| Imagery Source: Wikipedia |
| Information Source: News File |
| Canadian Natural's (TSX: CNQ) (NYSE: CNQ) President, Scott Stauth, commented on the Company's Q1/25 results, "We have a long track record of being an industry-leading leading effective and efficient producer while consistently delivering top-tier operational and financial performance. All our employees are shareholders, with a strong focus on continuous improvement, consistently driving strong results. In Q1/25, we achieved record quarterly production of approximately 1,582,000 BOE/d, which included record quarterly liquids production of approximately 1,174,000 bbl/d, 79% of which was long-life low-decline production and record quarterly natural gas production of 2,451 MMcf/d. |
| At our world class Oil Sands Mining and Upgrading assets, we achieved record quarterly Synthetic Crude Oil ("SCO") production of approximately 595,000 bbl/d resulting from a high utilization rate of 106% in Q1/25, anchored by industry leading SCO operating costs of $21.88/bbl (US$15.25/bbl), which drove significant free cash flow in the quarter. Importantly, in 2024, our annual Oil Sands Mining and Upgrading operating costs were in the range of $7.00/bbl to $10.00/bbl lower than our peer average. This equates to an incremental annual margin of approximately $1.2 billion to $1.7 billion, based on our 2024 annual production. |
| Following our first few months of operating the Duvernay assets acquired in December 2024, we are achieving strong production results and cost reductions. We are confident we will add more value than we planned for at the time of the acquisition. This is made possible through our commitment to continuous improvement and a strong team culture that focuses on improving our already top-tier operating costs, driving execution of organic growth opportunities and maximising value to shareholders. |
| Canadian Natural's constant focus on continuous improvement has resulted in capturing cost efficiencies throughout our operations year to date. As a result of these efficiencies, we are in a position to reduce our 2025 capital budget by $100 million, resulting in an updated total capital forecast of $6.05 billion, excluding abandonment expenditures. This reduction in our 2025 capital will have no impact on our planned operating activities or targeted production levels for 2025." |
| Canadian Natural's Chief Financial Officer, Victor Darel, added, "In Q1/25, we achieved strong financial results, including adjusted net earnings of $2.4 billion or $1.16 per share and adjusted funds flow of $4.5 billion, or $2.16 per share. We returned approximately $1.7 billion to our shareholders in Q1/25, including $1.2 billion in dividends and $0.5 billion in share repurchases. At the same time, we strengthened our balance sheet by reducing net debt in the quarter by approximately $1.4 billion from December 31, 2024, levels. |
| We are committed to maximising shareholder value and increasing sustainable returns to shareholders. As previously announced, in March 2025 the Board of Directors approved a 4% increase to our quarterly dividend to $0.5875 per common share or $2.35 per common share annualized, with 2025 being the 25th consecutive year of dividend increases by Canadian Natural, with a compound annual growth rate ("CAGR") of 21% over that time. |
| Our business model is robust and sustainable as our top-tier US$ WTI breakeven, defined as the adjusted funds flow required to cover maintenance capital and dividends, remains in the low to mid-US$40 per barrel range. Our balance sheet is already very strong, and we improved it further by reducing net debt by approximately $1.4 billion in Q1/25 as mentioned above, and maintained liquidity of approximately $5.1 billion as of March 31, 2025, providing significant flexibility. |
| Our leading financial results combined with our top tier, safe, reliable, effective and efficient operations provide us with unique competitive advantages, all of which drive material free cash flow generation and strong returns on capital." |
| For the full document, click the link below |
| Canadian Natural Resources Limited |
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