- Canadian Natural maintains significant financial stability and liquidity represented by approximately $3.66 billion in available unused bank lines at the end of the 2012.
- The Company's commodity hedging program protects investment returns, ensures ongoing balance sheet strength and supports the Company's cash flow for its capital expenditures programs. Through the use of collars, the Company has hedged 48% of its forecasted 2013 crude oil volumes; 200,000 bbl/d of crude oil volumes in Q1/13, and 250,000 bbl/d of crude oil volumes in Q2/13, Q3/13 and Q4/13. Details of the Company's commodity hedging program can be found on the Company's website at www.cnrl.com.
- During 2012, Canadian Natural purchased 11,012,700 common shares for cancellation at a weighted average price of $28.91 per common share.
- For 2013, the Board has approved a 19% dividend increase to C$0.125 per quarter, C$0.50 per share annualized. This will be the thirteenth consecutive year that the Company has announced an increased annual dividend distribution representing a compound annual growth rate of 21% over the period.
- In addition, the Company's Board of Directors have directed Management to continue with an active program, subject to market conditions, to purchase for cancellation common shares under the Company's Normal Course Issuer Bid at or above the levels of shares purchased in financial year 2012.
The Company forecasts 2013 production levels before royalties to average between 1,085 and 1,145 MMcf/d of natural gas and between 482,000 and 513,000 bbl/d of crude oil and NGLs. Q1/13 production guidance before royalties is forecast to average between 1,130 and 1,150 MMcf/d of natural gas and between 471,000 and 495,000 bbl/d of crude oil and NGLs. Detailed guidance on production levels, capital allocation and operating costs can be found on the Company's website at www.cnrl.com.
Board of Directors Changes
James S. Palmer has informed the Company of his decision after 16 years of continuous service as a Director, to not stand for re-election to the Board of Directors at the Annual and Special Meeting of Shareholder on May 2, 2013. During Mr. Palmer's tenure with the Company, Canadian Natural has transitioned from a conventional oil and natural gas player based in western Canada to one of the largest independent crude oil and natural gas producers in the world with both domestic and international operations. Canadian Natural and the Board would like to thank Mr. Palmer for his valued wisdom, insight, guidance, leadership and dedication to the Company and its shareholders since his appointment as a director in 1997.
John G. Langille, Vice-Chairman, has announced his decision to retire from Canadian Natural effective May 2, 2013 immediately following the Annual and Special Meeting of Shareholders. John has served Canadian Natural for 37 years in various roles, most recently in the capacity of Vice-Chairman and prior to that as President. Through John's untiring efforts and guidance, Canadian Natural has remained focused on our defined growth plan thereby creating value for our shareholders through targeting cost effective alternatives to developing our portfolio of projects and to being one of the most effective and efficient producers in our industry. Canadian Natural and the Board would like to thank John for his dedicated service and loyalty to the Company.
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