Canadian Natural Resources logs net earnings of $413 million in Q4

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CALGARY - Canadian Natural Resources Ltd. (TSX:CNQ) says its net earnings in the final quarter of 2013 totalled $413 million, or 52 cents per diluted share.

That was a slight improvement over the $352 million, or 32 cents a share, the Calgary-based company logged in the same quarter a year earlier.

For all of 2013, the company says adjusted net earnings from operations increased to $2.4 billion compared to $1.6 billion in 2012.

Total production for the year averaged 671,162 barrels of oil equivalent, representing an increase of three per cent over 2012.

The company credits greater reliability of Horizon Oil Sands operations and strong production at Pelican Lake.

Canadian Natural also realized record cash flow from operations in 2013 of about $7.5 billion, a 24 per cent increase over 2012 thanks to higher overall crude oil volumes and higher prices for synthetic crude oil and natural gas.

The company also declared a quarterly cash dividend Thursday on its common shares of 22.5 cents payable April 1.

Canadian Natural‘s core operations are western Canada, the U.K. portion of the North Sea and offshore Africa.

Organizations: Canadian Natural Resources Ltd., TSX

Geographic location: CALGARY, Pelican Lake, Canada U.K. North Sea Africa

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