Heavyweight oil and gas Canadian Natural Resources Ltd.Freshly out of two major offers, says that the volatility of American prices does not make it more swallowed for more acquisitions.
During his conference call for the fourth quarter Thursday, an analyst asked Canadian natural president Scott Stauth if there may be opportunities for more acquisitions, taking into account the solid balance sheet of the company and the possibility of 10% tariffs on Canada energy Expeditions to the United States eating in the prices of potential objectives.
“It will take time to sort part of this, but we are very happy,” said Stauth.
Thanks to a recently announced asset exchange agreement with Shell and the acquisition of US $ 6.5 billion from Alberta de Chevron de Chevron at the end of last year, the company based in Calgary is ready to become the only owner of the Albian mines in northeast Alberta’s Oilsands, adding a total of more than 93,000 barrels per day. The chevron agreement also included an interest of 70% for light assets of crude and natural gas rich in liquids in the Schist of Duvernay in western Alberta.
“If you look at our reserve base, we have the opportunity to grow organically,” he said.
Get national news
For news that has an impact on Canada and worldwide, register for the safeguarding of news alerts that are delivered to you directly when they occur.
For example, an expansion of 100,000 barrels per day at the Jackpine mine, one of the two that make up the Albian assets, has regulatory approval, said Stauth.
“Over the past 35 years, this has been one of our forces – organic growth and benefits from opportunistic acquisitions. Unless there is something that changes considerably in the environment in the future, I don’t see our strategy change. »»
In February, Canadian Natural saw his highest monthly monthly production of his Bituminous sand operations at 640,000 barrels per day.
Earlier Thursday, Canadian Natural announced a benefit from the fourth quarter of $ 1.14 billion, compared to $ 2.63 billion. The profit amounted to 54 cents per share diluted for the closed quarter on December 31, against $ 1.21 per share diluted in the last three months of 2023.
The quarter revenues totaled $ 9.47 billion, compared to $ 9.55 billion.
The drop in profits and income came while the price of West Texas Intermediate, the main reference for American light oil, fell to US $ 70.27 per barrel in the last three months of 2024, against US $ 78.33 a year earlier.
The price difference between WTI and western Canada selection, heavy oil less precious produced in western western Canada, is tightened at US $ 12.55 per barrel in the fourth quarter, against US $ 21.90 per barrel a year earlier.
Also Thursday, Natural Canadian increased its dividend to 58.75 cents per share, compared to 56.25 cents per share.
The results occurred because it produced a record of 1,470,428 barrels of oil equivalent per day during the quarter, against 1,419,313 a year earlier.
Desjardins’ analyst, Chris McCulloch, wrote in a note to customers that Canadian Natural “continued to display his operational prowess and the high quality of his heavy oil assets” during the fourth quarter, adding that the mining segment displayed record production despite the breakdowns of maintenance and improvement of efficiency.
& Copy 2025 the Canadian press