Dan Healing
Canadian Natural Resources Ltd. logo is shown at the company s annual meeting in Calgary on May 3, 2012. THE CANADIAN PRESS/Jeff McIntosh May 06, 2021 - 11:49 AM
CALGARY - Higher oil and gas prices, record production and a restrained capital spending budget will result in bountiful free cash flow for Canadian Natural Resources Ltd. this year, the oilsands company said Thursday.
In its first-quarter results, the Calgary-based company said it expects to generate between $5.7 billion and $6.2 billion of positive cash flow in 2021 after paying for a $3.2-billion capital budget and about $2.2 billion in dividends.
In keeping with other big oilsands producers, however, Canadian Natural says it plans to spend the money mainly on reducing debt, not taking on big projects to increase oil and gas production.
Canadian Natural reports $1.38B Q1 profit, plans to reduce debt
Higher oil and gas prices, record production and a restrained capital spending budget will result in bountiful free cash flow for Canadian Natural Resources Ltd. this year, the oilsands company said Thursday.
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In keeping with other big oilsands producers, however, Canadian Natural says it plans to spend the money mainly on reducing debt, not taking on big projects to increase oil and gas production. If we do anything, I suspect it will be very small, we ll leverage off of our facilities. We re doing drill-to-fill (processing plants) on the gas side, you know; with the oil side, it would be essentially brownfield, small developments, president Tim McKay told a conference call with analysts. I just don t really see … anybody in the industry really getting aggressive on any kind of major capital program.
Most of its capital budget for 2021 is aimed at sustaining operations, but about $200 million is considered growth capital and is expected to result in a five per cent increase in output, McKay said.
Canadian Natural reports $1.38B Q1 profit, plans to use cash flow to reduce debt
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Canadian Natural Resources Ltd. logo is shown at the company s annual meeting in Calgary on May 3, 2012. THE CANADIAN PRESS/Jeff McIntosh
CALGARY – Higher oil and gas prices, record production and a restrained capital spending budget will result in bountiful free cash flow for Canadian Natural Resources Ltd. this year, the oilsands company said Thursday.
In its first-quarter results, the Calgary-based company said it expects to generate between $5.7 billion and $6.2 billion of positive cash flow in 2021 after paying for a $3.2-billion capital budget and about $2.2 billion in dividends.
Canadian Natural Resources Limited Announces 2021 First Quarter Results
Commenting on the Company’s first quarter 2021 results, Tim McKay, President of Canadian Natural stated “The COVID-19 pandemic continues to challenge our everyday living and the way we operate our businesses. With our strong measures in place we have minimized impacts on our operations, but it remains a daily challenge for our field staff to do it safe and do it right. As the global vaccine distribution increases …
Commenting on the Company’s first quarter 2021 results, Tim McKay, President of Canadian Natural stated “The COVID-19 pandemic continues to challenge our everyday living and the way we operate our businesses. With our strong measures in place we have minimized impacts on our operations, but it remains a daily challenge for our field staff to do it safe and do it right. As the global vaccine distribution increases and crude oil demand recovers, especially in the United States, we are seeing