Canadian Natural Resources Reports Record 2024 Performance

Canadian Natural Resources ( (CNQ) ) has released its Q4 earnings. Here is a breakdown of the information Canadian Natural Resources presented to its investors.

Canadian Natural Resources Limited is a leading Canadian energy company engaged in the exploration, development, and production of crude oil, natural gas, and synthetic crude oil, with significant operations in oil sands mining and upgrading.

In its 2024 earnings report, Canadian Natural Resources reported a year of strong growth and record production levels, achieving an annual average production of over 1,363,000 barrels of oil equivalent per day. The company also highlighted its strategic acquisitions and operational efficiencies that contributed to its robust financial performance.

Key financial metrics for 2024 included adjusted net earnings of approximately $7.4 billion and adjusted funds flow of $14.9 billion. The company achieved record production levels across various segments, including oil sands mining and thermal in situ production, while maintaining industry-leading operating costs. The acquisition of additional interests in the Athabasca Oil Sands Project and other assets has positioned the company for further growth and value creation for shareholders.

Canadian Natural Resources continues to focus on long-term shareholder value through strategic acquisitions, operational efficiencies, and a disciplined capital allocation strategy. The company increased its dividend for the 25th consecutive year and maintained a strong balance sheet with a low debt-to-equity ratio, underscoring its financial resilience.

Looking ahead, Canadian Natural Resources remains optimistic about its growth prospects, supported by its extensive reserves and ongoing projects aimed at enhancing production capacity and operational efficiency. The company is committed to delivering sustainable free cash flow and maximizing shareholder returns through its diverse portfolio of long-life, low-decline assets.