Canadian Natural Resources Limited (NYSE:CNQ) Q4 2023 Results Conference Call February 29, 2024 11:00 AM ET

Company Participants

Lance Casson - Investor Relations

Tim McKay - Vice Chairman

Scott Stauth - Chief Operating Officer, Oil Sands

Robin Zabek - Chief Operating Officer, E&P

Mark Stainthorpe - Chief Financial Officer

Conference Call Participants

Doug Leggate - Bank of America

Greg Pardy - RBC Capital Markets

Neil Mehta - Goldman Sachs

Menno Hulshof - TD Cowen

Patrick O'Rourke - ATB Capital Markets

John Royall - JPMorgan

Michael Dunn - Stifel Nicolaus Canada Inc.

Dennis Fong - CIBC World Markets

Operator

Good morning. We would like to welcome everyone to the Canadian Natural Resources 2023 Fourth Quarter and Year-End Earnings Conference Call and Webcast. After the presentation, we will conduct a question-and-answer session. Instructions will be given at that time. Please note that this call is being recorded today, February 29, 2024 at 09:00 AM Mountain Time.

I would now like to turn the meeting over to your host for today's call, Lance Casson, Manager of Investor Relations. Please go ahead.

Lance Casson

Thank you, operator. Good morning, everyone, and thank you for joining Canadian Natural's fourth quarter and annual 2023 earnings conference call. As always, before we begin, I'd like to remind you of our forward-looking statements and it should be noted that in our reporting disclosures, everything is in Canadian dollars, unless otherwise stated, and we report our reserves and production before royalties. Additionally, I would suggest you review our comments on non-GAAP disclosures in our financial statements.

Speaking on today's call with me today are Tim McKay, Vice Chairman; Scott Stauth, President; Robin Zabek, Chief Operating Officer, Conventional E&P; and Mark Stainthorpe, our Chief Financial Officer. Tim will first speak to how our strategy and execution has resulted in strong corporate results. Scott will deliver specifics on our record production and additional details on our safe, reliable and world class operations. Next, Robin will provide highlights of our growing high value reserves. And then Mark will summarize our strong financial results including increasing shareholder returns as we reached an important net debt milestone. To close, Scott will summarize prior to open up the line for questions.

With that, I'll turn it over to you, Tim.

Tim McKay

Thank you, Lance. Good morning, everyone. Canadian Natural has a proven effective strategy and as a result in 2023, we delivered on our capital allocation strategy. We strengthened our balance sheet, we provided significant returns to shareholders, as well, we were strategic in developing our assets, achieving record annual production as well as growing our reserves organically on a both total proven and total proven plus probable basis with reserve replacement ratios of 166% and 194%, respectively.