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Canadian Natural Resources Limited Management Discusses Q4 2011 Results - Earnings Call Transcript

We are committed to creating value. We are confident in Canadian Natural's ability to generate significant shareholder value in 2012 through our oil-weighted growth. We will and are continuing to deliver strong operational discipline. Over to our President, Steve Laut.

Steve W. Laut

Thanks, Al, and good morning, everyone. As both Corey and Allan said, the fourth quarter was a strong quarter for Canadian Natural. Cash flow is up 30% over Q4 2010 with strong production performance, driven largely by a very strong oil growth across the company and the solid return of Horizon production in Q4.

In Q4, Canadian Natural continued to execute our strategy based on effective and efficient operations and optimizing capital allocation to ensure we maximize our return on capital, generate significant free cash flow, maintain our strong balance sheet through the price cycles and transition our asset base to a more sustainable, long-term asset base and provide the ability to increase dividends on a consistent basis.

Canadian Natural is one of the few companies in our peer group that has a strong, well-balanced and diverse asset base with significant upside in each component of our business. Our asset base, combined with our effective business practices and people, are Canadian Natural's competitive advantage. We have, on a consistent basis, been able to effectively allocate capital. As a result, we generate significant free cash flow and maximize return on capital to the long run and throughout the commodity price cycles.

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