Canadian Natural Resources Ltd. is considering spinning off and selling its royalty lands following the success of Encana Corp.’s PrairieSky Royalty Ltd. initial public offering last month.
Canadian Natural plans to do whatever creates “the most value for shareholders,” said Steve Laut, the company’s president, in a briefing today with journalists in Calgary. The oil producer is evaluating the assets it has before reaching a decision about a strategy, he said.
“The PraireSky option obviously looks attractive,” Laut said. “We’ll review all the options first. It’s too early to say” which option is most likely, he added.
PrairieSky Royalty, the largest Canadian IPO in 14 years, surged 32 percent in its trading debut May 29.
To contact the reporter on this story: Jeremy van Loon in Calgary at firstname.lastname@example.org
To contact the editors responsible for this story: Tina Davis at email@example.com Robin Saponar