Canadian Natural Resources Ltd.

Strong Financial Performance: Canadian Natural reported robust adjusted funds flow of $14.9 billion for 2024, including $4.2 billion in Q4. They maintained a low break-even oil price of $40 to $50 per barrel, which supports strong free cash flow generation. The company returned approximately $7.1 billion to shareholders through dividends and share buybacks.

Record Production Levels: The company achieved record annual total production of approximately 1.36 million BOEs per day in 2024, including over 1 million barrels per day of liquids. Oil sands mining and upgrading production hit a record of 472,245 barrels per day, indicating efficient operations and solid organic growth strategies.

Reserves Growth: Total proved reserves stood at 15.2 billion BOE, with a 9% increase year-over-year. The company replaced production by 365% on a total proved basis. The acquisitions, notably Chevron’s Alberta assets, added material reserves and enhance NPV growth.