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Canadian Natural Resources Limited

2100, 855 - 2 Street S.W.
Calgary, AB
CA, T2P 4J8

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Canadian Natural Resources Limited announces 2018 third quarter results

Commenting on third quarter 2018 results, Steve Laut, Executive Vice-Chairman of Canadian Natural stated, "The strength of our well balanced and diverse portfolio, combined with Canadian Natural's ability to effectively and efficiently execute, delivered a strong third quarter for the Company. Record quarterly adjusted funds flow of over $2.8 billion was achieved in the third quarter and adjusted funds flow of $7.9 billion was achieved in the first nine months of 2018. Capital allocation continued to be balanced amongst our four pillars to maximize shareholder value. In the first nine months of 2018, economic resource development remained disciplined at 40% of adjusted funds flow. Returns to shareholders were robust at 26% of adjusted funds flow and 31% of adjusted funds flow was allocated to the balance sheet further strengthening our financial position. Lastly, the Company executed on minor tuck-in acquisitions, 3% of adjusted funds flow, that add optionality and significant future value.

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CNRL completes acquisition of Laricina Energy

CNRL completes acquisition of Laricina Energy

Canadian Natural Resources Limited announces that its offer to acquire all of the issued and outstanding common shares in the capital of Laricina Energy Ltd., as previously described in the Laricina press release dated July 26, 2018, has been accepted by holders of Laricina Shares representing 98.7% of the issued and outstanding Laricina Shares on a fully diluted basis.  Accordingly, the minimum tender requirement under applicable Canadian securities laws has been satisfied and all other conditions to the Offer have been satisfied.

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CNRL acquires 100 percent working interest in Joslyn project

CNRL acquires 100 percent working interest in Joslyn project

Canadian Natural Resources Limited has entered into an agreement to acquire a 100% working interest in the Joslyn oil sands project for a total consideration of $100 million cash on closing and annual cash payments of $25 million over each of the next five years.  The Joslyn lease, which is located directly south of the Company's current Horizon Oil Sands Mining and Upgrading project, adds significant value to the Company's already extensive portfolio of high quality long life low decline assets and will allow for more effective lease-line development opportunities between the Horizon and Joslyn projects.

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Horizon achieves higher than expected performance, CNRL reports

Horizon achieves higher than expected performance, CNRL reports

Canadian Natural Resources Limited has released an operations update for Horizon Oil Sands. In December 2016 the Company continued to achieve higher than expected performance at Horizon, with production averaging approximately 184,000 bbl/d of Synthetic Crude Oil ("SCO"). After the successful ramp of the Phase 2B expansion, average production in the fourth quarter of 2016 reached approximately 178,000 bbl/d of SCO, at the high end of previously issued fourth quarter 2016 Horizon production guidance. As a result of these strong operational results and cost efficiencies at Horizon, the Company realized operating costs of $22.53/bbl (US$16.89/bbl) of SCO in the fourth quarter of 2016. 

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Pipelines

CNRL to sell ownership in Cold Lake Pipeline

Canadian Natural Resources Limited has reached an agreement to monetize the Company's non-core ownership interest in the Cold Lake Pipeline, to Inter Pipeline Ltd. The transaction consists of the monetization of the Company's entire 15% ownership interest of Cold Lake Pipeline Ltd. and its 14.7% ownership interest in the Cold Lake Limited Partnership. Upon closing of the transaction the Company will receive gross proceeds of $350 million in cash and 6,417,740 common shares of Inter Pipeline at an ascribed value of $177.5 million for total value of approximately $527.5 million. The transaction is targeted to close in 2016.

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Oil sands companies demonstrate leadership on climate change

Oil sands companies demonstrate leadership on climate change

Four of Canada's largest oil sands producers have come together to demonstrate leadership on climate change. Canadian Natural Resources LimitedCenovus Energy Inc., Shell Canada Limited and Suncor Energy Inc., support the Government of Alberta's climate plan related to the oil and natural gas industry, which includes a carbon pricing regime coupled with an overall emissions limit for the oil sands. These measures provide predictability and certainty and will help ensure that producers can responsibly develop and grow this significant Canadian resource while also addressing global concerns about climate change.

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