Canadian Natural Resources Ltd. executive chairman Murray Edwards, left, and president Tim McKay, right, prepare to address the company's annual meeting in Calgary on May 9, 2019. The Calgary-based company was forced to digest a related $143-million charge on its fourth-quarter results on Thursday.
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.Canadian Natural Resources Ltd. executive chairman Murray Edwards, left, and president Tim McKay, right, prepare to address the company's annual meeting in Calgary on May 9, 2019. Canadian Natural Resources Ltd.
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.
Canadian Natural Resources Ltd.'s Horizon site, about 70 kilometres north of Fort McMurray, Alta., includes a surface oilsands mining and bitumen extraction plant, and on-site bitumen upgrading. "Consolidation could happen here in Canada as well. But you know, the key for us, anyway, is that we have a huge reserve," McKay said.
The additional export capacity is also expected to have a positive impact on the Western Canada Select differential, which is the term for the price discount Canadian heavy oil producers typically have to absorb on their product in part due to lack of pipeline egress.Top-emitting Alberta oilsands site got government relief from pollution payments, Reuters reports
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