CNQ announced results generally in line with our estimates and consensus, while opex, both overall and across its asset portfolio, was better than we expected. Horizon production missed 2Q15 guidance, but is now back to strong production rates. Guidance on 2015 capex has been lowered by $245 mm, while production guidance was unchanged. Our updated estimates now incorporate lower opex for most of CNQ’s assets.

10 Aug 2015
2Q15 Results, Opex Trending Down, 2015 Budget Lowered

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2Q15 Results, Opex Trending Down, 2015 Budget Lowered
Canadian Natural Resources Limited (CNQ:TSE) | 0 0 (-1.6%) | Mkt Cap: 47,712m
- Published:
10 Aug 2015 -
Author:
Michael P. Dunn -
Pages:
12 -
CNQ announced results generally in line with our estimates and consensus, while opex, both overall and across its asset portfolio, was better than we expected. Horizon production missed 2Q15 guidance, but is now back to strong production rates. Guidance on 2015 capex has been lowered by $245 mm, while production guidance was unchanged. Our updated estimates now incorporate lower opex for most of CNQ’s assets.