Canadian Natural president Tim McKay to retire, company raises dividend

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CALGARY — Canadian Natural Resources Ltd. announced the retirement of president Tim McKay next year as it raised its quarterly dividend and reported a third-quarter profit of $2.34 billion, down from $2.81 billion a year ago.

Canadian Natural says McKay will assume the role of vice-chairman on Feb. 28, 2024, when Scott Stauth, currently chief operating officer of oilsands, will be promoted to president. As vice-chairman, McKay is expected to help with the management transition until his retirement in the summer.

The announcement came as company said it will now pay a quarterly dividend of $1 per share, up from 90 cents.

Canadian Natural reported its profit amounted to $2.13 per diluted share for the quarter ended Sept. 30, down from $2.49 per diluted share a year earlier.

Revenue for the quarter totalled $9.90 billion, down from $10.46 billion in the same quarter last year.

On an adjusted basis, the company says it earned $2.59 per diluted share in its most recent quarter, down from $3.09 per diluted share a year ago. Analysts on average had expected an adjusted profit of $2.39 per share and $9.55 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.

Companies in this story: (TSX:CNQ)

The Canadian Press

Categories: Latest News


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