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    CNQ   CA1363851017

CANADIAN NATURAL RESOURCES LIMITED

(CNQ)
  Report
Delayed Toronto Stock Exchange  -  04:00:00 2023-01-27 pm EST
82.75 CAD   +2.06%
01/27Hess Downgraded, Though 'World-Class Growth Story' in Guyana Intact, Goldman Sachs Says
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01/27Canadian Natural Resources Kept at Buy at Goldman Sachs Ahead of Q4 Results; Price Target Raised to US$65.00
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01/27National Bank of Canada Notes Challenging Q4 2022 For Oil, Gas And Consumable Fuels Companies
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Cenovus Energy forecasts higher capital spend, output in 2023

12/06/2022 | 06:47am EST
Cenovus Energy's West White Rose extension project in Newfoundland

(Reuters) - Canada's Cenovus Energy Inc on Tuesday forecast higher capital expenditure for 2023, as the energy company looks to boost production in response to higher crude prices amid a supply crunch caused by sanctions on Russia.

Global crude prices rose as much as 79% this year as sanctions on major oil exporter Russia over its invasion of Ukraine squeezed already tight supplies.

The European Union will also ban Russian crude imports from Dec. 5 and Russian oil products from Feb. 5, fueling further supply concerns.

The energy producer expects 2023 upstream production of 800,000 barrels of oil equivalent per day (boepd) to 840,000 boepd, a more than 3% year-over-year increase.

Cenovus' 2023 crude oil throughput is expected to be between 610,000 barrels per day (bpd) and 660,000 bpd, a 28% increase from 2022, with the restart of the Superior Refinery in Wisconsin and the expected additional 50% interest in the Toledo Refinery in Ohio.

Last week, Cenovus' Canadian rivals Suncor Energy and Canadian Natural Resources also said they expect higher capital expenditure in 2023 compared with current year.

Rising costs and shortages of labor and materials have also plagued the oil and gas industry this year and companies expect the situation to further worsen in 2023.

The Calgary, Alberta-based Cenovus said it anticipates 2023 capital spend to between C$4 billion ($2.94 billion) to C$4.5 billion, higher current year forecast of C$3.3 billion to C$3.7 billion.

($1 = 1.3627 Canadian dollars)

(Reporting by Ankit Kumar; Editing by Krishna Chandra Eluri)


ę Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BRENT OIL -1.57% 86.05 Delayed Quote.1.71%
CANADIAN NATURAL RESOURCES LIMITED 2.06% 82.75 Delayed Quote.10.05%
CENOVUS ENERGY INC. 1.08% 27.15 Delayed Quote.3.35%
S&P GSCI CRUDE OIL INDEX -1.88% 436.6984 Real-time Quote.1.18%
SUNCOR ENERGY INC. 0.00% 46.09 Delayed Quote.7.31%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 1.23% 70.627 Delayed Quote.-3.48%
WTI 0.00% 79.45 Delayed Quote.0.75%
All news about CANADIAN NATURAL RESOURCES LIMITED
01/27Hess Downgraded, Though 'World-Class Growth Story' in Guyana Intact, Goldman Sachs Says
MT
01/27Canadian Natural Resources Kept at Buy at Goldman Sachs Ahead of Q4 Results; Price Targ..
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01/27National Bank of Canada Notes Challenging Q4 2022 For Oil, Gas And Consumable Fuels Com..
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01/23Cenovus Energy CEO says Alberta, Ottawa must 'turn down temp,' talk more
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Analyst Recommendations on CANADIAN NATURAL RESOURCES LIMITED
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Financials
Sales 2022 43 305 M 32 529 M 32 529 M
Net income 2022 11 896 M 8 935 M 8 935 M
Net Debt 2022 11 679 M 8 773 M 8 773 M
P/E ratio 2022 7,96x
Yield 2022 5,35%
Capitalization 91 607 M 68 811 M 68 811 M
EV / Sales 2022 2,39x
EV / Sales 2023 2,71x
Nbr of Employees 9 735
Free-Float 97,8%
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Technical analysis trends CANADIAN NATURAL RESOURCES LIMITED
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Income Statement Evolution
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Mean consensus OUTPERFORM
Number of Analysts 23
Last Close Price 82,75 CAD
Average target price 92,50 CAD
Spread / Average Target 11,8%
EPS Revisions
Managers and Directors
Tim Shawn McKay President, Chief Operating Officer & Director
Mark A. Stainthorpe Chief Financial Officer & Senior VP-Finance
Norman Murray Edwards Executive Chairman
Stephen C. Suche Vice President-Information & Corporate Services
David Arnold Tuer Independent Director
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