Canadian Natural Resources Limited Announces Special Dividend

Canadian Natural Resources Limited (TSX: CNQ) (NYSE: CNQ) announces that strong execution across the Company's operations year-to-date has resulted in substantial free cash flow generation driven by our top tier long life low decline assets with low maintenance capital requirements and our low cost structure. The financial position of the Company is very robust and net debt is targeted to decrease rapidly with significant free cash flow generation allowing for incremental returns to shareholders, as such the Board of Directors has declared a special cash dividend on its common shares of C$1.50 (one dollar and fifty cents) per common share. The dividend will be payable on August 31, 2022 to shareholders of record at the close of business on August 23, 2022.

The Board of Directors will continue to review incremental returns to shareholders going forward as part of the Company's free cash flow allocation policy. As per the policy, free cash flow is defined as adjusted funds flow less base capital expenditures and dividends, including special dividends. The Company targets to allocate 50% of this free cash flow to share repurchases and 50% to the balance sheet, less any strategic growth capital / acquisitions. In addition, when the Company's net debt reaches $8 billion, which the Board sees as a base level of corporate debt, the Company will allocate additional free cash flow as incremental returns to shareholders.

Canadian Natural is a senior oil and natural gas production company, with continuing operations in its core areas located in Western Canada, the U.K. portion of the North Sea and Offshore Africa.

CANADIAN NATURAL RESOURCES LIMITED

2100, 855 - 2nd Street S.W. Calgary, Alberta, T2P4J8
Phone: 403-514-7777 Email: ir@cnrl.com
www.cnrl.com

TIM S. MCKAY
President

MARK A. STAINTHORPE
Chief Financial Officer and Senior Vice-President, Finance

LANCE J. CASSON
Manager, Investor Relations

Trading Symbol - CNQ
Toronto Stock Exchange
New York Stock Exchange

Certain information regarding the Company contained herein may constitute forward-looking statements under applicable securities laws. Such statements are subject to known or unknown risks and uncertainties that may cause actual results to differ materially from those anticipated or implied in the forward-looking statements. Refer to our website for complete forward-looking statements www.cnrl.com.

To view the source version of this press release, please visit https://www.newsfilecorp.com/release/132811

News Provided by Newsfile via QuoteMedia

CNQ:CA,CNQ
The Conversation (0)
Coelacanth Announces Q1 2025 Financial and Operating Results

Coelacanth Announces Q1 2025 Financial and Operating Results

Coelacanth Energy Inc. (TSXV: CEI) ("Coelacanth" or the "Company") is pleased to announce its financial and operating results for the three months ended March 30, 2025. All dollar figures are Canadian dollars unless otherwise noted.

FINANCIAL RESULTS
Three Months Ended
 
March 31
($000s, except per share amounts)
 2025 

 2024 

 % Change  
 
 

 

 
Oil and natural gas sales
2,666

3,666

(27)
 
 

 

 
Cash flow from operating activities
981

3,256

(70)
Per share - basic and diluted (1)
-

0.01

(100)
 
 

 

 
Adjusted funds flow (used) (1)
(1,440)
1,078

(234)
Per share - basic and diluted
(-)
-

(-)
 
 

 

 
Net loss
(3,617)
(1,201)
201
Per share - basic and diluted
(0.01)
(-)
100
 
 

 

 
Capital expenditures (1)
25,701

1,263

1,935
 
 

 

 
Adjusted working capital (deficiency) (1)
(25,710)
67,139

(138)
 
 

 

 
Common shares outstanding (000s)
 

 

 
Weighted average - basic and diluted
531,445

529,196

-
 
 

 

 
End of period - basic
532,202

529,392

1
End of period - fully diluted
624,877

618,165

1​

 

News Provided by Newsfile via QuoteMedia

Keep reading...Show less
Alvopetro Energy President and CEO Corey Ruttan.

Alvopetro Energy’s Robust Q1 2025 Performance Fuels Growth Plans in Brazil, Canada

Following its announcement of a 41 percent increase in Q1 2025 sales volumes, Alvopetro Energy (TSXV:ALV,OTCQX:ALVOF) is laying out its plans to expand its operations in Brazil and Canada.

“In Brazil, we've got kind of a twofold capital program,” said Alvopetro Energy President and CEO Corey Ruttan.

“(At) our original asset, called Caburét, we've got up to five development wells to drill there this year. And in addition, following up on that success that we had at Murucututu last year, we're drilling a follow-up well.”

Keep reading...Show less
Josef Schachter, oil rigs.

Josef Schachter: Oil to US$80 by Q4? Plus When to Buy the Dip in Stocks

Josef Schachter of the Schachter Energy Report shares his updated outlook for oil and natural gas.

He sees a buy window potentially opening for stocks in June, and also believes oil prices are due to rise.

Keep reading...Show less
eric nuttall, oil rig

Eric Nuttall: Oil vs. Natural Gas Stocks, Plus 2025 Prices, Supply and Demand

Eric Nuttall, partner and senior portfolio manager at Ninepoint Partners, shares his outlook for oil and natural gas, honing in on supply, demand and prices.

Global uncertainty has placed pressure on the oil market, and Nuttall said for that reason he sees natural gas stocks outperforming oil stocks in the near term.

Keep reading...Show less

Latest Press Releases

Related News

×