Welcome to our dedicated page for Canadian Natural Resources news (Ticker: CNQ), a resource for investors and traders seeking the latest updates and insights on Canadian Natural Resources stock.
Canadian Natural Resources Limited (CNQ), headquartered in Calgary, Alberta, is one of the largest independent producers of crude oil and natural gas in the world. Operating with a diversified portfolio, CNQ has significant exposure in regions such as North America, the North Sea, and Offshore Africa. The company's core activities encompass the exploration, development, production, and marketing of oil and gas. CNQ’s operations are segmented into three primary geographic areas: North America, the North Sea, and Offshore Africa.
Canadian Natural’s balanced mix of natural gas, light oil, heavy oil, in situ oil sands production, and oil sands mining presents ample opportunities for growth and innovation. The company is committed to health and safety, conducting all operations with a priority on minimizing harm to employees, contractors, the public, and the environment.
CNQ has made notable achievements, such as strong thermal production growth and robust synthetic crude oil production, capitalizing on improved Western Canadian Select (WCS) pricing. The company’s ESG (Environmental, Social, and Governance) initiatives include a significant reduction in greenhouse gas emissions and substantial contracts awarded to Indigenous businesses. Financially, CNQ reported adjusted net earnings of approximately $2.3 billion in Q3 2023, evidencing strong profitability and shareholder returns through dividends and share repurchases.
The company’s strategic growth plan targets sustainable production increases, leveraging its long life low decline assets. CNQ’s participation in the Pathways Alliance, aimed at achieving net zero emissions by 2050, underscores its commitment to environmental stewardship.
For those interested in the latest updates and detailed financials, Canadian Natural Resources continues to emphasize transparency and investor satisfaction through regular reporting and strategic capital allocation.
Canadian Natural Resources (CNQ) has completed the acquisition of Chevron Canada's Alberta assets, including a 20% interest in the Athabasca Oil Sands Project (AOSP) and a 70% operated interest in Duvernay assets. With this acquisition, CNQ now owns 90% of AOSP, which includes the Muskeg River and Jackpine mines, Scotford Upgrader, and Quest Carbon Capture facility.
The company projects 2025 production from these assets at approximately 122,500 BOE/d, comprising 62,500 bbl/d of Synthetic Crude Oil from AOSP and 60,000 BOE/d from Duvernay (179 MMcf/d natural gas and 30,000 bbl/d liquids). The acquisitions are expected to generate immediate free cash flow and create opportunities for long-term shareholder value. CNQ will release its 2025 Budget details on January 9th, 2025.
Canadian Natural Resources (CNQ) has priced three new unsecured notes offerings totaling US$1.5 billion and C$500 million:
- 5-year USD notes: US$750M at 5.00% coupon, maturing December 15, 2029
- 10-year USD notes: US$750M at 5.40% coupon, maturing December 15, 2034
- 7-year CAD notes: C$500M at 4.15% coupon, maturing December 15, 2031
The offerings are expected to close on December 6, 2024. The proceeds will be used for general corporate purposes and debt repayment, including financing the previously announced Chevron Canada assets acquisition. Unused proceeds may be invested in short-term marketable securities.
Canadian Natural Resources reported strong Q3 2024 results with net earnings of $2.3 billion and average production of 1,363,086 BOE/d. The company achieved record monthly production of 529,000 bbl/d of Synthetic Crude Oil in August 2024. Subsequent to quarter end, CNQ announced agreements to acquire Chevron's 20% interest in AOSP and 70% operated working interest in Duvernay assets. The Board approved a 7% dividend increase to $0.5625 per share. Q3 returns to shareholders totaled $1.9 billion, including $1.12 billion in dividends and $0.74 billion in share repurchases.
Canadian Natural Resources (TSX: CNQ) (NYSE: CNQ) has announced a 7% increase in its quarterly cash dividend to $0.5625 per common share, up from the previous $0.525. This increase is attributed to the company's significant free cash flow, including targeted additional free cash flow from recently acquired Chevron Canada 's Alberta assets, and its strong financial position.
The dividend will be payable on January 3, 2025 to shareholders of record at the close of business on December 13, 2024. This marks the 25th consecutive year of dividend increases by Canadian Natural, with a compound annual growth rate (CAGR) of 21% over that period.
Canadian Natural Resources (TSX: CNQ) (NYSE: CNQ) has announced the acquisition of Chevron's Alberta assets, including a 20% interest in the Athabasca Oil Sands Project (AOSP) and a 70% operated working interest in Duvernay play assets. The deal, valued at US$6.5 billion, is expected to close in Q4 2024 and will add approximately 122,500 BOE/d of targeted 2025 production and 1,448 MMBOE of Total Proved plus Probable reserves.
The acquisition increases Canadian Natural's interest in AOSP to 90% and adds about 62,500 bbl/d of Synthetic Crude Oil production. The Duvernay assets are expected to produce around 60,000 BOE/d in 2025. Canadian Natural also announced a 7% increase in its quarterly dividend to $0.5625 per share, marking its 25th consecutive year of dividend growth.
The company has secured a $4 billion term loan facility to partially fund the acquisition. Post-acquisition, Canadian Natural targets to exit 2024 with a debt to book capitalization of approximately 30% and debt to 12-month forward EBITDA of about 1.1x, based on US$70/bbl WTI.
Canadian Natural Resources (TSX: CNQ) (NYSE: CNQ) has declared a quarterly cash dividend of $0.525 per common share, payable on October 4, 2024 to shareholders of record as of September 13, 2024. This marks the 24th consecutive year of dividend increases for the company, with a compound annual growth rate (CAGR) of 21% over that period. The consistent dividend growth demonstrates the Board's confidence in the company's sustainable business model, strong balance sheet, and diverse, long-life, low-decline reserves and asset base. Canadian Natural is a leading crude oil and natural gas production company with operations in Western Canada, the U.K. North Sea, and Offshore Africa.
Canadian Natural Resources (TSX: CNQ) (NYSE: CNQ) announced strong Q2 2024 results, with production reaching 1,286,000 BOE/d, an 8% increase from Q2 2023. The company achieved thermal production of 268,000 bbl/d and completed planned turnarounds at Horizon ahead of schedule. In July 2024, Horizon reached a milestone of one billion barrels of bitumen production since 2009, with total proved SCO reserves of 6.9 billion barrels. The Trans Mountain Expansion pipeline commissioning positively impacted the Canadian energy industry. Canadian Natural reported adjusted net earnings of $1.9 billion and adjusted funds flow of $3.6 billion for Q2 2024, returning $1.9 billion to shareholders. The company maintains its commitment to environmental stewardship and safe operations despite changes in legislation.
Canadian Natural Resources (CNQ) recently held its Annual and Special Meeting of Shareholders, reporting the voting results. Key highlights include the election of directors, appointment of auditors, approval of executive compensation approach, and a vote on a share split. The company operates in Western Canada, the U.K. North Sea, and Offshore Africa.
Canadian Natural Resources (TSX: CNQ) (NYSE: CNQ) announced a two for one split of its common shares with a record date of June 3, 2024. Shareholders will receive one additional share for every one common share held. The split is expected to increase market liquidity and attract more investors. Trading will be on a due bill basis from June 3 to June 10, 2024. The split will not dilute equity or change shareholder rights. No action is needed from shareholders, and tax implications are minimal.
Canadian Natural Resources (CNQ) announced a quarterly dividend increase of 5% to $1.05 per common share, demonstrating confidence in its business model, strong balance sheet, and diverse asset base. The dividend will be payable on July 5, 2024, to shareholders of record on June 17, 2024. This marks the 24th consecutive year of dividend increases for the company.
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