• Sign up for the Daily Digest E-mail
  • Facebook
  • Twitter
  • LinkedIn

BOE Report

Sign up
  • Home
  • Headlines
    • Latest Headlines
    • Columns
    • Discussions
  • Well Activity Map
  • Property Listings
  • Land Sales
  • M&A Activity
    • M&A Database
    • AER Transfers
  • Markets
  • Rig Counts
    • CAODC Rig Count
    • Baker Hughes Rig Count
    • USA Rig Count
  • Industry Data
    • Canada Well Licences
    • USA Market Data
    • Data Subscription
  • Jobs

Canadian Natural Resources beats profit estimates on higher prices

August 1, 20194:01 AM Reuters0 Comments

Canadian Natural Resources Ltd beat estimates for quarterly profit on Thursday, as higher prices for Canadian crude helped offset lower production.

The previous government of Alberta, Canada's major oil-producing province, imposed curtailments in January in a rare step to drain a glut of oil in storage and lift prices.

Congested pipelines have caused the Canadian industry's growth to lag that of other countries such as the United States, and soured investor sentiment.

Canadian Natural said average realized prices for crude and natural gas liquids ticked up 3.8%, while natural gas prices climbed 1.5% in the second quarter ended June 30.

The company, which in June bought U.S. oil and gas producer Devon Energy Corp's assets in Canada for C$3.8 billion, said quarterly daily production fell to 1.03 million barrels of oil equivalent per day (boepd) from 1.05 million boepd.

Net earnings rose to C$2.83 billion, or C$2.36 per share, in the second quarter ended June 30, from C$982 million, or 80 Canadian cents, a year earlier.

On an adjusted basis, the company earned 87 Canadian cents per share, beating analysts' estimates of 85 Canadian cents per share, according to IBES data from Refinitiv.

(Reporting by Taru Jain; Editing by Shounak Dasgupta)

Canadian Natural Resources Devon Energy

Follow the BOE Report
  • Facebook
  • Twitter
  • LinkedIn
Sign up for the BOE Report Daily Digest E-mail
Latest Headlines
  • Calima Energy Limited announces merger with Blackspur Oil Corp
  • Advantage Announces Revised 2021 Guidance, 2020 Year-End Results, and Reserves Highlights
  • Razor Energy Corp. Announces 2020 Year-End Reserves and Operational Outlook
  • Pembina Pipeline Corporation announces share repurchase program
  • Alberta sees budget deficit narrowing to C$18 bln as oil prices recover

Return to Home
Alberta Gas
CAD/GJ
Market Data by TradingView





    Note: The page you are currently on will be sent with your report. If this report is about a different page, please specify.

    About
    • About BOEReport.com
    • In the News
    • Terms of Use
    • Privacy Policy
    Resources
    • App
    • Widgets
    • Notifications
    • Daily Digest E-mail
    Get In Touch
    • Advertise
    • Post a Job
    • Contribute
    • Contact
    • Report Error
    Featured In
    • CamTrader
    • Rigger Talk
    Data Partner
    • Foxterra
    BOE Network
    © 2021 Grobes Media Inc.