Business
Canadian Natural Resources Limited Announces 2023 First Quarter Results
Calgary, Alberta--(Newsfile Corp. - May 4, 2023) - Commenting on the Company's first quarter 2023...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2023 First Quarter ResultsCalgary, Alberta--(Newsfile Corp. - May 4, 2023) - Commenting on the Company's first quarter 2023 results, Tim McKay, President of Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ), stated, \"Canadian Natural delivered strong results in Q1/23 with effective and efficient operations on our balanced and diverse portfolio of high quality assets. Our culture of continuous improvement, focus on cost control and disciplined capital allocation continues to drive strong financial results and maximize value for our shareholders. In Q1/23, we delivered total quarterly production of approximately 1,319 MBOE‍/‍d, including record natural gas production of 2,139 MMcf/d and liquids production of 962,908 bbl/‍d. We generated strong quarterly free cash flow of approximately $1.4 billion, after dividends of approximately $0.9 billion and net base capital expenditures of approximately $1.1 billion. In addition, our strategic growth capital expenditures of approximately $0.28 billion in the quarter was targeted to provide mid-term growth across our asset base as we unlock value from our projects with strong capital efficiencies. With ample liquidity on our balance sheet, we can add production with minimal capital while generating significant returns on capital and maximizing shareholder value.\"Canadian Natural is a leader on Environmental, Social and Governance (\"ESG\") and has made it a priority to work collaboratively with industry peers and governments to achieve meaningful greenhouse gas (\"GHG\") emissions reductions in support of Alberta and Canada's climate goals. The Alberta government's recently announced Emissions Reduction and Energy Development Plan (\"ERED\") builds upon the province's longstanding climate leadership and achievements in emissions reductions. Canadian Natural looks forward to supporting the Province of Alberta in continuing to provide affordable, reliable, responsibly produced energy while reducing emissions and aspiring towards a net zero economy by 2050. Canadian Natural's current environmental goals support Alberta's climate plan where large scale carbon capture and storage (\"CCS\") projects, like the Pathways Alliance's foundational CCS project, will have a significant role in reducing GHG emissions.\"Canadia...