Canadian Natural Resources Limited (NYSE:CNQ) Q3 2024 Earnings Conference Call October 31, 2024 11:00 AM ET

Company Participants

Lance Casson - IR
Scott Stauth - COO, Oil Sands
Mark Stainthorpe - CFO

Conference Call Participants

Dennis Fong - CIBC
Neil Mehta - Goldman Sachs
Greg Pardy - RBC Capital Markets
Manav Gupta - UBS
Menno Hulshof - TD Cowen
Patrick O'Rourke - ATB Capital Markets

Operator

Good morning. We would like to welcome everyone to Canadian Natural's 2024 Third Quarter 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, October 31st, 2024, at 9:00 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, operator. Good morning, everyone, and thank you for joining Canadian Natural's third quarter 2024 earnings conference call. Before we begin, I'd like to remind you our forward-looking statements, and it should be noted that in our reporting disclosures evident in Canadian dollars, unless otherwise stated, and we report our reserves and production before royalties. Also, I would suggest to review our advisory section in our financial statements that include comments on non-GAAP disclosures.

Speaking on today's call will be Scott Stauth, our President; and Mark Stainthorpe, our Chief Financial Officer. Scott will provide highlights of our strong operational quarter and include some asset-specific production records and top-tier operating costs. Mark will then summarize our financial results and includes robust adjusted funds flow, earnings, and returns to shareholders. To close, Scott will summarize prior to opening up the line for your questions.

With that, over to you, Scott.

Scott Stauth

Thank you, Lance and good morning everyone. Our unique and diverse asset base provides us with a competitive advantage as we can allocate capital to the highest return projects with Alpine reliant on any one commodity.

Our consistent and top-tier results are driven by safe and reliable operations. Our commitment continuous improvement is supported by a strong team culture in all areas of our company that focus on improving our cost, driving execution of growth opportunities, and increasing value to shareholders.

We achieved strong average production of approximately 1.363 million BOEs in the third quarter, consisting of 1.022 million barrels of liquids and over 2 Bcf of natural gas.