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Aug 6 (Reuters) - Canadian Natural Resources Ltd, the country's largest independent petroleum producer, reported a better-than-expected adjusted earnings as the company's production expenses fell. Excluding a charge of C$579 million ($440 million) related to Alberta's increased corporate tax rate, the company reported earnings of 16 Canadian cents per share in the second quarter ended June 30. Analysts on average had expected 10 Canadian cents, according to Thomson Reuters I/B/E/S. The company, which operates in Western Canada, the North Sea and offshore West Africa, reported a net loss of C$405 million, or 37 Canadian cents per share, for the quarter, compared with a profit of C$1.07 billion, or 97 Canadian cents, a year earlier. {ID:nMKWk5XXGa] The company said cash flow, a key indicator of its ability to pay for new projects and drilling, fell about 43 percent to C$1.5 billion. Revenue fell about 36 percent to C$3.42 billion. Average production expenses fell to C$13.39 per barrel of oil equivalent from C$15.35. ($1 = 1.3174 Canadian dollars) (Reporting by Nia Williams in Calgary and Amrutha Gayathri in Bengaluru; Editing by Don Sebastian)
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Canadian Natural Resources Ltd
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PRODUCER |
CODE : CNQ.TO |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Canadian Natural is a producing company based in Canada. Canadian Natural produces oil in Canada, and holds various exploration projects in Canada. Its main asset in production is HORIZON PROJECT in Canada. Canadian Natural is listed in Canada and in United States of America. Its market capitalisation is CA$ 117.1 billions as of today (US$ 85.7 billions, € 80.5 billions). Its stock quote reached its lowest recent point on March 20, 2020 at CA$ 10.50, and its highest recent level on April 23, 2024 at CA$ 105.26. Canadian Natural has 1 112 579 968 shares outstanding. |