Aside from a ~7 mbbl/d reduction to our 2Q15e Horizon production estimate due to a longer-than-expected turnaround, the event did not provide any new information regarding forward-looking expectations for its assets. We note that if we take Management's $3.5 billion estimate of annual sustaining capital at face value, this would imply that the Company is trading at a 2018e+ free cash flow yield of ~12% if employing futures strip prices.
18 Jun 2015
INVESTOR UPDATE
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INVESTOR UPDATE
Canadian Natural Resources Limited (CNQ:TSE) | 0 0 (-1.6%) | Mkt Cap: 47,712m
- Published:
18 Jun 2015 -
Author:
Michael P. Dunn -
Pages:
4
Aside from a ~7 mbbl/d reduction to our 2Q15e Horizon production estimate due to a longer-than-expected turnaround, the event did not provide any new information regarding forward-looking expectations for its assets. We note that if we take Management's $3.5 billion estimate of annual sustaining capital at face value, this would imply that the Company is trading at a 2018e+ free cash flow yield of ~12% if employing futures strip prices.