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Dec 31, 2024
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CNRL Q4 2024 Earnings Report
Canadian Natural Resources Limited reported strong financial and operational results for Q4 2024, achieving record production levels and significant free cash flow generation.
Key Takeaways
Canadian Natural Resources Limited achieved record total production of 1,470,428 BOE/d in Q4 2024, supported by strong liquids and natural gas production. The company generated net earnings of $1.1 billion and adjusted net earnings from operations of $2.0 billion. Operating income surged, benefiting from efficient cost management and higher production. Cash flows from operating activities reached $3.4 billion, reinforcing the company's financial strength.
Record total production of 1,470,428 BOE/d, an increase of 4% year-over-year.
Net earnings reached $1.1 billion, while adjusted net earnings totaled $2.0 billion.
Cash flows from operating activities of $3.4 billion, with free cash flow of $4.2 billion.
Oil Sands Mining and Upgrading production reached a record 534,631 bbl/d in Q4 2024.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Canadian Natural Resources Limited expects continued production growth in 2025, supported by increased working interest in the Albian mines and strategic investments in operational efficiency.
Positive Outlook
- Increased production capacity from Oil Sands Mining and Upgrading.
- Expansion of transportation capacity, improving market access.
- Cost efficiency measures leading to stronger cash flow generation.
- Strategic acquisitions contributing to long-term value creation.
- Commitment to dividend growth and shareholder returns.
Challenges Ahead
- Potential macroeconomic headwinds affecting commodity prices.
- Regulatory challenges impacting environmental compliance costs.
- Rising operational expenses, including labor and maintenance costs.
- Increased competition in global oil and gas markets.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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