The following is a summary of the Canadian Natural Resources Limited (CNQ) Q2 2024 Earnings Call Transcript:

Financial Performance:

• Canadian Natural Resources reported excellent Q2 2024 financial results with adjusted funds flow of $3.6 billion and adjusted net earnings of $1.9 billion.

• Significant returns to shareholders amounting to $1.9 billion were made through dividends ($1.1 billion) and share buybacks ($800 million).

• Liquidity at the end of Q2 2024 was strong, approximately $6.4 billion, including revolving bank facilities and cash.

Business Progress:

• Achieved strong operational performance with production of 1.29 million BOEs per day, an increase of 8% compared to Q2 2023.

• Completed planned turnarounds ahead of schedule, enhancing operational efficiency, particularly at the Horizon and Jackfish facilities.

• Commissioned the TMX pipeline, improving market access and pricing for Western Canadian crude oil.

• Progressed in heavy oil and natural gas production with optimized multilateral well designs significantly increasing initial peak rates.

Opportunities:

• The successful commissioning of the TMX pipeline added much-needed egress capacity, allowing for greater exposure to global markets.

• Strong proven SCO reserves of about 6.9 billion barrels with a 44-year reserve index provide a robust base for sustained production and development.

Risks:

• Adjusted natural gas development activity due to lower natural gas prices, with production curtailment playing a part in strategic planning.

More details: Canadian Natural Resources IR

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