Business
Canadian Natural Resources Limited Announces 2023 Second Quarter Results
Calgary, Alberta--(Newsfile Corp. - August 3, 2023) - Commenting on the Company's (TSX: CNQ) (NYS...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2023 Second Quarter ResultsCalgary, Alberta--(Newsfile Corp. - August 3, 2023) - Commenting on the Company's (TSX: CNQ) (NYSE: CNQ) second quarter 2023 results, Tim McKay, President, stated, \"Canadian Natural's Q2/23 results demonstrated the advantages of our diverse and balanced asset base by delivering adjusted funds flow of approximately $2.7 billion. As well, we delivered average daily production volumes of approximately 1,194 MBOE/d in the quarter, which was impacted by wildfires in Western Canada, the continued unplanned third-party pipeline outage and planned Company turnarounds during the quarter. Wildfires in Western Canada did not cause any significant property damage to our assets and we would like to acknowledge our field personnel and their families as well as the first responders and emergency response agencies for their efforts in the affected communities over the last few months.As a result of strong execution on our thermal growth plan, Q3/23 average thermal production is now targeted to be approximately 280,000 bbl/d, which represents growth of approximately 30,000 bbl/d from Q4/22 levels. Thermal production targets to capture strong realizations, as Western Canadian Select (\"WCS\") pricing has improved significantly year-to-date which, as of today, is forecasted to continue for the remainder of 2023.Additionally, following the completion of planned turnarounds at our world class Oil Sands Mining and Upgrading assets, synthetic crude oil (\"SCO\") production was strong, with July 2023 volumes averaging approximately 513,000 bbl/d, capturing SCO pricing which continues to be priced at a premium to WTI.Environmental, Social and Governance (\"ESG\") remains a priority for us as evidenced in our 2022 Stewardship Report to Stakeholders which was released today. This report highlights several of our ESG achievements, including top tier safety performance and the shared value achieved by working together across our operations with 167 Indigenous businesses through which approximately $684 million in contracts were awarded in 2022. Additionally, Canadian Natural is an investment leader in research and development (\"R&D\"). In 2022, we increased our investment in R&D by 30% over 2021 levels with over $587 million invested in technology development and deployment fo...