CALGARY, Alberta , Nov. 07, 2019 (GLOBE NEWSWIRE) — Commenting on the Company’s third quarter 2019 results, Steve Laut, Executive Vice-Chairman of Canadian Natural stated, “Canadian Natural’s third quarter results are an excellent example of how the Company’s effective and efficient operations can drive value creation for our shareholders as a result of execution excellence and economies of scale. We achieved record quarterly adjusted funds flow of approximately $2.9 billion as operating costs were below forecast and production was at the top end of quarterly corporate guidance, resulting in 12 month production per share growth of 14% from Q3/18 levels. Free cash flow of approximately $1.9 billion was significant following our disciplined capital expenditures in the quarter. Our free cash flow was used to strengthen our balance sheet and returned to our shareholders, through dividends and share purchases as we balance according to our defined free cash flow allocation policy.” Canadian Natural’s President, Tim McKay, added, “The third quarter of 2019 was an excellent operational quarter for the Company. Our continued focus on cost control and effective and efficient operations was evident as operating costs were reduced across most of our assets, resulting in higher netbacks and margin growth. […]
