4Q15 financials beat expectations on lower costs and capex, and current tax recovery. 2016e guidance calls for a ~30% reduction to organic capex, ~5% lower oil production, ~16% higher gas production, ~6% lower unit operating costs, and a ~$0.5+ billion current tax recovery. Our 2016e cashflow estimate has increased by $0.7 billion. President Steve Laut has no plans to cut the dividend or raise equity. At strip pricing Management sees CNQ’s liquidity as more than sufficient, estimating 2017e-2018 ....
07 Mar 2016
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Low Cost dnA
Canadian Natural Resources Limited (CNQ:TSE) | 0 0 (-1.6%) | Mkt Cap: 47,712m
- Published:
07 Mar 2016 -
Author:
Michael P. Dunn -
Pages:
14
4Q15 financials beat expectations on lower costs and capex, and current tax recovery. 2016e guidance calls for a ~30% reduction to organic capex, ~5% lower oil production, ~16% higher gas production, ~6% lower unit operating costs, and a ~$0.5+ billion current tax recovery. Our 2016e cashflow estimate has increased by $0.7 billion. President Steve Laut has no plans to cut the dividend or raise equity. At strip pricing Management sees CNQ’s liquidity as more than sufficient, estimating 2017e-2018 ....