CNQ Q1 2023 Earnings Report — Canadian Natural Resources Limited Revenue & Financial Results | Market Cap Arena

Canadian Natural Resources LimitedCNQ

Q1 2023 Earnings

Reported March 31, 2023

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q1 2023	Q4 2022	Q1 2022	QoQ Change	YoY Change
Revenue	$6.3B	$7.1B	—	-10.9%	—
Op. Income	$2.9B	$3.2B	—	-9.0%	—
Gross Margin	47.9%	49.3%	—	-1.4pp	—
Net Margin	20.8%	15.7%	—	5.2pp	—
EPS (Diluted)	$0.60	$0.50	—	18.8%	—
Free Cash Flow	$48M	$2.4B	—	-98.0%	—

Revenue Flow

Item	Amount
REVENUE	$6.3B
Cost of Revenue	$3.3B
GROSS PROFIT	$3.0B
R&D Expenses	$0
Selling & Marketing	$48M
General & Administrative	$77M
SG&A Expenses	$126M
Other Expenses	$0
Operating Expenses	$126M
Cost & Expenses	$3.4B
OPERATING INCOME	$2.9B
Interest Income	$0
Interest Expense	$113M
Other Income/Expenses	-$1.2B
INCOME BEFORE TAX	$1.7B
Income Tax Expense	$357M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$1.1B
EBIT	$1.8B
EBITDA	$2.9B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$6.3B
Cost of Revenue	$3.3B
GROSS PROFIT	$3.0B
R&D Expenses	$0
Selling & Marketing	$48M
General & Administrative	$77M
SG&A Expenses	$126M
Other Expenses	$0
Operating Expenses	$126M
Cost & Expenses	$3.4B
OPERATING INCOME	$2.9B
Interest Income	$0
Interest Expense	$113M
Other Income/Expenses	-$1.2B
INCOME BEFORE TAX	$1.7B
Income Tax Expense	$357M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.3B
D&A	$1.1B
EBIT	$1.8B
EBITDA	$2.9B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$1.3B
Depreciation & Amortization	$1.1B
Stock-Based Compensation	$48M
Deferred Income Tax	$22M
Other Non-Cash Items	-$148M
Change in Working Capital	-$1.4B
OPERATING CASH FLOW	$946M
Capital Expenditure	-$898M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$56M
NET CASH FROM INVESTING	-$843M
Net Debt Issuance	$373M
Common Stock Repurchased	-$501M
Common Dividends Paid	-$685M
Other Financing Activities	$105M
NET CASH FROM FINANCING	-$709M
FREE CASH FLOW	$48M
Net Change in Cash	-$605M

Balance Sheet

Item	Amount
Cash & Equivalents	$67M
Short-Term Investments	$354M
Net Receivables	$2.5B
Inventory	$1.4B
Other Current Assets	$224M
TOTAL CURRENT ASSETS	$4.5B
PP&E (Net)	$50.0B
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$459M
TOTAL NON-CURRENT ASSETS	$50.5B
TOTAL ASSETS	$55.0B
Account Payables	$892M
Short-Term Debt	$725M
Deferred Revenue	$0
Other Current Liabilities	$658M
TOTAL CURRENT LIABILITIES	$5.5B
Long-Term Debt	$8.1B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$7.4B
Other Non-Current Liabilities	$5.8B
TOTAL NON-CURRENT LIABILITIES	$21.3B
TOTAL LIABILITIES	$26.8B
Common Stock	$7.7B
Additional Paid-In Capital	$0
Retained Earnings	$20.4B
Treasury Stock	$0
Accum. Other Comp. Income	$151M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$28.2B
Minority Interest	$0
TOTAL EQUITY	$28.2B
TOTAL LIABILITIES & EQUITY	$55.0B
Total Debt	$8.8B
Net Debt	$8.7B