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Canadian Natural Resources Ltd asset sale seen as mostly positive

Canadian Natural Resources has sold most of its royalty lands

Canadian Natural Resources Ltd. rarely sells assets, so the deal to hand over most of its royalty lands to PrairieSky Royalty Ltd. in exchange for $1.8 billion in cash and stock marks somewhat of a strategic departure.

Canadian Natural also doesn’t appear to have ever held a material stake in another company, but the transaction gives it control of approximately 19 per cent of PrairieSky, at least for now.

Nonetheless, the deal looks pretty attractive given current market conditions, as it solidifies Canadian Natural’s balance sheet and allows it to keep some asset upside.

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