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Canadian Natural Resources Ltd CNQ-T -0.50%decrease said on Thursday President Tim McKay will step down next year and will be succeeded by Scott Stauth.

Canada’s largest oil and gas producer also reported lower third-quarter profit despite record production.

Crude oil prices rose about 28 per cent in the quarter but still stayed well below the multiyear highs in the same period a year earlier, following Russia’s invasion of Ukraine.

Canadian Natural reported a net income of $2.34-billion, or $2.13 per share, for the quarter, down from $2.84-billion or $2.49 per share a year earlier.

Production rose to a record 1.39 million barrels of oil equivalent per day (boepd), from 1.34 million boepd last year.

However, cash flows from operations fell about 43 per cent in the quarter to $3.5-billion.

Stauth has been with Canadian Natural for 26 years and currently serves as the chief operating officer of Oil Sands operations.

McKay will assume the role of vice chairman following a board meeting in February and will support the management transition until his retirement in summer 2024, the company said.

Shopify Inc. reported third-quarter net income of US$718 million compared with a loss of US$159 million a year ago as its revenue rose 25 per cent.

The e-commerce software company, which keeps its books in U.S. dollars, says the profit amounted to 55 cents per diluted share for the quarter ended Sept. 30 compared with a loss of 12 cents per diluted share in the same quarter last year.

Revenue totalled US$1.71 billion for the quarter, up from US$1.37 billion a year earlier.

The growth came as subscription solutions revenue rose to US$486 million from US$377 million a year ago, while merchant solutions revenue totalled US$1.23 billion, up from US$989 million.

On an adjusted basis, Shopify says it earned 24 cents per diluted share for its most recent quarter compared with an adjusted loss of two per cents per diluted share a year ago.

Analysts on average had expected an adjusted profit of 14 cents per share and US$1.67 billion in revenue, according to estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 2, 2023.

Pembina Pipeline Corp. (PBA) on Thursday reported second-quarter earnings of $270.3 million.

On a per-share basis, the Calgary, Alberta-based company said it had net income of 45 cents.

The results did not meet Wall Street expectations. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 46 cents per share.

The oil and gas transportation and services company posted revenue of $1.54 billion in the period.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on PBA at https://www.zacks.com/ap/PBA

Cenovus Energy Inc. reported a third-quarter profit of $1.86 billion, up from $1.61 billion in the same quarter last year.

The company says the profit amounted to 97 cents per diluted share, up from 81 cents per diluted share a year earlier.

Revenue totalled $14.58 billion, down from $17.47 billion in the same quarter last year.

Total upstream production for the quarter amounted to 797,000 barrels of oil equivalent per day, up from 777,900 a year earlier.

Total downstream throughput totalled 664,300 barrels per day compared with 533,500 a year ago.

Cenovus also announced the appointment of former Shell Canada president and country chair Michael Crothers and former Husky Energy executive James Girgulis to the company’s board of directors, effective immediately.

This report by The Canadian Press was first published Nov. 2, 2023.

Calgary, Alberta–(Newsfile Corp. – November 2, 2023) – Commenting on the Company’s (TSX: CNQ) (NYSE: CNQ) third quarter 2023 results, Tim McKay, President, stated, “Our quarterly results demonstrate how our effective and efficient operations, combined with our diverse product mix generates significant free cash flow, resulting in strong shareholder returns through our sustainable and growing dividend and significant share repurchases

https://www.barchart.com/story/news/21649407/canadian-natural-resources-limited-announces-2023-third-quarter-results

HIGHLIGHTS

• Third quarter cash flow⁽¹⁾⁽²⁾ of $878.5 million ($2.55 per diluted share⁽³⁾).
• Generated Q3 free cash flow⁽⁴⁾ (“FCF“) of $332.3 million ($0.96 per diluted share) enabling the Company to declare a special dividend of $1.00 per common share paid on November 1, 2023 to holders of record on October 24, 2023. Tourmaline has distributed total dividends of $6.52 per share (inclusive of this November 1, 2023 special dividend) since December 1, 2022, an implied 9% trailing yield⁽⁵⁾.
• Full-year 2023 free cash flow forecast of $1.9 billion⁽⁶⁾ (2022 free cash flow – $3.2 billion).
• September 30, 2023 net debt⁽⁷⁾ of $879.8 million or 0.3 times Q3 2023 annualized cash flow of $3.5 billion.
• Tourmaline Q3 2023 net earnings of $274.7 million ($0.80 per diluted share).
• In October 2023, the Company entered into an agreement to acquire all of the shares of Bonavista Energy Corporation (“Bonavista”) for $1.45 billion, consisting of $725 million in Tourmaline common shares and $725 million of cash, less Bonavista’s net debt⁽⁸⁾ at closing. The closing of the transaction is expected to occur in the second half of November 2023, subject to customary regulatory and stock exchange approvals.

https://www.newswire.ca/news-releases/tourmaline-delivers-strong-free-cash-flow-in-the-third-quarter-updates-five-year-ep-plan-with-significantly-increased-free-cash-flow-859689695.html

BCE Inc. reported its third-quarter profit fell compared with a year ago as its revenue edged higher.

The parent company of Bell Canada says it earned a profit attributable to common shareholders of $640 million or 70 cents per share for the quarter ended Sept. 30.

The result compared with a profit of $715 million or 78 cents per share a year earlier.

BCE reported operating revenue totalled $6.08 billion, up from $6.02 billion in the same quarter last year.

On an adjusted basis, BCE says it earned 81 cents per share in its latest quarter, down from 88 cents per share a year ago.

The average analyst estimate had been for an adjusted profit of 81 cents per share, based on estimates compiled by financial markets data firm Refinitiv.

This report by The Canadian Press was first published Nov. 2, 2023.

Fuel retailer Parkland Corp. says its third-quarter earnings more than doubled in 2023 thanks to favourable market conditions and the company’s ongoing efforts to optimize its Burnaby refinery.

The Calgary-based company reported net earnings of $230 million, or $1.31 per share, for the three months ended Sept. 30, up from $105 million in the same period of 2022.

On an adjusted basis, Parkland earned $231 million, nearly five times its third-quarter 2022 adjusted earnings.

The company reported sales and operating revenue of $8.9 billion, down from $9.4 billion in the third quarter of last year.

Parkland’s Burnaby refinery delivered adjusted earnings of $188 million, up more than 39 per cent from the prior year’s quarter in part due to record refinery utilization and record co-processing volumes.

Parkland says it now expects to exceed its previously announced 2023 adjusted earnings guidance range of $1.8 to $1.85 billion, thanks to favourable refinery margins and strong utilization, as well as strength in its international business.

This report by The Canadian Press was first published Nov. 1, 2023

IGM Highlights

• Net earnings of $209.8 million or 88 cents per share compared to $216.1 million or 91 cents per share in 2022.
• Assets under management and advisement of $253.4 billion, down 3.0% from the prior quarter and up 6.4% from the third quarter of 2022. 
• IGM Financial’s assets under management and advisement including Strategic Investments were $400.0 billion as at September 30, 2023, compared with $402.8 billion at June 30, 2023 and $302.1 billion at September 30, 2022. This is a new measure introduced in the second quarter and reflects the importance of these high growth investments and their contribution to IGM’s value.
• Net outflows were $549 million compared to net outflows of $342 million in 2022.  

https://www.newswire.ca/news-releases/igm-financial-reports-third-quarter-earnings-816481127.html