Scotiabank:CNQ CFPS beat the street substantially Scotiabank Says Canadian Natural Resources' Q1 Estimates Beat Driven By Higher Sales
MIDNIGHTTRADER - Updated 1 hour ago
09:07 AM EDT, 05/06/2022 (MT Newswires) -- Scotiabank said overnight Thursday that Canadian Natural Resources Ltd. (CNQ.TO)'s cash flow per share in the first quarter beat the Street's forecast on higher-than-expected oil sands and offshore Africa cash flows.
Canadian Natural Resources CFPS of $4.21 beat consensus of $4.02 by 5%, driven by higher SCO sales volumes and prices, lower mining royalties, and higher offshore Africa revenues.
Total production of 1,280 mboe/d and liquids production of 946 mbbl/d was in line with consensus.
Canadian Natural said it will augment its 50/50 free cash flow allocation framework once net debt reaches $8 billion, which the company views as its net debt base level. Enhanced shareholder returns could include base dividend increases as well as variable dividends, according to Scotiabank.