Q3 FFO of $2.83B beat expectations for ~$2.7B, on strong oil output. CNQ is currently curtailing 45-55 mbbl/d, due to weak Canadian oil prices. Our liquids production forecasts for ‘18e and ‘19e are down 1%. CNQ plans to allocate ~50% of FCF to share buybacks, until total debt is reduced to $15B (currently $19.7B) and debt/trailing EBITDA is 1.5x. Our ‘19e/’20e CFPS estimates are up 2%/6% due to buybacks. The $218 mm Joslyn mine acquisition is expected to save CNQ >
02 Nov 2018
CNQ – Q3 FFO beats; production guidance reduced; ~50% of FCF allocated to buybacks
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CNQ – Q3 FFO beats; production guidance reduced; ~50% of FCF allocated to buybacks
Canadian Natural Resources Limited (CNQ:TSE) | 0 0 (-1.6%) | Mkt Cap: 47,712m
- Published:
02 Nov 2018 -
Author:
Michael P. Dunn -
Pages:
9
Q3 FFO of $2.83B beat expectations for ~$2.7B, on strong oil output. CNQ is currently curtailing 45-55 mbbl/d, due to weak Canadian oil prices. Our liquids production forecasts for ‘18e and ‘19e are down 1%. CNQ plans to allocate ~50% of FCF to share buybacks, until total debt is reduced to $15B (currently $19.7B) and debt/trailing EBITDA is 1.5x. Our ‘19e/’20e CFPS estimates are up 2%/6% due to buybacks. The $218 mm Joslyn mine acquisition is expected to save CNQ >