CALGARY – For what most analysts believe was a bargain, Canadian Natural Resources Ltd. solidified its position in the oilsands and as the country’s largest oil and gas producer with a $3.8-billion deal for Devon Energy Corp.’s Canadian business Wednesday.
“Much as we expected, if CNRL was going to be the ultimate acquirer, we expected the company to be highly price sensitive/disciplined and we believe that is seen in the ultimate purchase price,” CIBC World Markets analyst Jon Morrison wrote in a note. He had previously said the assets would sell for between $3.5 billion and $5.5 billion.
Exxon Mobil Inc., Royal Dutch Shell Plc., BP Plc, Chevron Inc., Total SA, Equinor ASA, Eni SpA are considered oil majors, distinct from state-owned enterprises such as Saudi Aramco and China Petroleum & Chemical Corporation, or Sinopec. This is a company that historically does a really good job of taking assets out of another company’s hands ... and then squeezing those costs down
Western Canada Select heavy oil traded for an average of US$42.23 per barrel Tuesday, which is US$15.41 per barrel lower than WTI prices, which averaged US$57.64 per barrel.
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