Canadian Natural Resources Limited Announces Intention to Institute a Normal Course Issuer Bid
March 14 2018 - 6:20PM
Canadian Natural Resources Limited (the "Corporation") announced
today its intention, subject to regulatory approval, including the
approval of the Toronto Stock Exchange ("TSX"), to purchase for
cancellation up to 61,295,086 of its common shares (representing 5%
of the common shares as at March 13, 2018) through a normal course
issuer bid (the “NCIB”). The Corporation is currently engaged in a
normal course issuer bid, which commenced May 23, 2017 and is
ending on May 22, 2018 (the “2017 NCIB”). Through the 2017
NCIB the Corporation has, to date, not purchased any of its common
shares for cancellation.
The NCIB would be commenced on or after the
expiration of the 2017 NCIB. The NCIB purchases will be made over
the course of a 12 month period and be subject to the applicable
TSX and New York Stock Exchange (“NYSE”) rules and securities
laws. The timing of and actual number of shares purchased
will be determined by the Corporation and be subject to market
conditions, share price and regulatory requirements.
In addition to further strengthening its balance
sheet, investing in exploration and development of its diverse
asset base, and participating in acquisition opportunities, returns
to shareholders remain a priority to create value for Canadian
Natural’s shareholders. The Board of Directors believes, depending
upon future trading prices and other factors, that a portion of the
funds flow in 2018 may be appropriately used by the Corporation to
purchase its common shares, as it is believed to be a worthwhile
investment, and in the best interests of the Corporation.
Shares will be purchased through the facilities
of the TSX or other alternative Canadian marketplaces and the NYSE
at prevailing market prices at the time of purchase. All
purchased shares will be cancelled.
Canadian Natural is a senior oil and natural gas
production company, with continuing operations in its core areas
located in Western Canada, the U.K. portion of the North Sea and
Offshore Africa.
For further information please contact:
CANADIAN NATURAL RESOURCES LIMITED |
2100,
855 - 2nd Street S.W. Calgary, Alberta, T2P4J8 T:
403-517-7777 Email: ir@cnrl.com |
www.cnrl.com
_________________________________________________________________________________________ |
|
STEVE W. LAUTExecutive Vice-Chairman TIM
S. MCKAYPresident COREY B. BIEBERChief
Financial Officer and Senior Vice-President, Finance MARK
A. STAINTHORPEDirector, Treasury and Investor Relations
Trading Symbol - CNQToronto Stock ExchangeNew York Stock
Exchange |
|
Certain information regarding the Company
contained herein may constitute forward-looking statements under
applicable securities laws. Such statements are subject to
known or unknown risks and uncertainties that may cause actual
results to differ materially from those anticipated or implied in
the forward-looking statements. Refer to our website for complete
forward-looking statements www.cnrl.com
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