Moody's Ratings says CNRL's debt-funded acquisition of Chevron's Canadian assets is credit negative
Moody's Ratings (Moody's) says that Canadian Natural Resources Limited's (CNRL, Baa1 stable) acquisition of Chevron Corporation 's (Aa2 stable) Alberta-based assets for $6.5 billion (CAD8.8 billion) is credit negative. The transaction increases CNRL's adjusted debt by 65% and its base dividend by 7%...Canadian Natural Resources is an independent crude oil and natural gas exploration, development and production company. Co.'s exploration and production operations are focused in North America, largely in Western Canada; the U.K. portion of the North Sea; and CA'te d'Ivoire, Gabon, and South Africa in Offshore Africa. Co. had total proved reserves of 5.71 billion barrels of oil equivalent. Co.'s gross proved crude oil, bitumen (thermal oil), synthetic crude oil and natural gas liquids reserves totaled 4.70 billion barrels and its gross proved natural gas reserves totaled 6,106.00 billion cubic feet.
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