Aerial Ft McMurray surface mining Oilsands Alberta Canada Spotmatik/Photodisc via Getty Images Note: All amounts discussed, except the prices in the covered call calculator screenshot, are in Canadian Dollars. On our last coverage of Canadian Natural Resources Limited (NYSE:CNQ), (TSX:CNQ:CA) we looked at how this free cash flow gusher was returning cash to shareholders and admired its aggressive buybacks and special dividends. While we liked the play we put our weight being the others and we literally ow ...

As well, Canadian Natural continues to be a leader in environmental, social, and governance, and has made it a priority to work collaboratively with industry peers and governments to achieve meaningful GHG emission reduction in support of both Alberta and Canada's climate goals through our participation in the Pathways Alliance. As we move forward to lower our carbon emissions, with our target to reduce the absolute Scope 1, Scope 2 emissions by 40% by 2035 from our 2020 baseline on our journey to achieve o ...

Canadian Natural Resources Limited (NYSE:CNQ) Q2 2023 Earnings Conference Call August 3, 2023 11:00 AM ET Lance Casson – Manager-Investor Relations Mark Stainthorpe – Chief Financial Officer Greg Pardy – RBC Capital Markets Dennis Fong – CIBC World Markets Neil Mehta – Goldman Sachs Good morning. We would like to welcome everyone to the Canadian Natural ResourcesÂ' 2023 Second Quarter Earnings Conference Call and Webcast. After the presentation, we will conduct a question-and-answer session; instructions wi ...

Canadian Natural Resources Limited (NYSE:CNQ) Q1 2023 Earnings Conference Call May 4, 2023 10:00 AM ET Company Participants Lance Casson - Manager, Investor Relations Conference Call Participants Neil Mehta - Goldman Sachs Operator Lance Casson Tim McKay - President Mark Stainthorpe - Chief Financial Officer Dennis Fong - CIBC Menno Hulshof - TD Securities I would like to turn your meeting over to your host for today's call, Lance Casson, Manager of Investor Relations. Please go ahead. Thank you, operator. ...

NOTICE IS HEREBY GIVEN that the Annual Meeting (the ''Meeting'') of the Shareholders of Canadian Natural Resources Limited (the ''Corporation'') will be held at the Telus Convention Centre, 120 - 9th Avenue S.E. in the City of Calgary, in the Province of Alberta, Canada, on Thursday, May 4, 2023, at 1:00 p.m. (MDT) for the following purposes: We are mindful of the lingering public health impact of the coronavirus (known as COVID-19) and the effects the COVID-19 pandemic have created on our Shareholders, emp ...

Canadian Natural Resources Limited (NYSE:CNQ) Q4 2022 Earnings Conference Call March 2, 2023 11:00 AM ET Company Participants Lance Casson - Manager of Investor Relations Tim McKay - President Trevor Cassidy - Chief Operating Officer Mark Stainthorpe - Chief Financial Officer Conference Call Participants Greg Pardy - RBC Capital Markets Menno Hulshof - TD Securities John Royall - JPMorgan John Abbott - Bank of America Dennis Fong - CIBC Michael Dunn - Stifel FirstEnergy Roger Read - Wells Fargo Neil Meh ...

Financial Data and Key Metrics Changes - The company reported adjusted funds flow of CAD 5.2 billion and adjusted net earnings from operations of CAD 3.5 billion for Q3 2022, indicating strong financial performance [29] - Total forecast payments to Canadian governments from income taxes, property taxes, and royalties are estimated to be approximately CAD 11 billion in 2022, an increase of approximately CAD 6 billion or 120% from 2021 levels [12] - The company returned approximately CAD 4.9 billion to shareholders through dividends and CAD 5 billion through share repurchases, totaling about CAD 10 billion year-to-date [30] Business Line Data and Key Metrics Changes - Total quarterly production reached approximately 1.34 million BOEs per day, with natural gas production at a record of approximately 2.13 Bcf per day [7] - Liquids production was approximately 983,700 barrels per day, with SCO production comprising approximately 50% of total liquid production [8] - North American natural gas operating costs were CAD 1.13 per Mcf, down 2% from Q2 2022 [15] Market Data and Key Metrics Changes - The company captured a US$8.87 price premium for SCO above WTI, driving strong pricing and significant free cash flow [8][26] - International oil production was 24,493 barrels per day, down from 25,907 barrels in Q2 2022 due to maintenance [19] - Heavy oil production increased by 4% to 68,933 barrels per day, with operating costs lower at CAD 21.30 per barrel [20] Company Strategy and Development Direction - The company is focused on cost control and a disciplined approach to capital allocation, with a capital program of CAD 4.9 billion for 2022 [6] - The Pathways Alliance is progressing towards a CO2 injection hub, with significant investments planned for GHG emissions reduction projects [9][11] - The company aims to achieve net zero GHG emissions in the oil sands by 2050, with an investment of approximately CAD 24 billion between now and 2030 [11] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the unique nature of recent outages at Horizon and Scotford, emphasizing the importance of learning from these events [41][42] - The company is optimistic about the solvent project at Primrose, with plans for commercial scale deployment expected by fall next year [46][48] - Management noted that while cost pressures are anticipated for 2023, no major showstoppers are expected [59] Other Important Information - The Board of Directors approved a 13% increase in the quarterly dividend to CAD 0.85 per share, marking the second increase in 2022 [31] - The company has maintained a strong liquidity position, with approximately CAD 6.5 billion available at the end of Q3 [33] Q&A Session Summary Question: Can you provide details on the outages at Horizon and Scotford? - Management explained that the outages were due to corrosion issues in equipment, which were not previously identified as risks. They emphasized the importance of improving maintenance practices to prevent future occurrences [41][42] Question: What is the timeline for increasing spending on the Pathways project? - Management indicated that spending has already started this year, with significant environmental work and regulatory submissions planned for 2023 [43][44] Question: What milestones are expected for the solvent project at Primrose? - Management stated that the project is on track, with expectations for commercial scale deployment by fall next year [46][48] Question: How is the Clearwater production ramp-up progressing? - Management confirmed that there are no significant obstacles, and production is being effectively managed with existing infrastructure [50] Question: What are the expectations for capital expenditures in 2023? - Management noted that while cost pressures are anticipated, no major changes to capital expenditures are expected at this time [59] Question: What is the outlook for Canadian gas prices? - Management indicated that increased gas production could put pressure on AECO prices, depending on maintenance schedules and expansion projects [66]

Financial Data and Key Metrics Changes - In Q2 2022, net earnings were CAD 3.5 billion and adjusted funds flow was CAD 5.4 billion, allowing for significant shareholder returns through dividends and share buybacks [24][25][28] - The company returned approximately CAD 6.4 billion to shareholders, including CAD 2.4 billion in dividends and CAD 4 billion in share repurchases, equating to about 56 million shares year-to-date [25][31] - Net debt decreased to CAD 12.4 billion in Q2, down CAD 1.4 billion from the previous quarter, with a target for further decline [28] Business Line Data and Key Metrics Changes - Quarterly production reached approximately 1.21 million BOEs per day, with record natural gas production of approximately 2.1 Bcf per day and liquids production of approximately 860,000 barrels per day [6][14] - Natural gas operating costs were CAD 1.15 per Mcf, down 10% from Q1 2022 [15] - Heavy oil production was 66,521 barrels per day, up 5% from Q1, with operating costs at CAD 2,286 per barrel [18] - Oil sands production averaged 356,953 barrels per day, down from Q1 levels due to planned turnarounds, with operating costs at CAD 3,376 per barrel [22] Market Data and Key Metrics Changes - Diversified sales for natural gas realized pricing of CAD 7.93 per Mcf in Q2, a 51% increase from Q1 2022 [16] - The company’s international assets generated free cash flow, with oil production from offshore Africa averaging 15,119 barrels per day [17] Company Strategy and Development Direction - The company aims for net zero GHG emissions in oil sands by 2050, with increased investments in R&D and technology development by 33% over 2020 levels, totaling CAD 450 million in 2021 [7][8] - Strategic growth capital is targeted at approximately CAD 1.075 billion, an increase of CAD 375 million over original 2022 levels, to drill additional wells and enhance production [12] - The company continues to focus on operational excellence and cost management to mitigate inflationary pressures [11][55] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the ability to manage costs despite rising energy prices, projecting operating costs in the low CAD 20s per barrel for oil sands [42] - The company anticipates modest production growth, with expectations for the Trans Mountain pipeline to come online in Q4 2023, which could enhance export capabilities [70] - Management highlighted the importance of balancing environmental and economic objectives in light of government regulations on emissions [10] Other Important Information - The company completed major turnarounds at Horizon and Scotford, with the Horizon turnaround completed eight days ahead of schedule [23] - A special dividend of CAD 1.50 per share was declared, payable on August 31, 2022, in addition to the regular quarterly dividend [27][32] Q&A Session Summary Question: Capital allocation perspective regarding the special dividend - Management reiterated commitment to balanced capital allocation, including shareholder returns, and will continue to review returns as part of their quarterly process [35] Question: Update on Pike asset and steam sourcing - Management confirmed consolidation of the Pike asset allows leveraging existing facilities for cost-effective production increases [36] Question: Insights on natural gas pricing and portfolio optimization - Management emphasized the importance of a diversified product portfolio to maximize value, with 37% allocated for exports [45] Question: Outlook on capital expenditures and inflation impacts - Management noted inflationary pressures primarily on manufacturing costs, but highlighted efforts to mitigate these through operational efficiencies [54] Question: M&A market outlook and potential acquisitions - Management indicated no current gaps in the portfolio and noted challenges in the M&A market due to pricing volatility [75]

Canadian Natural Resources Limited (NYSE:CNQ) Q4 2021 Earnings Conference Call March 3, 2022 11:00 AM ET Company Participants Corey Bieber - Executive Advisor Timothy McKay - President & Director Darren Fichter - Chief Operating Officer of Exploration & Production Mark Stainthorpe - Chief Financial Officer Conference Call Participants Greg Pardy - RBC Capital Markets Neil Mehta - Goldman Sachs Manav Gupta - Crédit Suisse Phil Gresh - JPMorgan Dennis Fong - CIBC Capital Markets Doug Leggate - Bank of America ...

Canadian Natural Resources Limited (NYSE:CNQ) Q3 2021 Earnings Conference Call November 4, 2021 11:00 AM ET Company Participants Corey Bieber - Executive Advisor Timothy McKay - President Mark Stainthorpe - Chief Financial Officer Conference Call Participants Greg Pardy - RBC Capital Markets Neil Mehta - Goldman Sachs Menno Hulshof - TD Securities Philip Gresh - JPMorgan Dennis Fong - CIBC Roger Read - Wells Fargo Operator Good morning. We would like to welcome everyone to the Canadian Natural Resources 202 ...