Canadian Natural Resources(CNQ) Newsfile·2025-05-08 09:00Core Insights - Canadian Natural achieved record quarterly production of approximately 1,582,000 BOE/d in Q1/25, with liquids production of approximately 1,174,000 bbl/d and natural gas production of 2,451 MMcf/d [1][12][13] - The company reported adjusted net earnings of 1.16 per share, and adjusted funds flow of 2.16 per share in Q1/25 [4][13] - Canadian Natural's focus on continuous improvement has led to significant cost efficiencies, allowing a reduction in the 2025 capital budget by 6.05 billion [4][6] Production and Operational Performance - Record quarterly Synthetic Crude Oil (SCO) production of approximately 595,000 bbl/d was achieved, reflecting a 34% increase from Q1/24 levels [2][29] - The company maintained industry-leading SCO operating costs of 15.25/bbl), a decrease of 12% from Q1/24 [2][29] - Thermal in situ production averaged 284,706 bbl/d, a 6% increase from Q1/24, with operating costs averaging 7.83/bbl), down 20% from Q1/24 [26][29] Financial Highlights - Canadian Natural returned approximately 1.2 billion in dividends and 4.3 billion in Q1/25, an increase from 5.1 billion as of March 31, 2025, enhancing financial flexibility [6][13] Shareholder Returns - The Board of Directors approved a 4% increase in the quarterly dividend to 3.1 billion, including 0.7 billion in share repurchases [14][15] Market and Pricing - The average WTI benchmark price was 5.55/bbl compared to Q1/24 [31][32] - SCO pricing averaged 2.35/bbl discount to WTI pricing [31][32] - Natural gas realized price was $3.13/Mcf, reflecting a 52% premium over the AECO benchmark price [34]