Core Insights - Canadian Natural Resources Limited (CNQ) reported fourth-quarter 2024 adjusted earnings per share of 66 cents, missing the Zacks Consensus Estimate of 69 cents, and down from 97 cents in the previous year due to lower natural gas prices and increased expenses [1] - Total revenues for the quarter were $6.8 billion, down from $7 billion year-over-year, primarily due to increased royalty expenses, but exceeded the Zacks Consensus Estimate of $6.4 billion due to higher product sales [2] Financial Performance - CNQ's net earnings for the fourth quarter were approximately C$1.1 billion, with adjusted net earnings from operations around C$2 billion [6] - Cash flows from operating activities totaled approximately C$3.4 billion, while adjusted funds flow reached approximately C$4.2 billion [6] - Total expenses in the quarter were C$7.9 billion, an increase from C$6.6 billion in the prior year, driven by higher transportation, blending, and feedstock costs [17] Shareholder Returns - The board approved a 4.4% increase in the quarterly cash dividend to 58.75 Canadian cents per share, payable on April 4, 2025 [3] - In 2024, CNQ returned approximately C$7.1 billion to shareholders, comprising C$4.4 billion in dividends and C$2.7 billion through share repurchases [8] Production and Operational Highlights - CNQ reported quarterly production of 1,470,428 barrels of oil equivalent per day (Boe/D), a 3.6% increase from the prior year [9] - Natural gas production volumes totaled 2,283 million cubic feet per day (MMcf/d), up 2.3% year-over-year [10] - The company achieved record quarterly production in its Oil Sands Mining and Upgrading operations, reaching 534,631 barrels per day of synthetic crude oil [13] Cost Management and Capital Expenditure - Capital expenditure for the quarter was C$1.3 billion, compared to C$1 billion a year ago [17] - The company achieved industry-leading annual operating costs for Oil Sands Mining and Upgrading at C$20.97 per barrel in the fourth quarter [15] Balance Sheet and Debt - As of December 31, CNQ had cash and cash equivalents of C$131 million and long-term debt of C$16.4 billion, with a debt to total capital ratio of about 50% [18] Future Guidance - For 2024, CNQ expects a 12% increase in production, targeting a range of 1,510 MBOE/d to 1,555 MBOE/d, and anticipates a 14% rise in natural gas production [19]