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研究快讯:Cnq 第一季度:销量增长 4% 抵消价格逆风,WTI/WCS 价差扩大

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-- 独立研究机构CFRA向提供了以下研究报告。CFRA分析师总结如下: CNQ公布的调整后每股收益为1.17加元,与去年同期持平,但高于市场普遍预期的1.06加元。总产量增长4%至164万桶油当量/日,主要得益于收购和新增热井平台。由于西海岸天然气价差扩大至14.12美元/桶,抵消了产量增长和天然气价格走强的影响,调整后资金流下降3%至43.7亿加元;同时,由于计划弃井,国际产量下降了61%。公司将2026年产量预期上调至161.5万至166.5万桶油当量/日,并将运营资本支出预期从63亿加元下调至59.9亿加元,这表明公司采取了审慎的资本配置策略。管理层保持了强劲的财务灵活性,拥有61.7亿加元的流动资金,债务账面比率为26.6%,处于目标范围内。在回购3.11亿加元股票的同时,季度股息提高了6%至每股0.625加元。我们认为,将日产量预期提高1.5万桶油当量是积极的,尽管净资本支出增加导致自由现金流显著下降,这反映了公司近期将投资重点放在增长型资产上。

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