AFFO of $2.9B or $2.43/shr dil. beat our our $2.5B estimate ($2.11/shr) and consensus of $2.6B (~$2.21/shr, high estimate was $2.7B), on strong oil production, particularly Oil Sands Mining, and better realized oil prices, opex, and cash taxes vs. our estimates. All aspects of 2019 guidance were unchanged. FCF was $1.9B in the quarter or $1.5B after dividends. Pipe repairs at Horizon are expected to impair output there to ~155 mbbl/d until early December. With the FCF of $1.5B after dividends
07 Nov 2019
FLASH: 3Q19 AFFO beats Street by 10%; Horizon to run at reduced rates until early Dec; 2019 guidance unchanged
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FLASH: 3Q19 AFFO beats Street by 10%; Horizon to run at reduced rates until early Dec; 2019 guidance unchanged
Canadian Natural Resources Limited (CNQ:TSE) | 0 0 (-1.6%) | Mkt Cap: 47,712m
- Published:
07 Nov 2019 -
Author:
Michael P. Dunn -
Pages:
3
AFFO of $2.9B or $2.43/shr dil. beat our our $2.5B estimate ($2.11/shr) and consensus of $2.6B (~$2.21/shr, high estimate was $2.7B), on strong oil production, particularly Oil Sands Mining, and better realized oil prices, opex, and cash taxes vs. our estimates. All aspects of 2019 guidance were unchanged. FCF was $1.9B in the quarter or $1.5B after dividends. Pipe repairs at Horizon are expected to impair output there to ~155 mbbl/d until early December. With the FCF of $1.5B after dividends