Canadian Natural reports $961M Q1 profit up from $583M a year ago

Must Read

Unifor announces boycott campaign against Co-op in refinery labour dispute

REGINA — The union that represents hundreds of locked-out workers at a Regina refinery is calling for a nation-wide boycott of...

Huskies win first game of weekend series in Peace River on Saturday night

PEACE RIVER, A.B. - The Fort St. John Huskies were in Peace River on Saturday night, December...

Two suspects arrested in Grimshaw in connection with drug trafficking

GRIMSHAW, A.B. - Alberta Peace Regional RCMP and the Western Alberta District Rural Crime Reduction Unit have...

CALGARY, A.B. – Canadian Natural Resources Ltd. reported a first-quarter profit of $961 million, up from $583 million in the same quarter last year, as it benefited from higher prices due in part to Alberta’s mandatory production curtailments.

The oilsands producer says the profit amounted to 80 cents per diluted share for the quarter ended March 31, compared with a profit of 47 cents per diluted share a year ago.

Revenue totalled nearly $5.25 billion, down from $5.47 billion in the first quarter of last year.

- Advertisement -

Daily production averaged 1,035,212 barrels of oil equivalent, down from 1,123,546 in the first quarter of 2018.

On an adjusted basis, Canadian Natural says it earned 70 cents per diluted share from operations compared with 71 cents per diluted share in the same quarter last year.

Analysts on average had expected a profit of 51 cents per share and revenue of $5.25 billion, according to Thomson Reuters Eikon.

More Articles Like This