Business
Canadian Natural Resources Limited Announces 2021 Second Quarter Results
Calgary, Alberta--(Newsfile Corp. - August 5, 2021) - Commenting on the Company's second quart...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2021 Second Quarter ResultsCalgary, Alberta--(Newsfile Corp. - August 5, 2021) - Commenting on the Company's second quarter 2021 results, Tim McKay, President of Canadian Natural (TSX: CNQ) (NYSE: CNQ) stated, \"Canadian Natural is in a strong position as our vast and diverse asset base delivered strong operational and financial results in Q2/21, as we achieved production volumes of approximately 1,142 MBOE/d in the quarter, notwithstanding the planned turnaround at our Oil Sands Mining and Upgrading operations. Canadian Natural's long life low decline asset base generated significant free cash flow in the quarter maximizing value for our shareholders, as we balanced free cash flow to our four pillars of capital allocation; balance sheet strength, returns to shareholders, economic resource development and opportunistic acquisitions. In the first two quarters of 2021 we have reduced net debt by approximately $3.1 billion, returned approximately $1.3 billion to our shareholders through dividends and share repurchases, maintained capital discipline and executed on various opportunistic and strategic transactions which add long term value.With the increased positive outlook for commodity prices for the remainder of 2021, we have increased our 2021 capital budget by $275 million to $3.48 billion as we undertake lead activities for future growth opportunities. The increase includes $120 million for conventional and unconventional assets, $110 million for long life low decline assets and $45 million in additional well abandonment activities. These increased investments are being financed out of the repayment of the North West Redwater Partnership (\"NWRP\") subordinated debt. This additional capital, along with strong operating performance from our existing 2021 drilling program, now has us targeting natural gas production above our previous guided production range and corporate production on a BOE basis above the mid-point of our previous guided production range for the 2021 year.As previously announced, the Oil Sands Pathways initiative to achieve net zero greenhouse gas emissions by 2050 is an unprecedented initiative by the Canadian energy industry, by which Canadian Natural and our industry partners will strengthen our leading environmental, social and governance (\"ESG\") performance, ...