Canadian Natural: The Gold Standard Of Canadian Energy

Canadian Natural Resources remains a compelling Buy, benefiting from Middle East supply disruptions and operational outperformance. CNQ achieved record production of 1,571,000 BOE/d in 2023, with Q4 output accelerating to 1,659,000 BOE/d and upgrader utilization at 105%. Shareholder returns are prioritized, with 100% of FCF returned once net debt is at or below $13B CAD and an active buyback program covering ~10% of the float.