Stifel FirstEnergy analyst Mike Dunn said in a research note that CNRL may not have to add to its net debt over the course of 2020, a position that “few if any oil producer peers” enjoy. Closed Captioning and Described Video is available for many CBC shows offered on CBC Gem. The scale of the problem in Saskatchewan is also significantly smaller than it is in Alberta, where over 91,000 inactive oil and gas wells dot the landscape and where there are nearly 3,000 orphan oil and gas wells with no owner responsible for cleaning them up. Tim S. McKay serves as President, Director of the Company. Last year, CNRL spent $3.1 billion to buy Oklahoma City-based Devon Energy Corp.’s Canadian oilsands business. The Exploration and Production segment comprises operations in North America, largely in Western Canada; the United Kingdom portion of the North Sea; and Côte d’Ivoire and South Africa in Offshore Africa. This website uses cookies to personalize your content (including ads), and allows us to analyze our traffic. CNRL plugged 2,035 oil and gas wells last year and 1,293 wells in 2018 when it also submitted 1,012 reclamation certificates. Oilsands producers pile on debt to survive the crash but eye tentative recovery, Alberta to overhaul orphan wells clean-up rules in effort to 'pay down the mortgage' on soaring environment liabilities, Total takes US$7-billion writedown on oilsands projects, labels Fort Hills, Surmont as ‘stranded’ assets. There was an error, please provide a valid email address. The president of Canadian Natural Resources Ltd. says he supports the idea of Canada taking part in an international agreement to reduce production to support global oil prices.
As the President and Director of Canadian Natural Resources, the total compensation of Tim McKay at Canadian Natural Resources is $8,174,970. The Company continually targets cost effective alternatives to develop our portfolio of projects and to deliver our defined growth plan This advertisement has not loaded yet, but your article continues below. Canada's biggest producers have been taking the same positions on global cutbacks as they have with regard to the production curtailments brought in by Alberta last year to bolster local oil prices in the face of output growth exceeding pipeline capacity. “I think what Saskatchewan did better than some of the other provinces is they worked with many of the stakeholders in their design (of a well clean-up program),” Canadian Natural Resources Ltd. president Tim McKay said Thursday, following the company’s second-quarter earnings call.

365 Bloor Street East, Toronto, Ontario, M4W 3L4. There are 11 older and 13 younger executives at Canadian Natural Resources. Prior thereto, he joined the Corporation as Production Engineer in 1990 and was appointed to positions of increasing responsibility as Vice-President, Production in 1996, Senior Vice-President, Production in 2001, Senior Vice-President, Operations in 2002 and Chief Operating Officer since 2010. McKay said environmental liabilities is one of the factors CNRL considers when pursuing potential acquisitions. In March, an OPEC meeting ended in the failure to extend supply cuts and resulted in a price war between Saudi Arabia and Russia. Audience Relations, CBC P.O. Canadian Natural Resources executives and other stock owners filed with the SEC include: Track performance, allocation, dividends, and risks, Annotate, download XLSX & look up similar tables, Filter, compare, and track coins & tokens, Stocks and cryptocurrency portfolio tracker. The program in Alberta has been criticized because initially its criteria for who would get funding was unclear and the system was swamped with applications, though the province has made adjustments over time. • Email: gmorgan@nationalpost.com | Twitter: geoffreymorgan. Canada’s only above one million boe/d oil and gas producer has named a new executive leader. CNRL has been one of the most active companies in the oil patch when it comes to plugging and remediating inactive and uneconomic oil and gas wells. We reserve the right to close comments at any time.

“For Alberta, I think it would be good if it was a little more of a broad-based approach in terms of how they’re doing it,” said CNRL’s McKay, adding the Alberta government would do well to make the criteria simpler and easier for applicants to understand. Box 500 Station A Toronto, ON Canada, M5W 1E6. Postmedia is committed to maintaining a lively but civil forum for discussion and encourage all readers to share their views on our articles. “For Alberta, I think it would be good if it was a little more of a broad-based approach in terms of how they’re doing it,” said CNRL’s McKay, adding the Alberta government would do well to make the criteria simpler and easier for applicants to understand. We encountered an issue signing you up. Please try again. Unauthorized distribution, transmission or republication strictly prohibited.

Canadian Natural Resources Ltd. president Tim McKay at the company’s 2019 annual meeting. Comments may take up to an hour for moderation before appearing on the site. There are 1 executives at Canadian Natural Resources getting paid more, with N. Murray Edwards having the highest compensation of $12,820,500. The Midstream and Refining segment focuses in maintaining pipeline operations and investment. In February 2018, Steve Laut, who has been president of Canadian Natural Resources since April 2005, will be succeeded by current chief operating officer Tim McKay. To encourage thoughtful and respectful conversations, first and last names will appear with each submission to CBC/Radio-Canada's online communities (except in children and youth-oriented communities). Tim McKay says the solution is acceptable as long as it is "broad-based" and fair to all participants, speaking at the virtual Scotiabank Canadian Association of Petroleum Producers Energy Symposium. If you don't see it please check your junk folder. McKay said the company has “always looked at different opportunities over time” when asked whether the company is looking to make a deal in the current environment. Tim McKay says the solution is acceptable as long as it is "broad-based" and fair to all participants, speaking at the virtual Scotiabank Canadian Association of … Tim McKay is 58, he's been the President and Director of Canadian Natural Resources since 2018. McKay holds a Bachelor of Science in Petroleum Engineering from the University of Alberta. Mr. T.S. The oldest executive at Canadian Natural Resources Ltd. is Wilfred Gobert, 72, who is the Independent Director. CNRL spokesperson Julie Woo said the company’s initial plans have had to adapt following the pandemic and that it is working on new targets for well remediation in each province for 2021. We apologize, but this video has failed to load. In Saskatchewan, which is distributing $400 million in funding to oilfield services companies to clean up wells, CNRL says the program is running smoothly. He has played a significant role in the Corporation’s evolution throughout his tenure. Visit our Community Guidelines for more information and details on how to adjust your email settings. tim-mckay-canadian-natural-resources Tim McKay, CEO, CNRL. Canadian Natural Resources Ltd. president Tim McKay at the company’s 2019 annual meeting.
Alberta should follow Saskatchewan’s example in its approach to distributing funds for cleaning up old oil and gas wells, the head of Canada’s largest oil and gas producing company said Thursday. Crude prices have been rising ahead of a meeting Thursday between OPEC members and allied producers that may result in output cuts to better match world supply with demand that has fallen because of the coronavirus pandemic. Precision Bolting would like to answer Tim McKay’s call to share facts about climate change and GHG emissions. Read more about cookies here. What it did better than some provinces is work with stakeholders in their well cleanup design: CEO Tim McKay. The company’s shares rose three per cent, or 81 cents, to $25.83 on Thursday after it reported a $310 million net loss for the second quarter, which is a dramatic fall from the $2.83 billion in net income it earned during the same period a year earlier. The final straw, however, likely came with this statement from CAPP chair Jeff Tonken during a June 14 press conference: “What we believe is the federal [Liberal] government is positioning itself to let the energy industry die so that they can get votes to get re-elected. The Oil Sands Mining and Upgrading segment produces synthetic crude oil through bitumen mining and upgrading operations. A welcome email is on its way. Calgary, Alberta, T2P4J8 Phone: 403-514-7777 Email: [email protected] www.cnrl.com TIM S. MCKAY President MARK A. STAINTHORPE Chief Financial Officer and Senior Vice-President, Finance Jason M. Popko Manager, Investor Relations Trading Symbol - CNQ Toronto Stock Exchange New York Stock Exchange Comments are welcome while open. At the conference on Tuesday, CEO Alex Pourbaix of Cenovus Energy Inc., said an international deal was a "reasonably prudent thing to do" but Daniel Lyons, chief financial officer for Imperial Oil Ltd., said it's better for government to stay out of the business. tap here to see other videos from our team. Mr. McKay is also a member of APEGA. We have enabled email notifications—you will now receive an email if you receive a reply to your comment, there is an update to a comment thread you follow or if a user you follow comments. Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. Pseudonyms will no longer be permitted. Please take a moment to review Tim’s call for Canada to be a leader when it comes to managing the impacts of climate change and reducing GHG emissions. The company was founded on November 7, 1973 and is headquartered in Calgary, Canada. Savage likened the program to beginning to pay down a large mortgage, and the initial target would likely be set at four per cent of a company’s total environmental liabilities per year. Mr. T.S. By continuing to use our site, you agree to our Terms of Service and Privacy Policy. A Canadian Natural Resources oilsands mine. Tim McKay, CEO, CNRL.

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