CNRL's Q4 2016 results were positive. As the company comes out of a capital intensive phase part of a corporate strategy to reposition towards long life low decline assets and production ramps up operating cash flow will increase rapidly. The question for CNRL is: how to allocate this capital to meet their 'four pillars of cash flow allocation' and maximise shareholder value? This has begun with the announcement of a new dividend increase a share buy back programme and servicing debt. The outlook for 2017 is positive with the capital budget increasing although CNRL maintains the flexibility to scale back should prices fall again. CNRL is targeting a 7% production CAGR over the next three years.