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4-Traders Homepage  >  Equities  >  Toronto Stock Exchange  >  Canadian Natural Resources Limited    CNQ   CA1363851017

CANADIAN NATURAL RESOURCES LIMITED (CNQ)
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Canadian Natural Resources : proposes bitumen-only expansion at its Horizon oilsands mine

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11/10/2017 | 06:39pm CEST

CALGARYCanadian Natural Resources Ltd. (TSX:CNQ) is considering adding a 30,000- to 40,000-barrel-per-day bitumen-only project to its Horizon oilsands mine to take advantage of excess ore production and pipeline capacity.

The proposed project could be approved as early as 2019 and would continue a trend in the sector to bolt on brownfield production to avoid the high costs and risks of building new mines from scratch.

The company has just completed its Phase 3 expansion to boost production at Horizon to 250,000 barrels per day of upgraded synthetic crude, a medium grade oil that sells for about the same price as New York benchmark West Texas Intermediate.

The new project would employ the same process used in Suncor Energy Inc.'s (TSX:SU) nearly-completed Fort Hills mine project to produce a less valuable heavy oil that would not be upgraded and therefore would need to be diluted with light oil to flow in a pipeline to market.

Canadian Natural spokeswoman Julie Woo says the company has completed initial design work on the project.

She says it will now move to engineering and cost estimating before making a sanctioning decision.

© 2017 The Canadian Press. All rights reserved., source Canadian Press DataFile

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Financials ( CAD)
Sales 2018 21 116 M
EBIT 2018 4 039 M
Net income 2018 3 631 M
Debt 2018 18 166 M
Yield 2018 2,77%
P/E ratio 2018 21,69
P/E ratio 2019 23,16
EV / Sales 2018 3,49x
EV / Sales 2019 3,25x
Capitalization 55 526 M
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Mean consensus OUTPERFORM
Number of Analysts 26
Average target price 52,9  CAD
Spread / Average Target 15%
EPS Revisions
Managers
NameTitle
Tim Shawn McKay President, Chief Operating Officer & Director
N. Murray Edwards Executive Chairman
Corey B. Bieber Chief Financial Officer & Senior Vice President
Stephen C. Suche Vice President-Information & Corporate Services
Joy P. Romero Vice President-Technology & Innovation
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1st jan.Capitalization (M$)
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