Canadian Natural confirms reduced natural gas drilling plans on weak prices

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chinaface/E+ via Getty Images Canadian Natural Resources (NYSE:CNQ) shares wobble between small gains and losses in Thursday's trading after posting better than expected Q3 adjusted earnings but ...

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Q3 net income fell to $2.26B, or $1.07/share, from $2.34B, or $1.08/share, in the year-earlier quarter; cash flow from operating activities fell to $3B from $3.5B a year ago. Q3 production fell 2% Y/Y to 1.36M boe/day, consisting of total liquids production of 1.02M bbl/day and natural gas output of 2,049 MMcf/day; oil sands crude output rose slightly to 497,656 bbl/day, helped by a new monthly production record of 529K bbl/day set in August. In August, Canadian Natural (CNQ) said it would delay completing some new wells due to weak market conditions, and on Thursday said it plans to drill 74 net wells in 2024, 17 fewer than its original target. The company said it increased its contracted capacity on the expanded Trans Mountain pipeline to 169K bbl/day during Q3, compared to its original TMX contract for 94K bbl/day. \"That's why it was a good fit for us, but probably more importantly securing those barrels has achieved stronger pricing either through deliveries to the West Coast and California or further Asian markets,\" Canadian Natural (CNQ) President Scott Stauth said on the earnings conference call, adding that stronger pricing is now possible by aiming volumes at California or Asia.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.3","shortVersion":"4.29.3","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2480066598"}