flow: Annual adjusted funds flow of $14.9 billion, including Q4 '24 adjusted funds flow of $4.2 billion. Capital Program: Approximately $100 million under budget of $5.3 billion. Returns to Shareholders: Approximately $7.1 billion returned to shareholders in 2024. Dividend Increase: Quarterly dividend increased twice in 2024, with a further 4% increase subsequent to year-end. Debt Metrics: Debt-to-EBITDA at 1.1 times and debt-to-book capital at 32% at the end of 2024. Liquidity: Liquidity at the end of the quarter was approximately $4.7 billion. Warning! GuruFocus has detected 3 Warning Signs with ACFN. Release Date: March 06, 2025 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Canadian Natural Resources Ltd (NYSE:CNQ) achieved record annual total production of approximately 1.36 million BOEs per day in 2024, including record liquids production of over 1 million barrels per day. The company returned over $11 per share to shareholders through dividends and share repurchases, with a 59% increase in annualized quarterly dividend. Canadian Natural Resources Ltd (NYSE:CNQ) completed strategic acquisitions, including Chevron's assets, adding significant reserves and production capacity. The company reported strong financial results with an annual adjusted funds flow of $14.9 billion and significant free cash flow, allowing for increased shareholder returns. Canadian Natural Resources Ltd (NYSE:CNQ) maintained industry-leading low operating costs, with oil sands mining and upgrading costs averaging $22.88 per barrel in 2024. The company faces challenges in obtaining approvals for large projects in Canada, which could impact future growth opportunities. There is uncertainty regarding the impact of tariffs on WCS pricing and how much of the cost will be absorbed by producers versus consumers. Canadian Natural Resources Ltd (NYSE:CNQ) has deferred certain dry natural gas activities due to lower natural gas prices, impacting potential production growth. The North Sea operations are expected to continue winding down, with no plans for further capital investment in the region. The company must navigate political and market uncertainties, including currency fluctuations and potential changes in fiscal regimes, which could affect financial performance. Q: What impact do the Shell swap and Chevron acquisitions have on shareholder returns and organic growth at AOSP? A: Scott Stauth, President: The acquisitions add 93,000 barrels per day of production, significantly contributing to free cash flow and shareholder payment programs. There are existing approvals for Jackpine mine expansion and license capacity availability for further growth opportunities at Albian mine. Q: Are the accelerated thermal developments part of a larger strategy? A: Scott Stauth, President: The acceleration is due to continuous improvement practices. Each project benefits from learnings of previous ones, allowing for earlier completions, but it's part of our standard improvement process. Q: What options are available if production exceeds Scotford upgrader capacity? A: Scott Stauth, President: The next step would likely involve paraffinic treat opportunities to move additional bitumen barrels to market, ensuring the upgrader remains full while expanding capacity. Q: How do you view the Eco prices over the next 18 to 24 months with LNG projects ramping up? A: Scott Stauth, President: Prices are expected to rise by 2026 with LNG Canada coming online. The focus will remain on liquids-rich gas areas like Montney and Duvernay, with market conservatism on pricing. Q: How does the company plan to utilize the 70,000 barrels per day of unused thermal processing capacity? A: Scott Stauth, President: The focus is on pad additions and solvent implementation, primarily in the Primrose/Wolf Lake area, to maximize steam plant capacity and enhance production. Q: What are the implications of the Chevron acquisition on tax pools and cash taxes in 2025? A: Mark Stainthorpe, CFO: The acquisition generates tax pools, impacting taxes as seen in Q4, but specific guidance on tax pools is not provided. Q: How do you view the potential for expanding the Jackpine mine by 100,000 barrels per day? A: Scott Stauth, President: The expansion is approved and can be integrated into the capital allocation model. The decision will depend on pricing, egress, and carbon capture considerations. Q: How do you assess the breakeven for incremental investments in a flat oil price environment? A: Scott Stauth, President: Incremental projects have low breakeven costs due to existing infrastructure, offering the best capital efficiencies and returns, making them a priority in any investment environment. For the complete transcript of the earnings call, please refer to the full earnings call transcript. This article first appeared on GuruFocus. Sign in to access your portfolio
