AOSP Deal Accretive to CNQ; Stock Looks Undervalued
Canadian Natural Resources entered into agreements to acquire a 70% working interest in the Athabasca Oil Sands Project from Shell Canada and Marathon Oil, including a 70% interest in the Scotford upgrader. As part of the deal, the company also acquired working interests in other producing and nonproducing oil sands leases. Total consideration for the deal approximates CAD 12.74 billion, including the issuance of approximately CAD 4 billion in common shares to Shell and CAD 8.74 billion in cash ...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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