Canadian Natural Resources shares rise 5.11% intraday after announcing $1B+ Alberta gas portfolio acquisition from Tourmaline Oil.

Canadian Natural Resources surged 5.11% intraday following reports that the company is in advanced negotiations to acquire a $1-billion-plus portfolio of natural gas assets in Alberta’s Peace River region from Tourmaline Oil. The deal, which involves horizontal wells, gas plants, and extensive pipeline infrastructure in the Montney Basin, was highlighted as a strategic expansion for CNQ, reinforcing its position in Canada’s largest shale gas play. Regulatory filings for federal Competition Bureau approval, submitted on December 30, signaled progress toward finalizing the acquisition, which analysts estimate could add low-cost production and infrastructure to CNQ’s upstream operations. The move aligns with growing investor interest in the Montney Basin, particularly with the LNG Canada export terminal operational, and underscores CNQ’s focus on expanding its natural gas footprint.