Canadian Natural Resources Limited has released a follow up report on the event which occurred at the Scotford Upgrader, in which the Company has a 70% interest, on Monday April 15, 2019 at approximately 8:45am. Shell Canada, as Operator of the Scotford Upgrader, along with Strathcona County Emergency Services responded to a fire in the upgrader expansion area ("North Upgrader") at the Scotford Upgrader, while it was being shut down for planned maintenance. The fire was promptly extinguished, all personnel were accounted for, and there were no reported injuries.
Canadian Natural Resources Limited
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Canadian Natural Resources Limited announces in connection with its previously announced Normal Course Issuer Bid to purchase up to 61,424,856 of its common shares, it entered into an Automatic Securities Purchase Plan with a designated broker. The ASPP is intended to allow for the purchase of Shares under the NCIB when the Company would ordinarily not be permitted to purchase shares due to regulatory restrictions and customary self-imposed blackout periods.
Canadian Natural has reported its 2018 fourth quarter and full year results, indicating that the company is continuing to show growth, even within a challenging oil and gas industy.
The Natural Gas Innovation Fund (NGIF) has made three major announcements: seven Canadian natural gas producers have joined the fund to advance cleantech innovation and improve environmental performance and greenhouse gas (GHG) emission reduction in Canada's natural gas energy system; a $3 million funding call is opening for cleantech solutions for the development and production of natural gas; and a Federal/Provincial Government and Industry collaboration on GHG emission reduction in natural gas energy across Canada is being launched.
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.
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.
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.
Canadian Natural Resources, as operator of the Jackpine and Muskeg River mines at the Athabasca Oil Sands Project, has announced that the AOSP has achieved a mined production milestone of 1 billion barrels since operations began in 2003.
A strategy to transition to a long life, low decline asset base helped Canadian Natural Resources Limited to a solid result in 2017, with the company achieving a total earnings of $2.3 billion through the year. After adjustments, the company saw an increase of $2.07 million from its 2016 levels, in a year that saw CNRL also generate record production levels.
A pair of Canadian companies have engaged in a high-priced agreement in Alberta's oil patch. Canadian Natural Resources Limited will acquire assets from Cenovus in a deal valued at just under $1 billion.