Business
Canadian Natural Resources Limited Announces 2022 Fourth Quarter and Year End Results
Calgary, Alberta--(Newsfile Corp. - March 2, 2023) - Canadian Natural's (TSX: CNQ) (NYSE: CN...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2022 Fourth Quarter and Year End ResultsCalgary, Alberta--(Newsfile Corp. - March 2, 2023) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) President, Tim McKay, commented on the Company's 2022 results, \"In 2022, we demonstrated the strength of our balanced, diverse asset base that when combined with our flexible capital allocation strategy, resulted in substantial free cash flow generation, significant returns to our shareholders and strong reserve growth. We achieved record annual production of 1,281,434 BOE‍/‍d in 2022, an increase of 4% from 2021 levels, and 8% growth on a production per share basis. This growth was largely driven by our strategic investment in our robust natural gas assets, which grew 23% from 2021 levels, achieving record annual natural gas production of approximately 2.1 Bcf/d. Our culture of continuous improvement, focus on cost control and disciplined capital allocation continue to drive strong operational and financial results, maximizing value for shareholders.\"As a result of our diversified portfolio, we achieved annual realized natural gas pricing of $6.55/‍Mcf in 2022, which was approximately 17% above the AECO benchmark price. In addition, our high value synthetic crude oil (\"SCO\") captured a strong price premium to WTI of US$4.43/bbl, driving strong realized SCO pricing of $117.69‍/‍bbl, which on an annual basis represents approximately 46% of our total liquids volumes and generates significant free cash flow for the Company.\"Canadian Natural's diverse portfolio is supported by long life low decline assets which have low risk, high value reserves that require low maintenance capital. This allows us to remain flexible with our capital allocation and maximize value. Total proved reserves increased by 6% to 13.587 billion BOE, replacing 2022 production by 265%. This provides the Company with a 32 year reserve life index (\"RLI\") and reflects the strength and depth of our assets. We continued to deliver strong total proved finding, development and acquisition (\"FD&A\") costs, including changes in future development costs, of $8.39/BOE in 2022.\"Canadian Natural is committed to supplying safe, reliable and responsible energy, along with reducing its environmental footprint. In 2022, we announced a new environmen...