Canadian Natural Resources Limited (NYSE:CNQ) Q2 2024 Earnings Conference Call August 1, 2024 11:00 AM ET
Company Participants
Lance Casson - IR
Scott Stauth - COO, Oil Sands
Mark Stainthorpe - CFO
Conference Call Participants
Menno Hulshof - TD Cowen
Greg Pardy - RBC Capital Markets
Dennis Fong - CIBC
Manav Gupta - UBS
Neil Mehta - Goldman Sachs
John Royall - JPMorgan
Patrick O'Rourke - ATB Capital Markets
Operator
Good morning. We would like to welcome everyone to Canadian Natural's 2024 second quarter earnings conference call and webcast. After the presentation, we will conduct a question-and-answer session. [Operator Instructions]. Please note, this call is being recorded today, August 1, 2024 at 9 A.M. Mountain Time. I would now like to turn the meeting over to your host for today's call, Lance Casson, Manager of Investor Relations.
Lance Casson
Thank you. Good morning, everyone, and thank you for joining Canadian Natural's Second Quarter 2024 Earnings Conference Call.
As always, I'd like to remind you of our forward-looking statements. It should be noted that in our reporting disclosures everything is in Canadian dollars, unless otherwise stated, and we reported reserves and production before royalties. Additionally, I would suggest to review our advisory section in our financial statements that include comments on non-GAAP disclosures.
Speaking on today's call, Scott Stauth, our President; and Mark Stainthorpe, our Chief Financial Officer. Scott will provide highlights on strong operational quarter that included completion of planned turnarounds, setting us off a robust target of production in the second half of the year. Mark will then summarize our excellent financial results, including significant liquidity and returns to shareholders. To close, Scott will summarize prior to open up the line for questions. With that, I'll pass it to you, Scott.
Scott Stauth
Thank you, Lance, and good morning, everyone. The strength of our well-balanced and diverse portfolio, combined with our ability to execute safe, effective and efficient operations delivered an excellent second quarter for Canadian Natural.
Our team managed our planned maintenance activities very well, and optimized production resulting in a strong second quarter with production of 1.29 million BOEs per day, which is an increase of 8% compared to Q2 of 2023.
Our thermal assets delivered strong production during the second quarter, primarily due to better-than-expected performance from the new pad combined with early completion of planned turnarounds at Jackfish and Kirby. At Horizon, we successfully completed the final tie-ins related to the reliability and happen project as well as planned turnaround activities.