2024: A Year of Significant Growth for Our Energy Company
2024 was a remarkable year for our energy company, with impressive financial results and strategic acquisitions that have set the stage for even greater success in the future. Let’s delve into the details of our financial performance and the acquisition that made headlines.
Financial Highlights
Cash from Operating Activities: Our company generated an impressive $3.7 billion in cash from operating activities during the full year of 2024. This figure represents the cash inflow generated by our primary business activities, such as the production and sale of oil and natural gas.
Non-GAAP Cash Flow: In addition to cash from operating activities, we also reported a Non-GAAP Cash Flow of $4.0 billion. Non-GAAP Cash Flow is a non-standard financial measure that reflects cash inflows and outflows from operating, investing, and financing activities, but excludes certain items that are included in the generally accepted accounting principles (GAAP) definition of net income.
Non-GAAP Free Cash Flow: After accounting for capital expenditures of $2.3 billion, we reported a Non-GAAP Free Cash Flow of $1.7 billion. This figure represents the cash available to our company for debt repayment, dividends, share buybacks, and other discretionary uses.
Strategic Acquisition
In late 2024, we announced the acquisition of oil-rich Montney assets, which added approximately 70 MBOE/d of production to our portfolio. This acquisition also brought 900 net 10,000-foot equivalent well locations and approximately 109,000 net acres of land for approximately $2.3 billion before closing adjustments.
The acquisition, which closed on January 31, 2025, significantly increased our production capacity and expanded our presence in the Montney region, a prolific oil and gas basin in western Canada.
Impact on Shareholders
Throughout 2024, we returned more than $900 million to our shareholders. This combination of base dividend payments and share buybacks reflects our commitment to delivering value to our investors.
Impact on the World
Our strong financial performance and strategic acquisitions not only benefit our shareholders but also contribute to the global energy market. By increasing our production capacity and exploring new resources, we help ensure a reliable supply of energy to meet the growing demands of consumers around the world.
Additionally, our investments in research and development contribute to the advancement of energy technologies that can help reduce greenhouse gas emissions and promote a more sustainable energy future.
Looking Ahead
With our solid financial foundation and strategic acquisitions, we are well-positioned to continue driving growth and delivering value to our shareholders. As we move forward, we remain committed to our mission of safely and responsibly exploring and producing the energy that powers the world.
- Company generated $3.7 billion in cash from operating activities
- Reported Non-GAAP Cash Flow of $4.0 billion
- Recorded Non-GAAP Free Cash Flow of $1.7 billion
- Acquired oil-rich Montney assets for $2.3 billion
- Returned over $900 million to shareholders
- Significantly increased production capacity
- Expanded presence in Montney region
- Contributes to reliable energy supply and sustainable energy technologies
In conclusion, 2024 was a banner year for our energy company. Our strong financial performance and strategic acquisitions have set the stage for continued growth and value creation, while also contributing to the global energy market and promoting sustainable energy technologies. We look forward to the opportunities and challenges that lie ahead as we continue to safely and responsibly explore and produce the energy that powers the world.
Further Reading
For more information on our financial performance and strategic acquisitions, please refer to our latest investor relations materials and press releases.
