Business
Canadian Natural Resources Limited Announces 2020 Fourth Quarter and Year End Results
Calgary, Alberta--(Newsfile Corp. - March 4, 2021) - Commenting on the Company's 2020 results,...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2020 Fourth Quarter and Year End ResultsCalgary, Alberta--(Newsfile Corp. - March 4, 2021) - Commenting on the Company's 2020 results, Tim McKay, President of Canadian Natural (TSX: CNQ) (NYSE: CNQ) stated \"The impact of the COVID-19 pandemic effected the very way we conducted our lives and the way we operated our businesses. Through the year we took protocols to protect our stakeholders and would like to thank our employees, contractors, suppliers and shareholders for their support through this challenging year. Despite the challenges of COVID-19 in 2020, the Company had a strong year operationally and financially as the Company's effective and efficient operations and long life low decline asset base proved their robustness in this challenging year. We were nimble in 2020, quickly lowering capital with minimal impact to annual production as we stayed within the Company's original production guidance range, effectively managing through a volatile commodity price environment and low crude oil demand. This was achieved through the commitment and hard work of our employees, who were rewarded with no economic layoffs due to the impacts of COVID-19. In 2020 the Company generated strong adjusted funds flow while effectively allocating to the Company's four pillars of capital allocation; balance sheet strength, returns to shareholders, resource value growth, and opportunistic acquisitions.The Company achieved record annual corporate BOE production levels of approximately 1,164 MBOE/d, an increase of 6% or approximately 65,000 BOE/d over 2019 levels. Continued focus on effective and efficient operations and our culture of continuous improvement delivered strong operating cost reductions. As a result, record low annual operating costs of $20.46/bbl (US$15.25/bbl) of Synthetic Crude Oil (\"SCO\") produced were achieved at the Company's Oil Sands Mining and Upgrading segment, a decrease of $2.10/bbl. Our North America Exploration and Production (\"E&P\") liquids segment achieved significant operating cost reductions of $1.20/bbl or 10% from 2019 levels.In 2020, Canadian Natural delivered top tier reserve replacement and finding, development and acquisition (\"FD&A\") costs, reflecting the strength and depth of the asset base. Total proved reserves grew by 10% to 12.106 billion BOE, of ...