Hi Pat: I would like your advice on Canadian Natural Resources. I have owned this stock for a long time and have a substantial gain within my RRSP. Thank you.
Canadian Natural Resources, $30.19, symbol CNQ on Toronto (Shares outstanding: 1.1 billion; Market cap: $33.2 billion; www.cnrl.com), produces oil (70%) and natural gas (30%) in western Canada, the North Sea and off the coast of West Africa.
The company started up its 100%-owned, $9.4-billion Horizon Oil Sands Project in 2009. Horizon now produces about 99,000 barrels of oil per day, or about 15% of the company’s total output.
Canadian Natural’s conventional North American oil and gas properties are in B.C., Alberta and Saskatchewan. It also has heavy oil operations in Alberta’s Athabasca region, at Pelican Lake, Primrose and Kirby. In all, Canadian Natural’s North American operations supply about 92% of its output.
The company’s North Sea production is about 19,502 barrels of oil equivalent per day, or 3% of the total. The company’s African assets, offshore the Ivory Coast and Gabon, produce 17,566 barrels of oil equivalent per day, or 2.6% of Canadian Natural’s total output.
In the three months ended September 30, 2012,…
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