Canadian Natural Resources Limited

Canadian Natural Resources Limited

December 16, 2016 14:25 ET

Canadian Natural Resources Limited Completes the Sale of Its Ownership Interest in the Cold Lake Pipeline

CALGARY, ALBERTA--(Marketwired - Dec. 16, 2016) - Canadian Natural Resources Limited ("Canadian Natural" or the "Company") (TSX:CNQ) (NYSE:CNQ) announces that the agreement relating to monetizing the Company's non-core ownership interest in the Cold Lake Pipeline, to Inter Pipeline Ltd ("Inter Pipeline") has been completed.

Canadian Natural received gross proceeds of $350 million in cash and 6,417,740 common shares of Inter Pipeline at an ascribed value of $177.5 million (approximately $186.6 million based upon December 15, 2016 close) for total value of approximately $527.5 million (approximately $536.6 million based upon December 15, 2016 close), subject to closing adjustments.

Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.

Contact Information

  • Steve W. Laut

    Corey B. Bieber
    Chief Financial Officer and Senior Vice-President, Finance

    Mark A. Stainthorpe
    Director, Treasury and Investor Relations

    Canadian Natural Resources Limited
    2100, 855 - 2nd Street S.W.
    Calgary, Alberta, T2P 4J8 Canada
    Phone: (403) 514-7777
    (403) 514-7888 (FAX)