Canadian Natural Resources Cheers Trans Mountain, Oil Sands Outlook

Researched by Industrial Info Resources (Sugar Land, Texas)--A slide in oil prices earlier this year has been brutal for oil and gas producer Canadian Natural Resources Limited (NYSE:CNQ) (CNRL) (Calgary, Alberta), which is no longer enjoying the benefits of last year's energy crunch brought on by the start of the war in Ukraine. The ongoing U.S. banking crisis and slowing recovery in China also contributed to a roughly 20% drop in oil prices year-over-year, but CNRL executives are optimistic that operational factors will prove beneficial for the company for the rest of 2023.

Industrial Info is tracking more than US$30 billion worth of active projects from CNRL, more than half of which is attributed to oil sands production in Alberta. Tim McKay, the president of CNRL, said in a quarterly earnings-related conference call that the company is optimistic about the expected completion of the Trans Mountain pipeline expansion later this year, which CNRL executives believe will boost the price of Alberta crude. McKay noted CNRL is contracted to ship 94,000 barrels per day (BBL/d) on Trans Mountain when the expansion is completed, which will account for about 16% of the pipeline's total capacity.

Other companies featured: Devon Energy Corporation (NYSE:DVN) and Honeywell International (NASDAQ:HON)