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From Stockwatch Energy - CNQ In Clearwater

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Management also talked up the plans for "strategic growth." The company originally set a budget of $4.3-billion for 2022, but now plans to spend $4.9-billion, partly because of inflation but also -- as it heavily emphasized, perhaps in light of recent reactions to other companies' inflation-linked budget boosts -- because it wants to do more drilling. This will include drilling at non-oil-sands assets. Several juniors will be taking note of Canadian Natural's rapid push into the emerging Clearwater play, where the company boasted today that it holds nearly one million acres. The Clearwater has rarely featured in Canadian Natural's press releases before, but is a major gear in the hype machines of companies such as Tamarack Valley Energy Ltd. (TVE: $3.71), Headwater Exploration Inc. (HWX: $5.54) and Baytex Energy Corp. (BTE: $5.62).

While all of the above stocks tumbled with oil prices today, this is presumably not scaring off one of Canadian Natural's new institutional investors. In a post on its website, Barry Schwartz's Toronto-based Baskin Wealth Management said it is now long Canadian Natural -- just five months after a separate post entitled, "Why we don't invest in oil stocks." Baskin's position five months ago was that oil prices, and thus oil stocks, are too vulnerable to external factors such as geopolitics. Now Baskin has changed its mind, but only for Canadian Natural. "We think the stock today is attractive under a very wide range of oil prices," it wrote. It added that it expects the company to "remain profitable and continue to raise its already substantial dividend even if oil prices fell by 60 per cent."