Canadian Natural Resources(CNQ) Newsfile·2025-03-06 10:00Core Insights - Canadian Natural achieved record annual average production of over 1,363,000 BOE/d in 2024, with significant contributions from both oil sands and thermal in situ operations [1][6][17] - The company reported strong financial results, including adjusted net earnings of approximately 14.9 billion for the year [4][17] - Canadian Natural's total proved reserves increased by 9% to 15.2 billion BOE, with a reserve life index of 33 years, indicating robust long-term growth potential [3][30] Operational Highlights - Record quarterly and annual Synthetic Crude Oil (SCO) production reached approximately 535,000 bbl/d and 472,000 bbl/d respectively, with an annual utilization rate of 99% [1][9][45] - Thermal in situ production also set records at approximately 271,000 bbl/d, with strong operating costs of 8.06/bbl) [1][41] - The company achieved industry-leading operating costs of 15.00/bbl) for SCO in Q4/24, reflecting a decrease of 6% from 2023 levels [4][21][46] Financial Performance - Canadian Natural returned approximately 13.4 billion, supporting ongoing capital investments and shareholder returns [17][21] Growth and Acquisitions - Following the acquisition of Chevron's Alberta assets, Canadian Natural's working interest in the Athabasca Oil Sands Project (AOSP) will reach 100%, enhancing production capacity [2][20] - The company is targeting to increase total oil sands mining production capacity to approximately 592,000 bbl/d, up from 570,000 bbl/d, after completing various enhancement projects [2][10] - Canadian Natural's disciplined capital allocation strategy aims to maximize shareholder value while maintaining flexibility in its operations [28][32]