2Q16 CFPS of $0.85/share missed our $0.88 estimate due to infrastructure downtime. 2016 guidance is essentially unchanged except for a 35 mmcf/d reduction to gas production guidance. Horizon Phase 2B remains on track to reach full rates in November. CNQ has plenty of liquidity ($1.7 billion available credit plus $0.9 billion in securities). CNQ’s free cash flow yield in 2018e+, relative to sustaining capital, is vastly superior to its Canadian peers (see our note from July 7th). Top Pic
05 Aug 2016
CNRL 2Q16 Update
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CNRL 2Q16 Update
Canadian Natural Resources Limited (CNQ:TSE) | 0 0 (-1.6%) | Mkt Cap: 47,712m
- Published:
05 Aug 2016 -
Author:
Michael P. Dunn -
Pages:
12
2Q16 CFPS of $0.85/share missed our $0.88 estimate due to infrastructure downtime. 2016 guidance is essentially unchanged except for a 35 mmcf/d reduction to gas production guidance. Horizon Phase 2B remains on track to reach full rates in November. CNQ has plenty of liquidity ($1.7 billion available credit plus $0.9 billion in securities). CNQ’s free cash flow yield in 2018e+, relative to sustaining capital, is vastly superior to its Canadian peers (see our note from July 7th). Top Pic