Canadian Natural Focuses on Share Buybacks and Debt Reduction; Stock Looks Undervalued
No-moat Canadian Natural Resources reported third-quarter production of 1.06 million barrels of oil equivalent per day, which was in line with our expectations. Production was up 1% from second-quarter levels, driven by the completion of the Horizon Phase 3 expansion. The company continues to progress its 32 mbbl/d Primrose and 40 mbbl/d Kirby North oil sands growth projects, with first oil expected in late 2019. The initial target for Kirby North was 2020. Outside of these projects, future grow...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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