Canadian Natural Resources corporate - reported results analysis
CNRL's production averaged over 1 million boe/d for the first time. The acquisition of Cenovus’ Pelican Lake asset also cemented the company's position as the most Canadian-focused producer in our coverage. CNRL delivered solid financial results in Q3 and gearing is edging closer to the company's target of 40% by year end. Increased shareholder distributions could also be on the way.