Business
Canadian Natural Resources Limited Announces 2021 Third Quarter Results
Calgary, Alberta--(Newsfile Corp. - November 4, 2021) - Commenting on the Company's third quar...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2021 Third Quarter ResultsCalgary, Alberta--(Newsfile Corp. - November 4, 2021) - Commenting on the Company's third quarter 2021 results, Tim McKay, President of Canadian Natural (TSX: CNQ) (NYSE: CNQ) stated \"Our diverse product mix is a competitive advantage, as we can allocate capital to the highest return projects, without being reliant on any one commodity. Our effective and efficient operations combined with disciplined capital allocation generates significant free cash flow, which delivers substantial shareholder returns through our sustainable dividend and ongoing share repurchases. Our world class long life low decline assets, which have low maintenance capital requirements relative to the size and quality of the assets, delivered top tier Q3/21 operational and financial results with average production volumes of approximately 1,238 MBOE/d achieved in the quarter, representing increases of 11% and 8% over Q3/20 and Q2/21 levels respectively. Our strong operational results during Q3/21 delivered robust quarterly adjusted funds flow of approximately $3.6 billion. After our disciplined capital program and dividend, the Company generated quarterly free cash flow of approximately $2.2 billion. Environmental, Social and Governance (\"ESG\") performance remains a priority. We continue to invest in technologies and innovations designed to improve our environmental performance and reduce our environmental footprint. 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. Canadian Natural and Pathways alliance members are developing several technology pathways that when implemented will strengthen our leading ESG performance through meaningful emissions reductions while maintaining jobs in the oil sands sector and creating thousands of new construction and permanent jobs in the energy and cleantech industries. Collaboration with the federal and Alberta governments on this initiative will be critical for Canada to achieve its climate goals.\" Canadian Natural's Chief Financial Officer, Mark Stainthorpe, added \"During the third quarter of 2021 our robust business model delivered strong net earnings of over $2.2 billion and adjusted net earnings of approximately $2.1 b...