Canadian Natural Resources Ltd T.CNQ

New Jun 2023 Corp Presentation

[JohnSP]

Nothing much new: https://www.cnrl.com/content/uploads/2023/06/V_Corp_Pres_June.pdf

[Oldnagger]

On page 21 of the presentation , there ia a new proposal to return 100 % of free cash flow to shareholders once debt is below 10 billion dollars . That may happen before year end. The formula has changed for calculating free cash flow ( now After capex plus stategic growth capital plus dividends.,but the upshoot is that  free cash flow will then no longer be going 50 % to net debt repayments

[JohnSP]

Thanks, good policy but that change was announced in March with Q4 earnings: https://www.cnrl.com/content/uploads/2023/03/0302-Q422-Front-End.pdf Personally I'd like them to issue more Special Dividends than go to increased buybacks.

[Oldnagger]

Buybacks vs dividends is a contentious issue , but IMO , I prefer buybacks as long as the present value of the company is above the share price. That of course is the exact same reason I hold the shares. Thus I guess the day that the buyback price exceeds what I believe is the PV will be my signal  to sell. Hopefully that price will be much greater than today. Higher buybacks will of course

[JohnSP]

Fair point, last year we had a Special Dividend concurrent with Q2 Results PR on Aug 4, 2022, but may be one off given current commodity prices.