Canadian Natural Achieves Record Production; Stock Still Overvalued
No-moat Canadian Natural Resources reported record production during the first quarter of 1.12 million barrels of oil equivalent per day, which was up 10% from fourth-quarter levels. Growth was driven by the ramp up of Horizon Phase 3 and strong performance from the recently acquired Athabasca Oil Sands Project. Production was also in line with our expectations. The increase in oil sands mining production also led to lower operating costs. Accordingly, Canadian Natural lowered the midpoint of it...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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