Canadian Natural Resources Limited Announces 2019 Budget
Commenting on the Company’s 2019 budget, Steve Laut, Executive
Vice-Chairman of Canadian Natural stated, “Canadian Natural’s
large, diverse, balanced and flexible asset base provides a unique
opportunity for the Company to allocate capital to the highest
return projects to maximize shareholder value. Canadian Natural’s
robust, long life low decline assets allow us to target for the
foreseeable future, a long-term production per share growth rate of
7% to 8% with a normalized capital program in the $4.7 billion to
$5.0 billion range.
Canadian Natural's asset base is unique compared
to a typical Exploration and Production company. The mix of long
life low decline assets provides a stable base of production that
generates free cash flow in low commodity price environments and
the net present value of these long life assets is not materially
impacted by periods of low commodity prices. Our production mix is
complemented by low capital exposure assets, which provide the
Company flexibility to allocate capital or not, depending on market
conditions. Canadian Natural's asset base, coupled with our
effective and efficient operations, drives our ability to create
value in all cycles.
Currently, the lack of market access and a
dysfunctional pipeline nomination process are creating industry
challenges, as a result, the Company is targeting a 2019 base
capital program of $3.7 billion, approximately $1.0 billion less
than our normalized capital program. The 2019 base capital program
includes approximately $3.1 billion of sustaining capital to keep
production flat and approximately $600 million towards long-term
growth projects, demonstrating our capital flexibility.
The curtailment program recently announced by
the Government of Alberta has resulted in the January index prices
for crude oil to strengthen significantly. Canadian Natural will
monitor the impact over time of curtailment on prices as well as
the progress of the two export pipelines (Keystone XL and Trans
Mountain Expansion) in the final stages of approval. Dependent on
the outcome of these two factors, Canadian Natural has the
capability to adjust our 2019 capital spending budget closer to
normalized levels.”
Canadian Natural’s President, Tim McKay, added,
“The Company will continue to focus on its defined growth and value
enhancement plan by product and basin, and managing time lines of
development. Safe, reliable, effective and efficient operations
will continue to be a focus for the Company, as cost control and
reliability across all assets will maximize value for shareholders
in 2019. Completion at our Kirby North Steam Assisted Gravity
Drainage ("SAGD") project is targeted for Q3/19, when facility
commissioning and steam circulation will begin, followed by
targeted first oil in Q4/19. The Kirby North SAGD project will ramp
up throughout 2020 with targeted production capability of 40,000
bbl/d in the first half of 2021. Additionally, highly economic pad
additions drilled at Primrose in 2018 will be brought on production
later in 2019 and are targeted to add approximately 26,000 bbl/d in
their first 12 months of production. Production volumes from both
thermal projects are strategically targeted to align with improved
market access.”
Canadian Natural’s Chief Financial Officer,
Corey Bieber, continued, “In 2019, our commitment to maintaining a
strong financial position is supported by a highly flexible and
disciplined capital program, ample liquidity, and effective and
efficient operations. In accordance with Canadian Natural's free
cash flow allocation policy, the Company will target to allocate
its free cash flow equally between share purchases and
strengthening the balance sheet. Our financial strength gives us
the flexibility to deliver on our plan and continue to drive
long-term shareholder value creation through commodity price
cycles. The flexibility of our 2019 budget is a very good example
of how the Company can be nimble in response to a volatile
commodity market."
HIGHLIGHTS OF THE 2019 BASE BUDGET
- Canadian Natural’s 2019 base capital budget is targeted to be
approximately $3.7 billion, approximately $1.0 billion less than
the 2018 forecast as the Company demonstrates its ability to
exercise capital flexibility. The Company targets maintenance
capital at approximately $3.1 billion, demonstrating a key benefit
of a long life low decline asset base.
- If pricing differentials and market access improve throughout
2019, the Company has the flexibility to invest additional capital
up to approximately $700 million in 2019, which will add production
in 2020 and beyond.
- Overall, production in 2019 is targeted to be between 1,030,000
BOE/d and 1,119,000 BOE/d, with a product mix of approximately 76%
crude oil and NGLs and 24% natural gas.
- Light crude oil, NGLs and Synthetic Crude Oil ("SCO")
production in 2019 is targeted to be approximately 53% of total
corporate BOE production.
- Overall, 2019 crude oil and NGL production is targeted to be in
line with 2018 levels, ranging from 782,000 bbl/d to 861,000 bbl/d.
- Liquids production mix is targeted to be approximately 74% from
long life low decline assets and approximately 26% from low capital
exposure assets.
- The drilling program in the 2019 base budget is targeted to be
modest and demonstrates Canadian Natural's ability to be flexible
and disciplined, as the Company strategically manages through the
commodity price cycle and current temporary market access
challenges.
- The 2019 drilling program in the base budget is targeting 97
net producer wells, a decrease of 419 wells from 2018 targeted
levels.
North America – Exploration &
Production
- North America crude oil and NGL production provides significant
capital flexibility as the Company’s large asset base encompasses
light crude oil, primary heavy crude oil and Pelican Lake heavy
crude oil. The Company’s strong asset base is complemented by an
extensive network of owned and operated infrastructure and is
supported by a deep inventory of low capital exposure, high return
on capital projects that can deliver significant production and
value growth opportunities, provided adequate market access is
available.
- The Company is targeting a base capital program of $1,140
million for North American E&P in 2019, $415 million lower than
2018 targeted levels. Plans for 2019 are summarized as follows:
- North American crude oil and NGL production is targeted to
range from 221,000 bbl/d to 241,000 bbl/d, representing a 4%
decrease from targeted 2018 production levels.
- Canadian Natural targets to drill approximately 29 net producer
wells in its base budget, a 70% decrease from 2018 forecast levels,
in its North America light crude oil operations, a significant part
of the Company’s balanced portfolio. The Company is targeting high
value, drill to fill light crude oil wells, leveraging
infrastructure and setting the Company up for future growth
potential.
- The Company continues to target strong capital efficiencies and
high returns with a disciplined primary heavy crude oil base
drilling program of 58 net producer wells, a 77% decrease compared
to 2018 targeted levels. The 2019 primary heavy crude oil drilling
program is strategically targeting wells in areas that have
potential to add significant growth in 2020 and beyond when
commodity prices and market access improve.
- At Pelican Lake, Canadian Natural will continue to optimize
operations, including polymer flood optimization and targeted
facility consolidation.
- Corporate natural gas production is targeted to range from
1,485 MMcf/d to 1,545 MMcf/d, a decrease of 2% from 2018 levels.
- The Company targets a small natural gas base drilling program
of 5 net producer wells representing a decrease of 10 net producer
wells compared to 2018 targeted levels. The Company targets to
continue its focused drill to fill strategy in its high value,
liquids rich Septimus property, where the Company owns and operates
significant infrastructure.
North America - Thermal in Situ Oil
Sands
- Thermal in situ oil sands assets provide a substantial, low
risk production profile that can generate long-term, significant
and sustainable free cash flow.
- Thermal in situ production is targeted to range from 104,000
bbl/d to 124,000 bbl/d in 2019, an increase of 7% from 2018
targeted levels.
- Total thermal in situ base capital in 2019 is targeted to be
$545 million, as the Company targets to bring on stream high value
pad additions drilled at Primrose in 2018. Additionally, the
Company targets to complete the Kirby North Steam Assisted Gravity
Drainage (“SAGD”) project in Q3/19.
- In 2019, production from the 2018 Primrose pad add drilling
program is targeted to come on stream in Q4/19, on budget and ahead
of schedule, utilizing spare facility capacity and strategically
timed to add production volumes in line with targeted improved
market access.
- In 2019, Canadian Natural targets to complete its Kirby North
SAGD project, which is on budget and ahead of schedule, reflecting
the Company's effective and efficient operations. The Company
targets to commission facilities in Q3/19 with first production
targeted in Q4/19, one quarter earlier than originally planned.
- Overall targeted production capacity at Kirby North is 40,000
bbl/d.
North America – Oil Sands Mining and
Upgrading
- Oil Sands Mining and Upgrading production is targeted to
increase by 2% in 2019 when compared to 2018 targeted levels. The
2019 production guidance range for Oil Sands Mining and Upgrading
is 415,000 bbl/d to 450,000 bbl/d of SCO.
- The 2019 targeted production range includes spring maintenance
activities and a 28 day planned turnaround later in the year at the
Horizon operations, and planned pit stops at the AOSP in the spring
and fall of 2019.
- 2019 Oil Sands Mining and Upgrading targeted base capital
includes approximately $505 million for strategic, project
development, environmental and technology.
- Base sustaining capital is targeted to be $780 million, while
$240 million is targeted for turnarounds, reclamation and other
activities.
International – Exploration &
Production
- International light crude oil production is targeted to range
from 42,000 bbl/d to 46,000 bbl/d, a 2% increase over 2018 targeted
production levels, reflecting the Company's drilling program in the
North Sea and Cȏte d’Ivoire in 2019.
- 2019 base capital at the Company’s International assets is
targeted to be $50 million greater than 2018 forecast levels at
approximately $460 million, which includes approximately $45
million for decommissioning activities.
- In 2019, the Company's base budget targets to drill 3.9 net
producer wells in the North Sea and 0.6 net producer wells at
Baobab in Cȏte d’Ivoire.
- Canadian Natural's projects in Cȏte d’Ivoire deliver some of
the highest returns in the Company's portfolio and future
development plans are as follows:
- At Espoir, the Company targets to commence Phase 4 development
in late 2019 with initial production targeted to come on stream in
early 2020.
- In Q2/19, Canadian Natural targets to drill an exploration well
at Kossipo and if successful, will lead to development drilling
with a pipeline tied-back to the Floating Production Storage and
Offloading vessel at Baobab, adding significant future value with
potential gross production capability of 20,000 bbl/d targeted in
2022.
PRODUCTION AND CAPITAL
GUIDANCE
Canadian Natural continues its strategy of
maintaining a large diverse portfolio of assets. This enables the
Company to maximize shareholder returns through flexible capital
allocation. Annual budgets are developed and scrutinized throughout
the year and changed if necessary in the context of project
returns, product pricing expectations, and the balancing of project
risks and time horizons. Canadian Natural maintains a high
ownership level and operatorship in its properties and can
therefore control the nature, timing and extent of expenditures in
each of its project areas.
Daily production volumes (before royalties) |
2018 Forecast |
2019 Base Budget |
Natural
gas (MMcf/d) |
1,545 - 1,555 |
1,485 - 1,545 |
|
|
|
Crude oil and NGLs
(Mbbl/d) |
|
|
North America - Exploration and Production |
240 - 242 |
221 - 241 |
North America - Thermal In Situ |
106 - 108 |
104 - 124 |
North America - Oil Sands Mining and Upgrading |
424 - 428 |
415 - 450 |
International |
42 - 44 |
42 - 46 |
Total crude oil and NGLs |
812 - 822 |
782 - 861 |
Total BOE/d |
1,070 - 1,081 |
1,030 - 1,119 |
The forecast capital expenditures for 2018 and
the 2019 Budget guidance are as follows:
Capital Expenditures (C$ millions) |
2018 Forecast |
2019 Base Budget |
2019 Normalized Budget |
North America natural gas and NGLs |
$ |
440 |
|
$ |
365 |
|
$ |
365 |
|
North America crude oil |
|
1,115 |
|
|
775 |
|
|
1,055 |
|
International crude oil |
|
410 |
|
|
460 |
|
|
460 |
|
Total Exploration and Production |
$ |
1,965 |
|
$ |
1,600 |
|
$ |
1,880 |
|
|
|
|
|
|
|
|
Total
Thermal In Situ Oil Sands |
$ |
960 |
|
$ |
545 |
|
$ |
745 |
|
Oil Sands Mining and
Upgrading |
|
|
|
|
|
|
Strategic, project development, environment and technology |
$ |
465 |
|
$ |
505 |
|
$ |
705 |
|
Sustaining capital |
|
660 |
|
|
780 |
|
|
780 |
|
Turnarounds, reclamation and other |
|
165 |
|
|
240 |
|
|
240 |
|
Total Oil Sands Mining and Upgrading |
$ |
1,290 |
|
$ |
1,525 |
|
$ |
1,725 |
|
Net acquisitions, midstream
and other |
$ |
390 |
|
$ |
30 |
|
$ |
30 |
|
Total Capital Expenditures |
$ |
4,605 |
|
$ |
3,700 |
|
$ |
4,380 |
|
In the event that pricing differentials improve
and the Company has greater clarity around market access,
additional capital could potentially be invested.
The above capital expenditures for the 2018
forecast and the 2019 base budget incorporate the following levels
of drilling activity:
Drilling activity (number of net producing wells) |
2018 Forecast |
2019 Base Budget |
2019 Normalized Budget |
Targeting natural gas |
15 |
|
5 |
|
5 |
|
Targeting crude oil |
375 |
|
92 |
|
252 |
|
Targeting thermal in situ |
126 |
|
— |
|
38 |
|
Total |
516 |
|
97 |
|
295 |
|
Note: 2018F and 2019B excludes stratagraphic and service
wells.
In the event that pricing differentials improve
and the Company has greater clarity around market access,
additional wells could potentially be drilled.
Forward-Looking Statements
Certain statements relating to Canadian Natural
Resources Limited (the “Company”) in this document or documents
incorporated herein by reference constitute forward-looking
statements or information (collectively referred to herein as
“forward-looking statements”) within the meaning of applicable
securities legislation. Forward-looking statements can be
identified by the words “believe”, “anticipate”, “expect”, “plan”,
“estimate”, “target”, “continue”, “could”, “intend”, “may”,
“potential”, “predict”, “should”, “will”, “objective”, “project”,
“forecast”, “goal”, “guidance”, “outlook”, “effort”, “seeks”,
“schedule”, “proposed” or expressions of a similar nature
suggesting future outcome or statements regarding an outlook.
Disclosure related to expected future commodity pricing, forecast
or anticipated production volumes, royalties, production expenses,
capital expenditures, income tax expenses and other guidance
provided throughout the Company's Management’s Discussion and
Analysis (“MD&A”) of the financial condition and results of
operations of the Company, constitute forward-looking statements.
Disclosure of plans relating to and expected results of existing
and future developments, including but not limited to the Horizon
Oil Sands ("Horizon") operations and future expansions, the
Athabasca Oil Sands Project ("AOSP"), Primrose thermal projects,
the Pelican Lake water and polymer flood project, the Kirby Thermal
Oil Sands Projects, the cost and timing of construction and future
operations of the North West Redwater bitumen upgrader and
refinery, construction by third parties of new or expansion of
existing pipeline capacity or other means of transportation of
bitumen, crude oil, natural gas or synthetic crude oil (“SCO”) that
the Company may be reliant upon to transport its products to
market, development and deployment of technology and technological
innovations and the assumption of operations at processing
facilities also constitute forward-looking statements. This
forward-looking information is based on annual budgets and
multi-year forecasts, and is reviewed and revised throughout the
year as necessary in the context of targeted financial ratios,
project returns, product pricing expectations and balance in
project risk and time horizons. These statements are not guarantees
of future performance and are subject to certain risks. The reader
should not place undue reliance on these forward-looking statements
as there can be no assurances that the plans, initiatives or
expectations upon which they are based will occur.
In addition, statements relating to “reserves”
are deemed to be forward-looking statements as they involve the
implied assessment based on certain estimates and assumptions that
the reserves described can be profitably produced in the future.
There are numerous uncertainties inherent in estimating quantities
of proved and proved plus probable crude oil, natural gas and
natural gas liquids (“NGLs”) reserves and in projecting future
rates of production and the timing of development expenditures. The
total amount or timing of actual future production may vary
significantly from reserve and production estimates.
The forward-looking statements are based on
current expectations, estimates and projections about the Company
and the industry in which the Company operates, which speak only as
of the date such statements were made or as of the date of the
report or document in which they are contained, and are subject to
known and unknown risks and uncertainties that could cause the
actual results, performance or achievements of the Company to be
materially different from any future results, performance or
achievements expressed or implied by such forward-looking
statements. Such risks and uncertainties include, among others:
general economic and business conditions which will, among other
things, impact demand for and market prices of the Company’s
products; volatility of and assumptions regarding crude oil and
natural gas prices; fluctuations in currency and interest rates;
assumptions on which the Company’s current guidance is based;
economic conditions in the countries and regions in which the
Company conducts business; political uncertainty, including actions
of or against terrorists, insurgent groups or other conflict
including conflict between states; industry capacity; ability of
the Company to implement its business strategy, including
exploration and development activities; impact of competition; the
Company’s defense of lawsuits; availability and cost of seismic,
drilling and other equipment; ability of the Company and its
subsidiaries to complete capital programs; the Company’s and its
subsidiaries’ ability to secure adequate transportation for its
products; unexpected disruptions or delays in the resumption of the
mining, extracting or upgrading of the Company’s bitumen products;
potential delays or changes in plans with respect to exploration or
development projects or capital expenditures; ability of the
Company to attract the necessary labour required to build its
thermal and oil sands mining projects; operating hazards and other
difficulties inherent in the exploration for and production and
sale of crude oil and natural gas and in mining, extracting or
upgrading the Company’s bitumen products; availability and cost of
financing; the Company’s and its subsidiaries’ success of
exploration and development activities and its ability to replace
and expand crude oil and natural gas reserves; timing and success
of integrating the business and operations of acquired companies
and assets; production levels; imprecision of reserve estimates and
estimates of recoverable quantities of crude oil, natural gas and
NGLs not currently classified as proved; actions by governmental
authorities; government regulations and the expenditures required
to comply with them (especially safety and environmental laws and
regulations and the impact of climate change initiatives on capital
expenditures and production expenses); asset retirement
obligations; the adequacy of the Company’s provision for taxes; and
other circumstances affecting revenues and expenses.
The Company’s operations have been, and in the
future may be, affected by political developments and by national,
federal, provincial and local laws and regulations such as
restrictions on production, changes in taxes, royalties and other
amounts payable to governments or governmental agencies, price or
gathering rate controls and environmental protection regulations.
Should one or more of these risks or uncertainties materialize, or
should any of the Company’s assumptions prove incorrect, actual
results may vary in material respects from those projected in the
forward-looking statements. The impact of any one factor on a
particular forward-looking statement is not determinable with
certainty as such factors are dependent upon other factors, and the
Company’s course of action would depend upon its assessment of the
future considering all information then available.
Readers are cautioned that the foregoing list of
factors is not exhaustive. Unpredictable or unknown factors not
discussed in the Company's MD&A could also have material
adverse effects on forward-looking statements. Although the Company
believes that the expectations conveyed by the forward-looking
statements are reasonable based on information available to it on
the date such forward-looking statements are made, no assurances
can be given as to future results, levels of activity and
achievements. All subsequent forward-looking statements, whether
written or oral, attributable to the Company or persons acting on
its behalf are expressly qualified in their entirety by these
cautionary statements. Except as required by applicable law, the
Company assumes no obligation to update forward-looking statements,
whether as a result of new information, future events or other
factors, or the foregoing factors affecting this information,
should circumstances or the Company’s estimates or opinions
change.
Special Note Regarding Currency, Production and Non-GAAP
Financial Measures
The Company's MD&A should be read in
conjunction with the unaudited interim consolidated financial
statements for the three and nine months ended September 30,
2018 and the MD&A and the audited consolidated financial
statements for the year ended December 31, 2017.
All dollar amounts are referenced in millions of
Canadian dollars, except where noted otherwise. The Company’s
unaudited interim consolidated financial statements for the three
and nine months ended September 30, 2018 and the Company's
MD&A have been prepared in accordance with International
Financial Reporting Standards (“IFRS”) as issued by the
International Accounting Standards Board ("IASB"). The Company's
MD&A includes references to financial measures commonly used in
the crude oil and natural gas industry, such as: adjusted net
earnings from operations; adjusted funds flow (previously referred
to as funds flow from operations); net capital expenditures;
adjusted cash production costs and adjusted depreciation, depletion
and amortization. These financial measures are not defined by IFRS
and therefore are referred to as non-GAAP measures. The non-GAAP
measures used by the Company may not be comparable to similar
measures presented by other companies. The Company uses these
non-GAAP measures to evaluate its performance. The non-GAAP
measures should not be considered an alternative to or more
meaningful than net earnings, cash flows from operating activities,
and cash flows from investing activities as determined in
accordance with IFRS, as an indication of the Company's
performance. The non-GAAP measure adjusted net earnings from
operations is reconciled to net earnings, as determined in
accordance with IFRS, in the “Financial Highlights” section of the
Company's MD&A. The non-GAAP measure adjusted funds flow is
reconciled to cash flows from operating activities, as determined
in accordance with IFRS, in the "Financial Highlights" section of
the Company's MD&A. The non-GAAP measure net capital
expenditures is reconciled to cash flows from investing activities,
as determined in accordance with IFRS, in the “Net capital
expenditures” section of the Company's MD&A. The derivation of
adjusted cash production costs and adjusted depreciation, depletion
and amortization are included in the "Operating Highlights - Oil
Sands Mining and Upgrading" section of the Company's MD&A. The
Company also presents certain non-GAAP financial ratios and their
derivation in the “Liquidity and Capital Resources” section of the
Company's MD&A.
A Barrel of Oil Equivalent (“BOE”) is derived by
converting six thousand cubic feet (“Mcf”) of natural gas to one
barrel (“bbl”) of crude oil (6 Mcf:1 bbl). This conversion may be
misleading, particularly if used in isolation, since the 6 Mcf:1
bbl ratio is based on an energy equivalency conversion method
primarily applicable at the burner tip and does not represent a
value equivalency at the wellhead. In comparing the value ratio
using current crude oil prices relative to natural gas prices, the
6 Mcf:1 bbl conversion ratio may be misleading as an indication of
value. In addition, for the purposes of the Company's MD&A,
crude oil is defined to include the following commodities: light
and medium crude oil, primary heavy crude oil, Pelican Lake heavy
crude oil, bitumen (thermal oil), and SCO.
Production volumes and per unit statistics are
presented throughout the Company's MD&A on a “before royalty”
or “gross” basis, and realized prices are net of blending and
feedstock costs and exclude the effect of risk management
activities. Production on an “after royalty” or “net” basis is also
presented for information purposes only.
Adjusted net earnings from operations is a
non-GAAP measure that represents net earnings as presented in the
Company's consolidated Statements of Earnings, adjusted for certain
items of a non-operational nature. The Company considers adjusted
net earnings from operations a key measure in evaluating the
Company's performance. The reconciliation “Adjusted Net Earnings
from Operations” presented in the Company's MD&A, presents the
after-tax effects of certain items of a non-operational nature that
are included in the Company’s financial results. Adjusted net
earnings from operations may not be comparable to similar measures
presented by other companies.
Adjusted funds flow (previously referred to as
funds flow from operations) is a non-GAAP measure that represents
cash flows from operating activities as presented in the Company's
consolidated Statements of Cash Flows, adjusted for the net change
in non-cash working capital, and abandonment and other
expenditures. The Company evaluates its performance based on
adjusted funds flow. The Company considers adjusted funds flow a
key measure as it demonstrates the Company’s ability to generate
the cash flow necessary to fund future growth through capital
investment and to repay debt. The reconciliation “Adjusted Funds
Flow, as Reconciled to Cash Flows from Operating Activities” is
presented below in the Company's MD&A. Adjusted funds flow may
not be comparable to similar measures presented by other
companies.
Net capital expenditures is a non-GAAP measure
that represents cash flows from investing activities as presented
in the Company's consolidated Statements of Cash Flows, adjusted
for the net change in non-cash working capital, investment in other
long-term assets, share consideration in business acquisitions and
abandonment expenditures. The Company considers net capital
expenditures a key measure as it provides an understanding of the
Company’s capital spending activities in comparison to the
Company's annual capital budget. The reconciliation “Net Capital
Expenditures, as Reconciled to Cash Flows from Investing
Activities” is presented in the Net Capital Expenditures section of
the Company's MD&A on page 25. Net capital expenditures may not
be comparable to similar measures presented by other companies.
Additional information relating to the Company,
including its Annual Information Form for the year ended
December 31, 2017, is available on SEDAR at www.sedar.com, and
on EDGAR at www.sec.gov.
This 2019 Budget press release is accompanied by
a webcast, where the company will discuss its strategy for creating
shareholder value as well as its plans for 2019 and beyond. The
webcast and can be accessed on Canadian Natural's website at
www.cnrl.com. Presentation slides will be available on Canadian
Natural's website shortly before the live Webcast on December 5,
2018 at 9:00am Eastern Standard Time.
Canadian Natural is a senior oil and natural gas
production company, with continuing operations in its core areas
located in Western Canada, the U.K. portion of the North Sea and
Offshore Africa.
|
CANADIAN NATURAL RESOURCES LIMITED |
2100, 855 - 2nd Street S.W. Calgary, Alberta, T2P4J8Phone:
403-514-7777 Email: ir@cnrl.comwww.cnrl.com |
|
|
STEVE W. LAUTExecutive Vice-Chairman TIM
S. MCKAYPresident COREY B. BIEBERChief
Financial Officer and Senior Vice-President, Finance MARK
A. STAINTHORPEVice-President, Finance – Capital Markets
Trading Symbol - CNQToronto Stock ExchangeNew York Stock
Exchange |