Business
Canadian Natural Resources Limited Announces 2022 First Quarter Results
Calgary, Alberta--(Newsfile Corp. - May 5, 2022) - Commenting on the Company's first quarter 2...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2022 First Quarter ResultsCalgary, Alberta--(Newsfile Corp. - May 5, 2022) - Commenting on the Company's first quarter 2022 results, Tim McKay, President of Canadian Natural (TSX: CNQ) (NYSE: CNQ), stated, \"Our world class asset base is one of our key strengths, which is strategically balanced across commodity types so we can capture opportunities throughout the commodity price cycle. This drove total corporate quarterly production of approximately 1,280 MBOE‍/‍d in Q1/22, including record natural gas production of over 2.0 Bcf/d, an increase of approximately 0.4 Bcf‍/‍d from Q1/21 levels. Financially we delivered strong quarterly free cash flow of approximately $3.4 billion, after dividends of approximately $0.7 billion and net capital expenditures of approximately $0.8 billion, excluding acquisitions and strategic growth capital.\"Our unique, diverse, long life low decline asset base with large, low risk, high value reserves is a differentiating factor that makes Canadian Natural a truly unique energy company. We have an industry leading WTI break-even in the mid-US$30s per barrel, which covers base maintenance capital requirements and dividend commitments and when combined with our top tier cost structure and effective and efficient operations we are resilient through the commodity price cycle while generating substantial returns in today's environment.\"Canadian Natural is a leader on Environmental, Social and Governance (\"ESG\") and has made it a priority to work together in collaboration with industry peers, including the Pathways initiative. By working together, we have developed an actionable plan that can help us collectively be more effective and efficient from a time and cost perspective for Carbon Capture, Utilization and Storage (\"CCUS\") projects. We are taking positive steps forward in our efforts to help Canada achieve its climate and economic growth objectives.\"Canadian Natural's Chief Financial Officer, Mark Stainthorpe, added, \"At Canadian Natural our culture of continuous improvement has created a sense of ownership and enables our teams to create significant value for our shareholders. Our effective and nimble capital allocation to our four pillars; returns to shareholders, balance sheet strength, resource value growth and opportun...