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Canadian Natural ( (TSE:CNQ) ) has shared an update.
Canadian Natural Resources Limited has announced an asset swap with Shell Canada Limited, increasing its working interest in the Athabasca Oil Sands Project (AOSP) mines to 100% and boosting production by approximately 31,000 bbl/d. This move, which is expected to close by the end of Q1 2025 pending regulatory approval, strengthens Canadian Natural’s market position by enhancing its oil sands mining and upgrading operations. The swap will also see Canadian Natural holding an 80% working interest in the Scotford Upgrader and Quest facilities, aligning with its strategy to diversify sales and access global markets.
More about Canadian Natural
Canadian Natural Resources Limited is a senior crude oil and natural gas production company with operations in Western Canada, the U.K. portion of the North Sea, and Offshore Africa. The company focuses on oil sands mining and upgrading, leveraging its long-life, no decline assets to generate sustainable free cash flow.
YTD Price Performance: -2.10%
Average Trading Volume: 4,785,288
Technical Sentiment Consensus Rating: Hold
Current Market Cap: $64.09B
For an in-depth examination of CNQ stock, go to TipRanks’ Stock Analysis page.
