Canadian Natural Resources Non-GAAP EPS of C$2.21; issues FY22 guidance

• Canadian Natural Resources press release (NYSE:CNQ): Q4 Non-GAAP EPS of C$2.21.
• During Q4/21, daily production volumes averaged a record 1,314 MBOE/d, including 1,004 Mbbl/d of liquids, primarily driven by strong quarterly production volumes from oil sands mining and thermal in situ.
• Cash flows from operating activities were C$4,712 million in Q4/21, an increase over C$1,270 million in Q4/20.
• Canadian Natural generated strong quarterly adjusted funds flow of C$4,338 million in Q4/‍21, a significant increase over Q3/21 levels of C$3,634 million.
• The Company's 2022 capital budget is targeting base capital of approximately C$3.6 billion that delivers targeted production of approximately 1,270,000 BOE/d to 1,320,000 BOE/d, with disciplined year over year near-term growth of approximately 60,000 BOE/d derived primarily from conventional E&P operations.

Comments

[Oceanic16]

Its very apparent now that CNQ will make at least CAD$10/share this year which will support a$100 valuation

[MitchShaw82]

Wow fantastic results and still only being valued for about 6.5 x free funds flow. I did not expect a huge div increase so soon either.

[Dale Roberts]

Canadian oil and gas might be the greatest source of free cashflow, which of course can make it the greatest source of dividend growth and dividend safety.

I'm happy to hold the Canadian Index ETF (XEG) plus the Ninepoint Energy ETF. Over the next year I will move more profits to the Ninepoint Energy Income Fund (with covered calls) for a nice semi-retirement income stream.

I will keep some individual stocks stalwarts as well - such as CNQ.

[For the Glory of God]

@Dale Roberts "I'm happy to hold ...the Ninepoint Energy ETF

You're paying a fee to own the ETF. They regularly publish their holdings. It's cheaper if you just bought the stock directly rather than through and ETF.

The worst thing an investor can do is buy the Ninepoint Energy Fund. You're paying a 2% management fee plus a performance fee. I follow Eric Nutall and he's transparent about what oil equities he owns.

[Dale Roberts]

@For the Glory of God He changes the holdings rapidly. It is the best performing energy fund in the world. I don't mind paying when someone earns their keep. It has beat the index by about 2.5 x, since I put it on the table for readers. Bad investment.

[litwos]

@Dale Roberts I started buying the Canadian oils last fall. Your comments are what alerted me to their potential. Thank you for sharing your knowledge.
Very nice year and quarter for CNQ. Pricing should be even stronger in the current quarter. Next quarter should be an impressive report. Cheers.

[MoneyHypeMike]

Amazing report, look at that debt reduction of almost 1/3 this year! As a bonus, we get second dividend increase in a row!

[DHinton]

Great performance!! Nice dividend increase. Wish all my investments were so reliable!!