CNQ’s 2018 budget provided no big surprises, as the outlook for production, capex and costs was generally in line with street expectations. Several initiatives to improve margins, production and environmental performance of its oilsands assets are underway. Even at US$40/bbl WTI, CNQ can fund $3.0B sustaining capital, $1.3B growth capex, the $1.3B/year in dividends, and still generate modest FCF. Maintain BUY rating.
08 Nov 2017
CNQ – Investor day highlights FCF, no big surprises
Sign up to access
Get access to our full offering from over 30 providers
Get access to our full offering from over 30 providers
CNQ – Investor day highlights FCF, no big surprises
Canadian Natural Resources Limited (CNQ:TSE) | 0 0 (-1.6%) | Mkt Cap: 47,712m
- Published:
08 Nov 2017 -
Author:
Michael P. Dunn -
Pages:
14
CNQ’s 2018 budget provided no big surprises, as the outlook for production, capex and costs was generally in line with street expectations. Several initiatives to improve margins, production and environmental performance of its oilsands assets are underway. Even at US$40/bbl WTI, CNQ can fund $3.0B sustaining capital, $1.3B growth capex, the $1.3B/year in dividends, and still generate modest FCF. Maintain BUY rating.