Business
Canadian Natural Resources Limited Announces 2024 Fourth Quarter and Year End Results
Calgary, Alberta--(Newsfile Corp. - March 6, 2025) - Canadian Natural's (TSX: CNQ) (NYSE: CN...
About this update from Canadian Natural Resources Limited
[{"type":"text","content":"Canadian Natural Resources Limited Announces 2024 Fourth Quarter and Year End ResultsCalgary, Alberta--(Newsfile Corp. - March 6, 2025) - Canadian Natural's (TSX: CNQ) (NYSE: CNQ) President, Scott Stauth, commented on the Company's 2024 fourth quarter and year end results, \"2024 was an excellent year for us, as we achieved strong growth and set several new production records from our base operations, before including acquisitions that closed in 2024. Additionally, including acquisitions, we achieved record annual average production of over 1,363,000 BOE/d in 2024, which includes record annual liquids production of over one million barrels per day. At our world class Oil Sands Mining and Upgrading assets, we achieved record quarterly and annual Synthetic Crude Oil (\"SCO\") production of approximately 535,000 bbl/d and 472,000 bbl/d respectively. This strong operational performance resulted in a high annual utilization rate of 99%, anchored by industry leading SCO operating costs of $20.97/‍bbl (US$15.00/bbl) for Q4/24 and $22.88/bbl (US$16.70/bbl) for full year 2024, which drove significant free cash flow in the year. Thermal in situ production also reached record annual production levels of approximately 271,000 bbl/d combined with strong operating costs of $11.04/bbl (US$8.06/bbl). Our conventional crude oil and liquids-rich natural gas operations continue to provide significant free cash flow with further potential for flexible organic growth. When combined with our entire portfolio, we have significant organic growth opportunities.Following the previously announced acquisition at the Athabasca Oil Sands Project (\"AOSP\") that closed in December 2024, and the AOSP swap transaction targeted to close in the first half of 2025, Canadian Natural's working interest will be 100% in the Albian mines and 80% in the non-operated Scotford Upgrader. Further, when combined with Horizon, our total oil sands mining production capacity is currently targeted at approximately 592,000 bbl/d, up from 570,000 bbl/d, following completion of the Horizon Reliability Enhancement Project and the Debottleneck Project at the Scotford Upgrader in 2024. These acquisitions are immediately cash flow accretive and when combined with the production capacity increases, drive significant value to shareholders for decades with no production declin...