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CNQ - Canadian Natural Resources News Story

C$24.37 0.7  3.1%

Last Trade - 04/08/20

Large Cap
Market Cap £16.55bn
Enterprise Value £29.85bn
Revenue £12.72bn
Position in Universe 26th / 2677

BUZZ-World's largest wealth fund blacklists certain Canadian oil producers, shares fall

Wed 13th May, 2020 4:06pm
** Shares of Suncor Energy Inc  SU.TO , Cenovus Energy Inc
 CVE.TO , Imperial Oil Ltd  IMO.TO  and Canadian Natural
Resources Ltd  CNQ.TO  fall between 1.7% to 3.2%
    ** Norway's $1 trillion wealth fund excludes some of the
world's biggest commodities firms from its portfolio, including
the four Canadian oil companies*:nL4N2CV14K
    ** The fund said the four companies were excluded for
producing excessive greenhouse gas emissions    
    ** This is the first time the fund used that reason to
blacklist firms from its portfolio; decision was based on
recommendations from Council on Ethics, the fund's watchdog
    ** The fund, which has now sold out all its holdings in the
companies, previously held $380 mln in equities stocks, 0.99%
stake and $45 mln in corporate bonds in CNQ, Canada's largest
oil and gas producer 
    ** It had held $102 mln in equities stocks, 0.82% stake, $51
mln in corporate bonds in Cenovus, $578 mln in equities stocks,
1.14% stake, $40 mln in corporate bonds in Suncor and in
Imperial Oil it had $97 million in equities stocks and 0.49%
    ** The broader energy market also tempered by demand
concerns exacerbated by a possible second wave of coronavirus
infections as countries ease lockdowns  O/R 
    ** The U.S. Energy Information Administration (EIA) now
expects world oil demand to fall by 8.1 mln barrels per day
(bpd) this year to 92.6 mln bpd, compared with a previous
forecast for a drop of 5.2 mln bpd*:nL1N2CU1OU
    ** YTD, Suncor down ~46%, Cenovus ~61%, Imperial ~40% and
CNQ 45% 

 (Reporting by Shanti S Nair in Bengaluru)
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