Canadian Natural Resources Limited Announces Normal Course Issuer Bid
May 16 2018 - 04:00PM
Canadian Natural Resources Limited ("Canadian Natural") announced
today that Toronto Stock Exchange has accepted notice filed by
Canadian Natural of its intention to make a Normal Course Issuer
Bid through the facilities of Toronto Stock Exchange or other
alternative Canadian trading systems. Purchases may also be made
through the facilities of the New York Stock Exchange.
The notice provides that Canadian Natural may,
during the 12 month period commencing May 23, 2018 and ending
May 22, 2019, purchase for cancellation up to 61,424,856 shares,
being 5% of the 1,228,497,131 outstanding common shares as at May
11, 2018. Canadian Natural will not acquire more than 25% of the
average daily trading volume of its common shares during a trading
day, being 639,751 common shares subject to certain prescribed
exceptions. The price which Canadian Natural will pay for any such
shares will be the market price at the time of acquisition. The
actual number of common shares that may be purchased and the timing
of any such purchases will be determined by Canadian Natural. As of
May 11, 2018, Canadian Natural has acquired 702,700 common shares
for cancellation at an average price of $41.96 under its current
Normal Course Issuer Bid, which authorized the purchase for
cancellation of up to 27,931,135 common shares.
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. Funds flow in 2018 is targeted to be
allocated to these four pillars and may also be used by Canadian
Natural, depending upon future trading prices and other factors, to
purchase its common shares, as it is believed to be a worthwhile
investment, and in the best interests of Canadian Natural and its
shareholders.
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.
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
CANADIAN NATURAL RESOURCES LIMITED |
2100,
855 - 2nd Street S.W. Calgary, Alberta, T2P4J8Phone:
403-517-7777 Email: ir@cnrl.comwww.cnrl.com |
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STEVE W. LAUTExecutive Vice-Chairman TIM
S. MCKAYPresident COREY B. BIEBERChief
Financial Officer and Senior Vice-President, Finance MARK
A. STAINTHORPEVice-President, Finance – Capital Markets
Trading Symbol - CNQToronto Stock ExchangeNew York Stock
Exchange |
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