Making sense of the markets this week: October 13, 2024 + MORE Oct 11th

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Elon Musk unveils self-driving ‘Cybercab,’ Tesla stock drops 6% afterwards – Global News Toronto

– news.google.ca

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Making sense of the markets this week: October 13, 2024

– moneysense.ca

Michael McCullough is a contributing editor to MoneySense and a financial writer and editor in Duncan, B.C.

Canadian Natural Resources doubles down on Canada

For a decade now, big acquisitions by Canadian oil-and-gas producers have mostly been met with distaste by investors. So we’ll take it as a heartening sign how well the markets received Canadian Natural Resources’ (CNQ/TSX) decision to buy the Alberta upstream assets of Chevron Corp. (CVX/NYSE) for USD$6.5 billion in cash. CNQ stock rose 3.7% Monday in the wake of the announcement. Chevron was up 0.7% on a day when oil prices increased.

The assets in question comprise a 20% stake in the Athabasca Oil Sands Project, along with 70% of the Kaybob Duvernay shale play. That should add 122,500 barrels of oil equivalent per day to Canadian Natural Resource’s 2025 output, the company said. It also announced a 7% bump to its quarterly dividend, to 56.25 Canadian cents a share, beginning in January.

Chevron explained the asset sale in terms of freeing up cash for U…

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