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Canadian Natural Resources Ltd T.CNQ

Alternate Symbol(s):  CNQ

Canadian Natural Resources Limited is a senior crude oil and natural gas production company. Its exploration and production segment are focused on North America, in Western Canada, the United Kingdom portion of the North Sea, and Cote d'Ivoire in Offshore Africa. Its Oil Sands Mining and Upgrading segment produces synthetic crude oil through bitumen mining and upgrading operations at Horizon Oil Sands and through its direct and indirect interest in the Athabasca Oil Sands Project (AOSP). Within Western Canada in the Midstream and Refining segment, it maintains certain activities: pipeline operations, an electricity co-generation system, and an investment in the Northwest Redwater Partnership, a general partnership formed to upgrade and refine bitumen in the Province of Alberta. It owns a 70% interest in light crude oil and liquids rich Duvernay assets. It owns 90% of AOSP: the Muskeg River and Jackpine mines, the Scotford Upgrader and the Quest Carbon Capture and Storage facility.


TSX:CNQ - Post by User

Post by lowe0on Mar 26, 2020 7:33pm
587 Views
Post# 30851361

Oil Suplus

Oil SuplusAt these prices every stragic reserve in the world will be full to the brim shortly and then what? There are aleady barges full of oil being used as foatiing storage at $300,000 / month.

What makes the provincial oil surplus worse is allot of facilitues normally go into turnaround in the spring but most comapanies are cancelling or reducing durations of the turnarouonds to save $$ and thus putting more oil into the system. 

As happens with natural gas quite often, oil will be sold at a negitve price because there are allot of large facilitues that are extremely difficult to shut down completely and starting them up in the winter would be next to impossible. 

Industry needs to start curtailing production on their own and use the reservior as stroage until the price recovers.

The best solution is for Trump to get involved and tell Saudia Arabia that if this continues the US will not be covering them in the next middle east dust up that occurrs. 
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