Telus comments have been posted.
CNQ EPS of $1.17 beat estimates of $1.07; revenue of $10.8B beat estimates by 7%. Canadian Natural's cash flow should be supported by synthetic crude oil premiums after a solid quarter with consistent execution on roughly flat production. A milestone was achieved with net debt moving below $16 billion, reinforcing the company's returns framework and lifting buyback allocation to 75% of free cash flow after dividends. Further deleveraging brings the $13 billion threshold, which unlocks 100% of FCF to repurchases, closer. The base dividend remains the best way to reward the company's long-term investor base. Project momentum remains a key differentiator with Pike 1 pads outperforming, Jackfish above nameplate, and front-end engineering and design progressing. However policy, fiscal and egress clarity limits oil sands growth. AECO pricing will continue to eat away at gas proceeds. We continue to like the stock.