CALGARY — Canadian Natural Resources Ltd. president Tim McKay will retire next year after a five-year leadership stint that coincided with the Calgary-based company surpassing $100 billion in market value.
CNRL, Canada's largest oil and gas producer by market capitalization, made the succession announcement Thursday — the same day it raised its quarterly dividend and reported a third-quarter profit of $2.34 billion, down from $2.81 billion a year ago.
On a conference call Thursday, McKay said shareholders should not expect significant changes after the announced C-suite changes. While McKay acknowledged that there have been a number of major oilpatch deals in both the U.S. and Canada recently, and that the industry will likely see further consolidation in the months to come, he said CNRL is not dependent on acquisitions in order to grow its output.
Like other Canadian oil producers, CNRL is eagerly awaiting the start-up of the Trans Mountain pipeline. The company is expected to ship several hundred thousand barrels per day on the pipeline, which will give Alberta oil producers additional export capacity to the West coast.
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