Pipeline Expansions Hold the Key to Canadian Natural's Success
No-moat Canadian Natural Resources reported a strong first quarter with adjusted operating cash flow of CAD 2 billion, up significantly from fourth-quarter levels of CAD 1.1 billion and just above our expectation of CAD 1.9 billion. The increased cash flow was a result of higher price realizations, which benefited from the narrowing of the heavy oil discount. However, we expect the higher prices to be short-lived, and we expect heavy oil pricing to decline as IMO 2020 regulations are implemented...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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