CNQ Q4 2023 Earnings Report — Canadian Natural Resources Limited Revenue & Financial Results | Market Cap Arena

Canadian Natural Resources LimitedCNQ

Q4 2023 Earnings

Reported March 20, 2024

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q4 2023	Q3 2023	Q4 2022	QoQ Change	YoY Change
Revenue	$7.8B	$8.6B	$7.1B	-9.2%	10.2%
Op. Income	$2.1B	$0	$3.2B	—	-35.2%
Gross Margin	28.9%	34.2%	49.3%	-5.3pp	-20.4pp
Net Margin	24.6%	19.9%	15.7%	4.7pp	8.9pp
EPS (Diluted)	$0.89	$0.79	$0.50	13.0%	76.8%
Free Cash Flow	$2.8B	$1.7B	$2.4B	60.9%	16.0%

Revenue Flow

Item	Amount
REVENUE	$7.8B
Cost of Revenue	$5.5B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$129M
SG&A Expenses	$129M
Other Expenses	$67M
Operating Expenses	$195M
Cost & Expenses	$5.7B
OPERATING INCOME	$2.1B
Interest Income	$0
Interest Expense	$86M
Other Income/Expenses	$101M
INCOME BEFORE TAX	$2.2B
Income Tax Expense	$242M
Net Income from Continuing Ops	$1.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.9B
D&A	$1.5B
EBIT	$2.3B
EBITDA	$3.8B
EPS	$1
EPS Diluted	$1

Income Statement

Item	Amount
REVENUE	$7.8B
Cost of Revenue	$5.5B
GROSS PROFIT	$2.3B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$129M
SG&A Expenses	$129M
Other Expenses	$67M
Operating Expenses	$195M
Cost & Expenses	$5.7B
OPERATING INCOME	$2.1B
Interest Income	$0
Interest Expense	$86M
Other Income/Expenses	$101M
INCOME BEFORE TAX	$2.2B
Income Tax Expense	$242M
Net Income from Continuing Ops	$1.9B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$1.9B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$1.9B
D&A	$1.5B
EBIT	$2.3B
EBITDA	$3.8B
EPS	$1
EPS Diluted	$1

Cash Flow Statement

Item	Amount
Net Income	$1.9B
Depreciation & Amortization	$1.3B
Stock-Based Compensation	$42M
Deferred Income Tax	$0
Other Non-Cash Items	-$107M
Change in Working Capital	$411M
OPERATING CASH FLOW	$3.5B
Capital Expenditure	-$713M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$21M
NET CASH FROM INVESTING	-$691M
Net Debt Issuance	-$354M
Common Stock Repurchased	-$1.1B
Common Dividends Paid	-$716M
Other Financing Activities	-$76M
NET CASH FROM FINANCING	-$2.3B
FREE CASH FLOW	$2.8B
Net Change in Cash	$550M

Balance Sheet

Item	Amount
Cash & Equivalents	$641M
Short-Term Investments	$384M
Net Receivables	$2.3B
Inventory	$1.5B
Other Current Assets	$396M
TOTAL CURRENT ASSETS	$5.2B
PP&E (Net)	$49.9B
Goodwill	$0
Intangible Assets	$0
Long-Term Investments	$0
Tax Assets	$0
Other Non-Current Assets	$395M
TOTAL NON-CURRENT ASSETS	$50.3B
TOTAL ASSETS	$55.5B
Account Payables	$1.0B
Short-Term Debt	$716M
Deferred Revenue	$0
Other Current Liabilities	$1.1B
TOTAL CURRENT LIABILITIES	$5.4B
Long-Term Debt	$7.2B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$7.4B
Other Non-Current Liabilities	$6.3B
TOTAL NON-CURRENT LIABILITIES	$21.0B
TOTAL LIABILITIES	$26.4B
Common Stock	$7.8B
Additional Paid-In Capital	$0
Retained Earnings	$21.2B
Treasury Stock	$0
Accum. Other Comp. Income	$126M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$29.1B
Minority Interest	$0
TOTAL EQUITY	$29.1B
TOTAL LIABILITIES & EQUITY	$55.5B
Total Debt	$7.9B
Net Debt	$7.3B