Canadian Natural Resources (CNQ) Tops Q4 EPS by 9c

Canadian Natural Resources (NYSE: CNQ) reported Q4 EPS of $0.58, $0.09 better than the analyst estimate of $0.49.

Canadian Natural's President, Tim McKay, added, "In 2019, we demonstrated that Canadian Natural is truly a unique, sustainable and robust company. Our unparalleled asset base underpinned by our long life low decline assets combined with our E&P assets generated record adjusted funds flow of approximately $10.3 billion and delivered record free cash flow of approximately $4.6 billion in 2019, excluding major acquisition costs. The Company achieved record production totaling 1,098,957 BOE/d, delivering 2% production growth over 2018 levels in a curtailed environment. Production per share growth in Q4/19 over Q4/18 levels was significant at 8% per share.

Canadian Natural's strong team of employees and corporate culture of leveraging technology, innovation and continuous improvement drove significant value growth as the Company captured approximately $550 million of annual incremental margins in 2019. The Company's continued focus on delivering margin growth through effective and efficient operations and cost control resulted in annual E&P operating costs decreasing by 10% from 2018 levels to $11.49/BOE. The Company continues to capture margin growth opportunities across our entire asset base delivering significant and sustainable free cash flow in 2020 and beyond.

In 2019, Canadian Natural continued its strong track record of delivering excellent finding, development and acquisition ("FD&A") costs and reserves replacement ratios, reflecting the strength of our mix of long life low decline assets and effective and efficient operations. Company Gross proved reserves increased 11% to 10.993 billion BOE, replacing 2019 production by 374% with a reserves life index of 27.8 years. Proved FD&A costs, including changes in future development costs, were $7.45/BOE.

Due to the volatile state of the current crude oil price environment, Canadian Natural has reduced its 2020 Oil Sands Mining and Upgrading capital budget by approximately $100 million, demonstrating the Company’s flexibility and ability to be nimble. This reduction will have no impact on 2020 production volumes. Total corporate capital expenditures in 2020 are now targeted to be $3,950 million."

Canadian Natural's Chief Financial Officer, Mark Stainthorpe, continued, "Throughout 2019, Canadian Natural's financial strength was once again displayed by maintaining a strong balance sheet while maximi

For earnings history and earnings-related data on Canadian Natural Resources (CNQ) click here.

You May Also Be Interested In

• Alphabet (GOOGL) soars 16% on Q1 results beat, first-ever dividend
• PTC Therapeutics (PTCT) Tops Q1 EPS by 9c, provides guidance
• Central Securities (CET) Releases Report to Stockholders