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Canadian Natural Resources Limited Management Discusses Q1 2012 Results - Earnings Call Transcript

Canadian Natural Resources Limited (CNQ)

Q1 2012 Earnings Call

May 04, 2012 11:00 am ET

Executives

John G. Langille - Vice Chairman

Steve W. Laut - Principal Executive Officer, President and Director

Douglas A. Proll - Chief Financial Officer and Senior Vice President of Finance

Analysts

George Toriola - UBS Investment Bank, Research Division

Greg M. Pardy - RBC Capital Markets, LLC, Research Division

David McColl - Morningstar Inc., Research Division

Christopher Feltin - Macquarie Research

Presentation

Operator

Good morning, ladies and gentlemen. Welcome to the Canadian Natural 2012 resources First Quarter Conference Call. I would now like to turn the meeting over to Mr. John Langille, Vice Chairman of Canadian Natural resources. Please go ahead, Mr. Langille.

John G. Langille

Thank you, operator, and good morning, everyone. Thank you for attending this conference call, where we will discuss our first quarter 2012 results and review our planned activity for the balance of 2012, and in some cases, beyond that. Participating with me today are Steve Laut, our President; and Doug Proll, our Chief Financial Officer.

Before we start, I would refer you to the comments regarding forward-looking information contained in our press release and also note that all dollar amounts are in Canadian dollars, and production and reserves are both expressed as before royalties unless otherwise stated. I'll make some initial comments before I turn the call over to Steve and Doug for their in-depth discussion.

We have come out of a challenging first quarter with even more conviction that our business strategy, plans and principles are right for our industry. Part of our strategy is to maintain an extensive base of assets which can: firstly, contribute strong current production to generate significant cash flow; secondly, provide excellent economic development opportunities in the near- to mid-term frame -- time frames; and thirdly, establish significant growth vehicles for production growth in the 5-plus year time period. As Steve reviews our projects, you will see this base of assets has been set up and is delivering on the strategy.

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