Business
Canadian Natural Resources Limited Announces 2022 Third Quarter Results
Calgary, Alberta--(Newsfile Corp. - November 3, 2022) - Canadian Natural's (TSX: CNQ) (NYSE: C...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2022 Third Quarter ResultsCalgary, Alberta--(Newsfile Corp. - November 3, 2022) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) President, Tim McKay, commented on the Company's third quarter 2022 results, \"We remain focused on safe, reliable, effective and efficient operations and our 2022 capital program remains unchanged at approximately $4.9 billion, excluding acquisitions. Our culture of continuous improvement and focus on cost control combined with our disciplined and balanced approach to capital allocation continues to drive strong operational and financial results. We achieved record total quarterly production of approximately 1,339,000 BOE‍/‍d, including 487,553 bbl/‍d of Synthetic Crude Oil (\"SCO\"), reflecting strong operational performance on our long life zero decline Oil Sands Mining and Upgrading assets which comprises approximately 50% of our total company liquids production. Our high value SCO captured a strong price premium to WTI of US$8.87/bbl in the quarter, driving strong SCO pricing of $120.91‍/‍bbl and generating significant free cash flow for the Company. Natural gas production also set a new quarterly record, at approximately 2,132 MMcf/d, which also achieved strong realized pricing, averaging $6.57/‍Mcf, which is above the AECO monthly benchmark price as a result of our diversified sales points.\"On October 4th, the Pathways Alliance (\"Pathways\") reached an important milestone, securing the right to continue exploratory work for CO2 injection at Pathways' proposed carbon capture and storage hub located near Cold Lake, Alberta, allowing us to advance to the next stage of evaluation. We are progressing with continued stakeholder engagement and more detailed engineering work on the approximately 400 kilometer long trunkline that will carry captured CO2 from oil sands facilities to the storage hub. We would like to thank the Alberta government for their continued support as we work together on this ambitious major emissions reduction project to achieve net zero greenhouse gas (\"GHG\") emissions in the oil sands, supporting Canada's environmental goals. Additionally, we appreciate the federal government's recent public statements in support of the Canadian oil and gas sector's role in global energy security along with com...