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Canadian Pacific Railway Ltd
Symbol CP
Shares Issued 139,845,593
Close 2019-07-09 C$ 313.33
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FP says Canadian Natural mulls taking on rail capacity

2019-07-10 09:20 ET - In the News

See In the News (C-CNQ) Canadian Natural Resources Ltd

The Financial Post reports in its Wednesday edition that some largest oil companies are in talks to purchase the crude-by-rail contracts currently held by the Alberta government that Premier Jason Kenney has been looking to offload. The Post's Geoffrey Morgan writes that Canadian Natural Resources (CNRL) executive vice-chairman Steve Laut says: "We are very interested in taking on rail capacity. We are seriously participating in the process." He says he does not know when the government will award the contacts but that CNRL has responded to a request for proposals. The Post says CNRL is widely considered the most likely buyer of the crude-by-rail contracts, especially after its $3.8-billion purchase of Oklahoma City-based Devon Energy's oil sands business in May, that has increased the company's need for takeaway capacity. Mr. Kenney has repeatedly said the contracts belong in the private sector. Cenovus Energy boss Alex Pourbaix says: "We'll always take a look at everything but, in my view, 100,000 barrels per day is our rail commitment, which is pretty meaningful for our company. So we're probably, unless there are some real bargains there, we're more likely just going to be happy with our situation."

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