OREANDA-NEWS. Commenting on fourth quarter and year end results, Steve Laut, President of Canadian Natural, stated, "2014 demonstrated the strength of our diverse and balanced asset base, and our ability to create long-term value for Canadian Natural's shareholders. At the end of the year, we increased Company Gross total proved plus probable reserves to 8.89 billion BOE, replacing 413% of production, with a proved plus probable reserve life index of approximately 31 years. Our annual average production volumes reached record levels and annual operating costs were optimized as compared to 2013 levels after successfully integrating the acquisition of higher cost production volumes in the first half of 2014.

Our transformation to a longer life, lower decline asset base remained on course as we delivered cost effective production volumes from Pelican Lake and brought Kirby South onstream. At Horizon Oil Sands, we commissioned the Phase 2A coker expansion ahead of schedule and below budget, resulting in increased utilization and name plate capacity. In 2015, we will leverage these execution synergies at Horizon, by reducing the scope of our planned 2015 turnaround, thereby increasing our 2015 annual Horizon production target by approximately 10,000 bbl/d. The majority of the original turnaround scope planned for 2015 will now be executed in May 2016 coincidental with additional Horizon project tie-in activity.

Although we were faced with new crude oil pricing challenges in the fourth quarter of 2014, we have been able to adapt quickly to the changing conditions through our nimble, flexible capital allocation. With a disciplined business approach and a focus on operating and capital costs, our proven strategy allows us to withstand the current commodity price challenges 2015 is bringing."

Canadian Natural's Chief Financial Officer, Corey Bieber, continued, "Strong cost management and prudent financial discipline continue to remain our focus given the volatility in commodity prices. Our proven track record of exercising capital flexibility and taking advantage of opportunities, such as the reduction in scope of the 2015 Horizon turnaround, facilitate the continued delivery of our defined plan and returning cash to shareholders, while maintaining a strong balance sheet and liquidity position. As a result of the Board of Directors' confidence in the Company's continued strength and successful execution of its proven and effective strategy, the quarterly cash dividend on common shares has once again been increased to CAD 0.23 per share, the fifteenth straight year of increases in the Company's dividend.

Available year end liquidity of CAD 2.6 billion was subsequently bolstered in the first quarter of 2015 by the Company entering into a new CAD 1.5 billion 3 year drawn bank credit facility, further supporting our financial stability and resilience. Beyond today's CAD 150 million Horizon turnaround capital reduction, we retain additional optionality in our capital program as we move through 2015 and in future years, facilitating value creation for our shareholders irrespective of commodity price cycles."