CNRL Announces Quarterly Dividend & Results

CNRL Announces Quarterly Dividend & Results

Canadian Natural Resources Limited announces its Board of Directors has declared a quarterly cash dividend on its common shares of C$0.425 (forty-two and one half cents per common share). The dividend will be payable on January 5, 2021 to shareholders of record at the close of business on December 9, 2020.


  • Net earnings of $408 million and adjusted net earnings of $135 million were realized in Q3/20, a significant improvement over Q2/20 levels. The increases in net earnings and adjusted net earnings are primarily a result of strong production volumes, continued reduction in operating cost levels and improved commodity prices in Q3/20.
  • Cash flows from operating activities were $2,070 million in Q3/20, a significant increase over Q2/20 levels.
  • Canadian Natural generated quarterly adjusted funds flow of $1,740 million in Q3/20, an increase of 319% over Q2/20 levels, driven by the Company’s effective and efficient operations as well as higher commodity prices in the quarter.
  • Canadian Natural generated approximately $467 million in free cash flow in Q3/20, after net capital expenditures of $771 million and dividend payments of $502 million in the quarter, reflecting the strength of the Company’s effective and efficient operations and its high quality, long life low decline asset base.
  • Canadian Natural maintained a strong financial position in Q3/20 and reduced net debt by approximately $1.1 billion, from Q2/20 levels.
  • The Company had significant liquidity available at September 30, 2020 of approximately $4.2 billion, including committed and undrawn credit facilities, cash balances and short-term investments.
  • The Company effectively executed on its curtailment optimization strategy by utilizing its high quality, flexible asset base to maximize production to offset the previously announced maintenance and turnaround activities in the Oil Sands Mining and Upgrading segment.

In Q3/20, the Company achieved quarterly production volumes of 1,111,286 BOE/d, including liquids production of 884,342 bbl/d which decreased as expected 5% and 4% from Q3/19 and Q2/20 levels respectively. The decrease was due to the planned maintenance and turnaround activities in the Oil Sands Mining and Upgrading segment, primarily offset by strong thermal in situ production as a result of the Company’s curtailment optimization strategy and improved commodity pricing in Q3/20.


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