March 07, 2025 [Oil Price]- Canada’s largest oil and gas producer, Canadian Natural Resources, saw its net earnings halve for the fourth quarter of 2024 compared to a year earlier as the decline in oil prices more than offset record production.

Canadian Natural Resources on Thursday reported US$793 million (C$1.14 billion) in net earnings for the fourth quarter, down from US$1.8 billion (C$2.6 billion) for the same period of 2023.

Annual net income also slipped from 2023 levels as oil and gas prices were lower last year compared to the prior year.

At the end of last year, Canadian Natural Resources bought oil sands and shale assets in Canada from Chevron for $6.5 billion in cash, as part of the U.S. supermajor’s plan to sell off assets and optimize its portfolio.

Chevron sold its 20% non-operated interest in the Athabasca Oil Sands Project (AOSP), the 70% operated interest in the Duvernay shale, and related interests, all located in Alberta.

Also thanks to the acquisition, Canadian Natural Resources booked record quarterly and annual production. In 2024, Canadian Natural delivered record annual average production of 1,363,496 boe/d, up by 2% from 2023 levels.

For the fourth quarter of 2024 alone, Canadian Natural achieved record quarterly average production of 1,470,428 boe/d, including record liquids production and a record natural gas production. Total oil and gas production per barrel was 4% higher compared to the levels from the fourth quarter of 2023 and an 8% increase from Q3 2024 levels.

In a special note regarding forward-looking statements, Canadian Natural Resources warned that its operations “have been, and in the future may be, affected by political developments and by national, federal, provincial, state and local laws and regulations such as restrictions on production, the imposition of tariffs, embargoes or export restrictions on the Company’s products (including the tariffs on a variety of goods announced by the US government on March 4, 2025 and Canadian countermeasures subsequently announced, both of which are anticipated to evolve).”

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