Canadian Natural Resources saw a big profit in the last three months of 2019 to finish a strong year for the company.
They released their fourth quarter update on Thursday highlighting net earnings of $597 million. This is compared to a loss of $776 million in the same period of 2018.
Overall, CNRL earned over $5.4 billion in 2019, double what they brought in the previous year.
“Throughout 2019, Canadian Natural’s financial strength was once again displayed by maintaining a strong balance sheet while maximizing financial flexibility,” said Mark Stainthorpe, CNRL CFO. “The Company achieved record net earnings of approximately $5.4 billion and adjusted net earnings of approximately $3.8 billion.”
As for production, the company averaged over 913,000 barrels of oil per day in the last three months of 2019.
Their Horizon site, north of Fort McMurray, averaged just over 170,500 bbls/d as CNRL decided to replace piping on one of the hydrogen manufacturing units.
Their thermal in situ oil sands production also increased to around 167,000 bbls/d thanks to their Jackfish and Kirby North mines.
Despite this, the company was able to achieve record production throughout the year. Combined with natural gas, CNRL was able to produce nearly 1.1 million barrels of oil equivalent per day.