Canadian Natural says royalty lands spin off coming this year

Thu Mar 5, 2015 11:21am EST
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CALGARY, Alberta, March 5 (Reuters) - Canadian Natural Resources Ltd, Canada's largest independent oil and gas producer, said on Thursday it intends to spin off its Western Canadian royalty lands this year as it looks to monetize the properties it leases out to other oil company.

Steve Laut, the company's president, said on a conference call that the timing of the spin off may depend on the outlook for commodity prices. The properties produced revenue of C$186 million ($148.8 million) last year, he said. ($1 = 1.2499 Canadian dollars) (Reporting by Scott Haggett)