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UPDATE: Canadian Natural Resources Edges Up Although Reports Much Lower Q4 Profit, Cash Flow; But Lifts Dividend 19%

Canadian Natural Resources Limited (CNQ.TO, CNQ) said adjusted net earnings from operations for Q412 was $359 million, compared to adjusted net earnings of $972 million in Q411 and $353 million in Q312. It said changes in adjusted net earnings reflect the changes in cash flow from operations.

Canadian Natural generated quarterly cash flow from operations of $1.55 billion or $1.41 per diluted share compared with $2.16 billion or $1.96 per diluted share in Q411 and $1.43 billion in Q312 and compared with forecasts for $1.44 per diluted share. It said the decrease in cash flow from Q411 was due to lower average realized product prices, lower natural gas sales volumes, and lower synthetic crude oil sales volumes. These factors were partially offset by higher crude oil sales volumes in North America. The increase in cash flow from Q312 was primarily related to higher North America crude oil and NGLs sales volumes.

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.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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