Canadian Natural Ltd has reported adjusted earnings of CAD 1.16 ($0.83) for the first quarter, higher than CAD 0.68 from the previous-year quarter.
The earnings figure, which is adjusted for non-recurring items, surpassed the Zacks Consensus Estimate of $0.73 per share.
The company said in an earnings release it posted a record quarterly average production in the first quarter of around 1.6 million barrels of oil equivalent per day (boepd), consisting of total liquids production of approximately 1.2 million barrels per day (bpd) and natural gas production of 2.45 billion cubic feet per day.
Canadian Natural’s Oil Sands Mining and Upgrading assets delivered quarterly production of 595,116 bpd of synthetic crude oil for the quarter, an increase of 34 percent year over year, according to the release.
Gross production of approximately 630,000 bpd, with upgrader utilization of 106 percent, was the highest quarterly Oil Sands Mining and Upgrading division gross production in the company’s history, the company said.
Canadian Natural President Scott Stauth, said, “We have a long track record of being an industry-leading effective and efficient producer while consistently delivering top-tier operational and financial performance. All our employees are shareholders, with a strong focus on continuous improvement, consistently driving strong results”.
In December 2024, the company completed a transaction to acquire Chevron Corp.’s stakes in producing and undeveloped oil sand, liquid and natural gas properties in Alberta province for CAD 6.5 billion in cash. The transaction consisted mainly of Chevron’s 20 percent interest in the Athabasca Oil Sands Project (AOSP) and 70 percent stake in the Duvernay play.
Regarding the acquisition, Stauth said that the company is “achieving strong production results and cost reductions,” adding that the company is confident that it will add more value than originally anticipated.
The company said it is targeting to drill 43 gross wells in the Duvernay as part of the 2025 capital development program.
“Canadian Natural’s constant focus on continuous improvement has resulted in capturing cost efficiencies throughout our operations year to date. As a result of these efficiencies, we are in a position to reduce our 2025 capital budget by CAD 100 million, resulting in an updated total capital forecast of CAD 6.05 billion, excluding abandonment expenditures. This reduction in our 2025 capital will have no impact on our planned operating activities or targeted production levels for 2025,” Stauth continued.
Canadian Natural CFO Victor Darel said, “In [the first quarter], we achieved strong financial results, including adjusted net earnings of CAD 2.4 billion or CAD 1.16 per share and adjusted funds flow of CAD 4.5 billion, or CAD 2.16 per share. We returned approximately CAD 1.7 billion to our shareholders in Q1/25, including CAD 1.2 billion in dividends and CAD 0.5 billion in share repurchases. At the same time we strengthened our balance sheet by reducing net debt in the quarter by approximately CAD 1.4 billion from December 31, 2024 levels.
Canadian Natural declared a quarterly cash dividend on its common shares of CAD 0.5875 per common share. The quarterly dividend will be payable on July 3 to shareholders of record on June 13.
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