How did CNQ's Q4 2023 earnings surprise investors?

**Canadian Natural Resources (CNQ) Q4 2023 Earnings Analysis** 1. **Earnings and Revenue Performance**: CNQ's Q4 2023 earnings per share (EPS) were estimated at $1.6, which reflects the company's profitability for the period. The estimated revenue for the quarter was $6.94 billion. 2. **Comparison with Estimates**: CNQ's actual performance was slightly better than estimated. The company's EPS matched the estimate, but revenue exceeded expectations, indicating strong operational performance and cost management. 3. **Investor Sentiment and Market Reaction**: Despite the positive earnings surprise, CNQ's stock experienced fluctuations. For instance, on December 27, 2023, the stock dropped 1.64% to C$86.44, underperforming the market. However, on December 27, 2023, the stock rose 1.62% to C$87.88, outperforming the market. This suggests that while investors appreciated the company's performance, they were also influenced by broader market dynamics and other company-specific factors. 4. **Long-Term Outlook**: CNQ's long-term prospects remain positive, supported by its role in the Trans Mountain pipeline expansion. The company holds significant contracts with Trans Mountain, which is critical for the shipment of crude oil. The successful completion of this expansion is expected to boost CNQ's crude shipments significantly, which is a positive indicator for future earnings. In conclusion, CNQ's Q4 2023 earnings were robust, slightly exceeding estimates, which is likely to have pleased investors focused on fundamental performance. However, the stock's performance has been mixed, with recent price fluctuations reflecting broader market conditions and other factors influencing investor sentiment. The company's strategic positioning in the Trans Mountain pipeline expansion provides a positive long-term outlook.