CNRL,
McKay, an engineer who joined the company in 1990 and was promoted to president in 2018 to replace outgoing president
CNRL's new president will be
Company founder and billionaire
Like all Canadian oil and gas producers, CNRL has benefited from the last two years of strong commodity prices. In 2022, the company became the first-ever Canadian publicly traded oil and gas firm to surpass a
On a conference call Thursday, McKay said shareholders should not expect significant changes after the announced C-suite changes.
"I don't really see any real change to our business," he said. "I think if you look at our succession (plan), everybody's well ingrained with our company and understands all the opportunities that we have."
In the third quarter, CNRL broke its all-time quarterly production volume for both liquids and natural gas, at approximately 1.03 million barrels per day and 2.1 million cubic feet per day.
While McKay acknowledged that there have been a number of major oilpatch deals in both the
"Consolidation could happen here in
"We don’t have to do acquisitions to create or refine our reserves. We have that part in the bag. To me, we sit back and do what we do best.”
Like other Canadian oil producers, CNRL is eagerly awaiting the start-up of the
The additional export capacity is also expected to have a positive impact on the Western Canada Select differential, which is the term for the price discount Canadian heavy oil producers typically have to absorb on their product in part due to lack of pipeline egress.
On Thursday, McKay said the company expects to be called on to begin filling the pipeline soon.
"Right now we don’t know if that will happen here in the fourth quarter, or early next year," he said.
"If it happens earlier, between now and the end of the year, that’s actually very positive in the sense that should start to tighten the WCS differential."
CNRL said Thursday it will now pay a quarterly dividend of
The company's profit amounted to
Revenue for the quarter totalled
On an adjusted basis, the company says it earned
This report by The Canadian Press was first published
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