Q: Hi 5i
Canadian Natural-CNQ said when $10B of net debt is achieved the company will return 100% of free cash flow to shareholders. Cenovus-CVE said when $4B of net debt is achieved the company will return 100% of free cash flow to shareholders. In the company Q2 2023 financial results, CVE states their net debt is $6,367B. I am unable to find the the Q2 2023 net debt in CNQ results. Would you please explain CNQ net debt from their results. Thanks
Canadian Natural-CNQ said when $10B of net debt is achieved the company will return 100% of free cash flow to shareholders. Cenovus-CVE said when $4B of net debt is achieved the company will return 100% of free cash flow to shareholders. In the company Q2 2023 financial results, CVE states their net debt is $6,367B. I am unable to find the the Q2 2023 net debt in CNQ results. Would you please explain CNQ net debt from their results. Thanks
5i Research Answer:
For Q2, CNQ had $3.5B in short term debt, and $17.7B in long-term liabilities. Cash was minimal (well, relatively, it was still $122M).