Canadian Natural Resources (NYSE: CNQ) reported Q1 EPS of Cdn$0.22, versus (Cdn$0.10) last year.

"The strength of our well balanced and diverse portfolio, combined with Canadian Natural's ability to effectively and efficiently execute, delivered a strong first quarter for the Company. Funds flow from operations were strong in the quarter, exceeding capital expenditures by approximately $800 million, and as a direct result, contributed to over $500 million of debt reduction in the quarter, strengthening our balance sheet quickly.

Execution continues at Horizon with strong production following the ramp up of Phase 2B. Expansion volumes drove 9% growth in our crude oil production volumes and 4% growth on an overall BOE basis when compared with the first quarter of 2016, impressive results given natural gas volumes were once again impacted by third party facility reliability issues. Furthermore at Horizon, record low operating costs of just over $22.00/bbl of SCO were achieved, another strong result. The Phase 3 expansion continues to be on schedule and costs are on track. Phase 3 is targeted to add an additional 80,000 bbl/d of SCO in only six months, the next step in our transition to a long-life, low decline asset base."

Canadian Natural's Chief Financial Officer, Corey Bieber, continued, "Our financial performance was strong during the first quarter. The Company achieved net earnings of $245 million as production increased by 2% from the fourth quarter of 2016, with benchmark crude oil prices stabilizing in the US$50 region in the quarter. Funds flow from operations for the Company in the quarter was also robust at $1.64 billion. This translates to free cash flow after capital expenditures and dividends requirements of roughly $515 million, further translating to a reduction in absolute debt levels of $500 million. Commensurate with this debt reduction, available liquidity to the Company increased by approximately $500 million to $3.5 billion from the $3.0 billion available at the end of 2016."

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