Latest news with #North40Resources
Yahoo
28-06-2025
- Business
- Yahoo
Canadian Natural Resources (CNQ) Reaches Agreement with Canada's Competition Bureau
Canadian Natural Resources Limited (NYSE:CNQ) is one of Goldman Sachs' top energy stock picks. On June 20, the company reached an agreement with Canada's Competition Bureau to settle competition concerns tied to its acquisition of Schlumberger's stake in a joint natural gas venture. A hand holding a crude oil sample from a well in Permian Basin. Regulators had raised concerns over the company's push to acquire 87.5% interest in a portfolio of 16 natural gas processing plans. There were concerns that the acquisition would strengthen the company's edge in the sector and throttle competition, especially around Schlumberger's stake in a joint natural gas venture. The Competition Bureau had argued that the acquisition would lead to significant market concentration and reduce customer choices. There were also fears that the consolidation could drive up prices for natural gas producers. In its agreement with the competition authority, Canadian Natural Resources has agreed to divest a 75% stake in the Seiu Lake facility to North 40 Resources Inc. Canadian Natural Resources Limited (NYSE:CNQ) is an independent producer of crude oil and natural gas. It operates across a diversified portfolio of assets, including conventional natural gas and light crude oil. While we acknowledge the potential of CNQ as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you're looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 Best AI Stocks to Buy According to Billionaire David Tepper and 10 Stocks Analysts Are Upgrading Today. Disclosure: None.
CTV News
20-06-2025
- Business
- CTV News
Competition Bureau reaches deal with Canadian Natural Resources over gas processing
A flare stack burns off excess gas at a processing facility near Crossfield, Alta., Tuesday, June 13, 2023. (Jeff McIntosh / The Canadian Press) OTTAWA — The Competition Bureau says Canadian Natural Resources Ltd. has agreed to sell 75 per cent of its interest in its Seiu Lake natural gas processing plant to address competition concerns related to its proposed acquisition of Schlumberger N.V.'s (SLB) interest in the Palliser Block joint venture. Under a consent agreement with the regulator, Canadian Natural will sell a majority interest in the plant to North 40 Resources Inc., an oil and natural gas exploration company operating in the area. Financial terms of the agreement were not immediately available. North 40 will be the operator of the plant, while Canadian Natural will hold a non-operating 25 per cent interest in the facility. The SLB assets being acquired by Canadian Natural include SLB's 87.5 per cent stake in 16 natural gas processing plants in southeastern Alberta. The Competition Bureau had raised concerns the deal would reduce competition for gas processing services in the region. --- This report by The Canadian Press was first published June 20, 2025.
