Deal insight

CNRL sells royalty positions in Western Canada to PrairieSky Royalty for US$1.35 billion

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Report summary

On 9 November 2015, Canadian Natural Resources Limited (CNRL) and PrairieSky Royalty Limited announced an agreement whereby PrairieSky would acquire 5.4 million acres of CNRL's royalty lands. In return, CNRL would receive consideration of Cdn$1.8 billion (US$1.4 billion), consisting of Cdn$680 million cash and Cdn $1.2 billion in PrairieSky stock which equates to 44.4 million shares at a deemed price of Cdn $25.20/share. After a wave of royalty land spin-offs since 2014, PrairieSky has emerged as the largest non-crown royalty acreage owner in Western Canada.

What's included

This report contains

  • Document

    CNRL sells royalty positions in Western Canada to PrairieSky Royalty for US$1.35 billion

    PDF 275.75 KB

Table of contents

  • Executive summary
  • Transaction details
  • Upstream assets
    • Canadian Natural Resources
    • PrairieSky Royalty

Tables and charts

This report includes 2 images and tables including:

Images

  • CNRL net-debt outlook under various scenarios

Tables

  • Upstream assets: Table 1

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