Canadian Natural Resources Ltd. announced the retirement of president Tim McKay next year as it raised its quarterly dividend and reported a third-quarter profit of $2.34 billion, down from $2.81 billion a year ago.
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's new president will be Scott Stauth, the company's current chief operating officer of oilsands. As vice-chair, McKay will help with the management transition until his retirement next summer.Like all Canadian oil and gas producers, CNRL has benefited from the last two years of strong commodity prices.
In the third quarter, CNRL broke its all-time quarterly production volume for both liquids and natural gas, at approximately 1.03 million barrels per day and 2.1 million cubic feet per day. “We don't have to do acquisitions to create or refine our reserves. We have that part in the bag. To me, we sit back and do what we do best.”
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