The Market Underestimates Canadian Natural's Industry Leading Breakevens
No-moat Canadian Natural Resources’ fourth-quarter upstream operations seemed to be hit harder by the widening of the heavy oil discount than peers. On average, heavy oil discount realizations fell 85% from the third quarter despite only a 40% decline in average Western Canadian Select pricing. Price realizations for the quarter were lower than we expected, but there is room for optimism. Thus far, the first-quarter heavy oil discount has averaged $11 per barrel, down significantly from the four...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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