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Calgary, Alberta–(Newsfile Corp. – August 3, 2023) – Commenting on the Company’s ( TSX: CNQ ) ( NYSE: CNQ ) second quarter 2023 results, Tim McKay, President, stated, “Canadian Natural’s Q2/23 results demonstrated the advantages of our diverse and balanced asset base by delivering adjusted funds flow of approximately $2.7 billion. As well, we delivered average daily production volumes of approximately 1,194 MBOE/d in the quarter, which was impacted by wildfires in Western Canada, the continued unplanned third-party pipeline outage and planned Company turnarounds during the quarter. Wildfires in Western Canada did not cause any significant property damage to our assets and we would like to acknowledge our field personnel and their families as well as the first responders and emergency response agencies for their efforts in the affected communities over the last few months. As a result of strong execution on our thermal growth plan, Q3/23 average thermal production is now targeted to be approximately 280,000 bbl/d, which represents growth of approximately 30,000 bbl/d from Q4/22 levels. Thermal production targets to capture strong realizations, as Western Canadian Select (“WCS”) pricing has improved significantly year-to-date which, as of today, is forecasted to continue for the remainder of 2023. Additionally, […]
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