Canadian Natural Resources Limited reported Thursday that its net earnings in 2019 grew to $5.416 billion compared with $2.591 billion in 2018.
“2019 marked the 30th anniversary of Canadian Natural as an Exploration and Production company. Over the past three decades, our unwavering focus on returns and free cash flow generating assets has driven significant growth and high returns for our shareholders. Today, we are set up better than ever with a large, diversified portfolio underpinned by long life low decline assets that generate significant and sustainable free cash flow throughout the business cycles,” said Steve Laut, Executive Vice-Chairman of Canadian Natural, in a news release.
“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 totalling 1,098,957 BOE/d (barrel of equivalent oil per day), delivering two per cent production growth over 2018 levels in a curtailed environment. Production per share growth in Q4/19 over Q4/18 levels was significant at eight per cent per share,” said Canadian Natural’s President, Tim McKay.
Due to the volatile state of the current crude oil price environment, Canadian Natural said it 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, it said.
